The Korea Fair Trade Commission (FTC) has preliminarily determined that the proposed stock swap between Naver Financial and Dunamu could substantially restrict competition across several relevant markets.

The FTC has since submitted its examiner's report and will hold a full-commission hearing in the near future, with a final independent decision expected after sufficient consultation.

The 10 relevant markets identified by the commission ranged from online search, advertising, and shopping to financial MyData, unlisted stock brokerage, and a future won-denominated stablecoin issuance market.

The examiners also identified 12 horizontal, vertical, and conglomerate combinations arising from the transaction, according to a statement on Tuesday.

Under the deal, Naver Financial, a unit of Naver (KRX:035420), will acquire all of Dunamu's shares, becoming its wholly owned parent company, with Dunamu shareholders receiving 2.54 Naver Financial shares for each share owned.