Diversifying Revenue Base through Strengthening Global Business Capabilities and Expanding Non-Banking Sectors
Expecting Synergy Maximization with Existing Hana Financial's 214 Global Channels in 24 Countries
[Asia Economy Reporter Kiho Sung] Hana Financial Group announced on the 14th that it has obtained a preliminary license from the Monetary Authority of Singapore (MAS) to establish an asset management company (RFMC).
The acquisition of the preliminary license to establish an asset management company in Singapore is part of Hana Financial Group's continuous efforts to strengthen its global business capabilities and expand its non-banking business areas, which holds significant meaning in terms of strengthening and diversifying the group's revenue base.
Additionally, Singapore is emerging as a new Asian financial hub replacing Hong Kong. By entering the Singapore asset management market, which has high growth potential, Hana Financial Group plans to secure a key Asian market for global expansion and subsequently establish and operate the Singapore asset management company as a major base for its global business.
In particular, considering that about 40% of Southeast Asian fintech companies are located in Singapore, the core region of the Southeast Asian fintech market, various growth plans focusing on synergy creation between Hana Financial Group’s strengths in digital and global sectors will be intensively reviewed in the future.
Kim Jung-tae, Chairman of Hana Financial Group, stated, “We will strive to maximize global synergy through collaboration between the newly established Hana Financial Group Singapore asset management company and the existing group channels in the Asian region, thereby diversifying the revenue base, increasing national wealth, and serving as a foothold for smooth entry into similar advanced markets.”
Meanwhile, Hana Financial currently operates 214 global channels in 24 countries, and after completing the establishment process including obtaining the final license for the Singapore asset management company, it plans to engage in various collaborations to maximize synergy with existing global channels.
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