Naver and Dunamu, the operator of South Korea’s largest cryptocurrency exchange, Upbit, have laid out their joint goal of creating a so-called K-fintech ecosystem that combines artificial intelligence(AI) and Web3 to become a global leader in the digital finance market.

Naver, Naver Financial and Dunamu held a joint press conference at the tech giant’s headquarters in Seongnam, Gyeonggi Province, on Thursday to announce their vision and future business strategy, including their plan to invest 10 trillion won, or roughly six-point-eight billion U.S. dollars, over the next five years.

This comes a day after the boards of directors of Naver Financial and Dunamu approved a share-swap deal that will make Dunamu a wholly owned subsidiary of Naver Financial.

During the conference, the companies said that the convergence of their respective strengths in AI and Web3, the latter being technologies like blockchain that aim to decentralize data ownership and control on the internet, will help the nation take the lead in the borderless digital asset market.

Naver founder and Chairman Lee Hae-jin explained that a rapid decision-making system is necessary for Dunamu and Naver Financial to keep up with global digital finance trends, adding that they must take on challenges that international companies have not yet undertaken.

Dunamu cofounder and Chairman Song Chi-hyung said the firms will join forces to design next-generation financial infrastructure combining AI and blockchain, and create a new global platform order that encompasses the entire financial sector and even lifestyle services.

The two companies will soon submit securities reports on their share-swap deal to relevant financial authorities, focusing on the appropriateness of the swap ratio and any potential damage to minority shareholders.