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Naver Chairman Lee Hae-jin met with a Saudi Arabian minister to debate increasing their current cooperative relationship to the digital finance sector. This comes as Lee expands the scope of cooperation with the Saudi authorities to incorporate stablecoins and synthetic intelligence (AI) information facilities forward of the great inventory alternate between Naver Monetary and Dunamu.
In accordance with Saudi Arabia’s state information company SPA on Nov. 20, Lee participated within the Cityscape International Expo 2025 held in Riyadh, Saudi Arabia on Nov. 18 (native time) and met with Saudi Minister of Municipalities and Rural Affairs and Housing (MOMRAH) Majed Al-Hogail. SPA defined that this assembly was supposed to strengthen current partnerships. Beforehand, in March 2023, Naver and Saudi Arabia’s Ministry of Municipalities and Rural Affairs and Housing signed a memorandum of understanding (MOU) to cooperate in numerous points of the national-level digital transformation (DX) promoted by the Saudi authorities. Following the settlement, Naver supported digital transformation (DX) in city improvement by using its spatial know-how to construct digital twins of three Saudi cities: Mecca, Medina, and Jeddah.
The Saudi facet defined that Lee and Minister Al-Hogail primarily mentioned monetary and information middle cooperation associated to city improvement. SPA particularly reported that Lee and Minister Al-Hogail “mentioned alternatives to broaden cooperation within the discipline of secure digital currencies linked to actual property funding and different financial sectors, in addition to advancing joint work on a middle improvement undertaking.”
Concerning stablecoins, business watchers view that Saudi Arabia’s large-scale actual property property may very well be utilized in varieties akin to dividing them into safety token choices (STO) or making use of actual asset-backed stablecoins linked to actual property values as cost strategies inside sensible cities.
This dialogue was notably vital because it occurred forward of Naver Monetary’s complete inventory alternate with Dunamu scheduled for Nov. 26. Because the inventory alternate between the 2 corporations is a call to ascertain an ecosystem for stablecoin issuance and operation, this digital finance cooperation dialogue with Saudi Arabia is interpreted as a transfer to broaden international stablecoin enterprise after the merger.
Knowledge middle improvement seems to be directed towards supporting Saudi Arabia’s AI infrastructure building by using Naver’s information middle enterprise expertise, together with amenities in Sejong. On this regard, Saudi Arabia goals to function large-scale information facilities at Oxagon, the superior industrial advanced sooner or later new metropolis NEOM. Moreover, the Saudi facet reported that Naver and the Saudi authorities mentioned methods to strengthen analysis and improvement cooperation in rising know-how fields and assist applications for exchanges in science and know-how sectors.
SPA said, “This assembly builds on the worldwide partnerships the ministry is creating, reflecting its dedication to attracting superior applied sciences and progressive digital options to advance the municipal and actual property sectors and obtain the goals of Saudi Imaginative and prescient 2030.”
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