South Korea’s Hana Financial Group has reportedly secured a preliminary licence from the Monetary Authority of Singapore (MAS) to set up an asset management company.
The move is said to be Hana’s strategy to bolster its overseas earnings to account for up to 40% of the firm’s total profits by 2025.
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The company’s current overseas earnings account for 21.7% of its total profits.
The approval will enable the firm to obtain foothold in Singapore’s rapidly growing asset management space.
Furthermore, the asset management division will allow Hana to bolster its nonbanking businesses, including asset management and securities.
Hana Financial Group chairman Kim Jung-tai said: “Through cooperation with Hana Financial’s overseas units in other Asian regions to create a synergy effect in global businesses, the envisioned asset manager in Singapore will diversify our revenue streams and serve as a springboard for global expansion into various advanced markets.”
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By GlobalDataHana currently has 214 global business channels in 24 countries.
In 2015, the firm opened a private banking centre focused on Chinese customers in Yeoksam-dong, southern Seoul.
Singapore is said to have about 40% of the fintech companies of the Southeast Asian region.
In May this year, GAM Investments set up a new office in Singapore to capitalise on the growing wealth in the Asian market.
In March, China-based online brokerage Futu launched its one-stop investment platform moomoo in the country.
The same month, Goldman Sachs unveiled plans to hire around 100 new people in Singapore, a move that will increase its headcount in the Southeast Asian financial hub to over 1,000.
