Naver Pay said on Tuesday it has opened a "credit loan refinancing" service for sole proprietors.

Through the "Naver Certificate", the service automatically pulls a business owner's industry and income information from the National Tax Service, without requiring separate input. It can also check existing loan details through the Korea Financial Telecommunications and Clearings Institute system.

After a user makes a final selection of a loan product to refinance through Npay, subsequent procedures are carried out through the relevant financial company.

As of March 18, the service launch date, partners include Shinhan Bank, Woori Bank, Jeonbuk Bank, K Bank, Hana Bank, IBK Industrial Bank of Korea, iM Bank and NH NongHyup Bank. KB Kookmin Bank is also set to join as a partner within March.

As a result, Npay plans to provide the service together with all commercial banks and special-purpose banks, making it the only loan comparison platform to do so. It also plans to expand partnerships with regional banks and internet-only banks, including Gwangju Bank and KakaoBank.

Cho Jae-bak (조재박), Naver Pay's CBO, said, "To provide business owners with more advantageous options, we will continue to expand partnerships with more banks." He added, "We will continue to introduce win-win services that help ease the burden of financial costs for diverse financial consumers."