Kiwoom Securities Obtains Full License for Local Asset Management Company in Singapore

Kiwoom Securities announced on the 14th that it obtained the official approval to establish a local asset management company from the Monetary Authority of Singapore (MAS) on the 11th.

Kiwoom Securities plans to inject a total capital of 10 million Singapore dollars (approximately 10.3 billion KRW) into the asset management company (Kiwoom Asset Management Asia Pte. Ltd.). Kiwoom Securities will own 100% of the shares.

Kiwoom Securities has been paying attention to Singapore as an asset management market with high growth potential and a foothold for entering the Southeast Asian market. Singapore is emerging as a key investment hub in Asia due to its abundant foreign capital inflow and excellent management infrastructure.

In March last year, Kiwoom Securities' board of directors approved the agenda to establish a local asset management company in Singapore and began preparations to obtain approval. In November last year, the application for asset management company approval was completed with MAS, and preliminary approval was obtained earlier this month.

Accordingly, full-scale fund management is expected to begin as early as this month. To ensure stable fund management, local management personnel in Singapore have been recruited. Kiwoom Securities has appointed a veteran manager who previously managed Temasek investment funds as the head of the corporation.

This content was produced with the assistance of AI translation services.