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Naver to spend 180 bln won to support small business owners

All News 11:32 November 24, 2020

By Kim Han-joo

SEOUL, Nov. 24 (Yonhap) -- Naver Corp., the operator of South Korea's dominant Internet portal, said Tuesday it will invest 180 billion won (US$161 million) over the next two years in supporting small business owners and creators.

"Naver aims to produce a new kind of business synergy by connecting business and creative works through the latest technology," Naver CEO Han Seong-sook said in an online press conference.

This photo, provided by Naver Corp on Nov. 24, 2010, shows its CEO Han Seong-sook. (PHOTO NOT FOR SALE) (Yonhap)

Under the new project, Naver will first develop a new data-based platform that directly connects creators and various brands.

The platform, named Brand Connect, will show the latest activities and creative works of content creators, Naver said. It is expected to be launched in the first half of next year.

"It is often difficult for small business owners and less-known creators to showcase their latest creations," Han said.

Also Naver will showcase a new program that directly connects small sellers and experts, such as customs house brokers, tax accountants and labor attorneys.

Naver said it will also support small sellers by introducing the latest artificial intelligence (AI) technology on its live-streaming platform, Shopping Live.

Live commerce, or TV home shopping-style mobile shopping, has recently emerged as a potential game changer for the retail sector amid the novel coronavirus pandemic.

Naver said it will hold various classes for small business owners so they can adapt better to a new kind of business environment in the post-COVID-19 era.


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