DGB Financial Establishes First Overseas Subsidiary... Acquires Singapore Asset Management Firm

DGB Financial Group announced on the 31st that it has incorporated the Singapore asset management company ‘Hi Asset Management Asia (HiAMA)’ as the group's first overseas subsidiary. In April last year, it applied for an asset management license from the Monetary Authority of Singapore and obtained a preliminary approval within five months. Following the acquisition of the full license on January 2 this year, the incorporation of the subsidiary was completed.

This establishment of an overseas subsidiary deviates from the existing practice of setting up foreign corporations with capital from each affiliate, instead raising and investing local funds through the Singapore asset management company. According to DGB Financial Group, this was pursued as the most suitable business model in terms of capital efficiency.

HiAMA is led by CEO Youngwook Choi, a former member of Daewoo Securities' Hong Kong branch and former head of Midas Asset Management's Singapore office. HiAMA plans to actively utilize local personnel and infrastructure in Singapore to secure a stable proprietary track record and attract domestic and international investment funds. It is also actively considering exploratory investments in fintech companies, including those in the artificial intelligence (AI) sector.

Chairman Taeoh Kim stated, “As the group’s first overseas subsidiary, the Singapore asset management company will serve as a global funding gateway, maximizing the synergy of the group’s ASEAN network in Cambodia, Laos, Myanmar, China, and Vietnam, and contributing to the diversification of profit bases. We plan to actively support it to collaborate with local financial institutions to provide various investment opportunities in Korea while also serving as a bridge connecting the overseas investment needs of Korean institutions.”