Hyunman Choi, Chairman of Mirae Asset, "Global Asset Price Adjustment, a Greater Opportunity... Promoting Strategic Innovation"

2023 New Year's Address

Hyunman Choi, Chairman of Mirae Asset Securities

[Asia Economy Reporter Son Sun-hee] Choi Hyun-man, Chairman of Mirae Asset Securities, stated on the 2nd, "Although a challenging business environment is expected to continue in 2023 due to weakened investment sentiment caused by high market interest rates, we also see greater growth opportunities amid the global asset price adjustments," adding, "We will continue to challenge ourselves to secure a business super-gap through innovative strategies and to leap forward as a global top-tier investment bank (IB)."

In his New Year's message distributed that morning, Chairman Choi quoted the proverb, "A rough sea makes a skilled sailor," to express his views.

Reflecting on the past year, Chairman Choi said, "Although the business environment was a series of challenges due to inflation and interest rate hikes, I believe it was a year in which we laid the foundation for long-term growth by expanding overseas business and continuing investments in innovative companies," and evaluated, "Despite difficult market conditions, our overseas stocks increased by 1.8 trillion KRW, and pension assets grew by 5.1 trillion KRW." He added, "As we have consistently led global asset allocation and pension asset growth, this change in investment culture is welcome and a source of pride," and emphasized, "Going forward, we must provide good products tailored to market conditions and customers' investment preferences so that customers can invest in global quality assets and accumulate assets for a peaceful retirement."

Chairman Choi identified three key tasks to focus on this year amid warning signs of an economic recession: ▲ Strengthening customer alliances ▲ Promoting strategic innovation ▲ Enhancing expertise and competitiveness.

Addressing Mirae Asset employees, Chairman Choi urged, "In any situation, always prioritize the customer and support them to make sound investment decisions," and reminded, "Remember that trust is the most important thing in finance, and conduct sincere business based on high ethical standards." He continued, "Advanced artificial intelligence (AI) technology is said to identify and provide needs that customers themselves have not yet noticed," emphasizing, "We must further strengthen digital transformation and AI technology development to secure the future of innovation and growth."

He added, "We have an innovation DNA and growth story that has continuously created new businesses despite difficult circumstances over the past 23 years," and said, "In 2023, we must promote 'strategic innovation' based on this DNA." He explained, "Strategic innovation means redefining the core business of a company in difficult times to find new growth opportunities," and stated, "We must break away from existing stereotypes and frameworks to establish unique business models and focus our capabilities." In particular, he emphasized, "Strategic innovation is not the task of a single organization but requires the participation of the entire company," urging, "Do not limit business boundaries, and actively pursue any ideas you have." He also stressed communication and collaboration among organizations.

Finally, Chairman Choi said, "Customers who choose Mirae Asset Securities expect quality products, high-level consulting, and stable yet high returns," and encouraged, "Under the single identity of an 'investment-specialized company,' all employees?regardless of their roles in sales, asset management, screening, IT, or support?should have a sense of mission and strive to become the best experts in their respective fields." He added that education and training would be actively supported to this end.

Chairman Choi concluded his New Year's message by saying, "'Customer alliances, strategic innovation, and enhancement of expertise and competitiveness' will serve as stepping stones to quickly turn crises into opportunities and strengthen the competitiveness of our core business to leap further," and urged, "Especially in difficult times, let us faithfully practice warm capitalism with consideration and create a healthy future for our society together."