Expanding into Virtual Assets with U.S. and Japanese Brokerages… Hyun Joo Park Dreams of a 'Korean Robinhood'
MIRAE ASSET SECURITIES Seeks to Acquire U.S. and Japanese Brokerage Firms… to Secure Global Retail Clients
Expanding into 11 Global Regions… Overseas Subsidiaries’ Pre-Tax Profit Up 474% in the Second Quarter
Hong Kong Connects Country-Specific Investment Platforms Through MAPS
From Korbit to Digital X… “Mirae Asset 3.0” Brings Together Traditional and Digital Assets
[Edaily Reporter Park Jung-Soo ] Hyun Joo Park, Chairwoman of Mirae Asset Group and Global Strategy Officer (GSO), is once again accelerating the expansion of the group’s global financial footprint. Following the acquisition of an online U.S. brokerage firm, the group is now considering the acquisition of a Japanese securities firm. In addition, it has launched a global investment platform in Hong Kong and acquired the virtual asset exchange Korbit. Observers note that Chairman Hyun Joo Park’s “MIRAE ASSET 3.0” vision—which goes beyond individual mergers and acquisitions (M&A) to create a global investment platform that connects investors worldwide and encompasses everything from traditional assets such as stocks and exchange-traded funds (ETFs) to digital assets—is taking shape. Hyun Joo Park, Chairwoman of Mirae Asset Group and Global Strategy Officer (GSO), delivers opening remarks at the Digital X employee event titled “A New Voyage Begins, Together,” held at the Four Seasons Hotel in Seoul on the 26th. (Photo courtesy of Digital X) ◇ Pursuing Acquisition of Japanese Brokerage Firm Following U.S. Deal… Expanding Global Platform Footprint According to the financial investment industry on the 30th, MIRAE ASSET SECURITIES(006800)is considering the acquisition of a local Japanese securities firm. MIRAE ASSET SECURITIES stated in a regulatory filing on the 27th, “We are reviewing the acquisition of a Japanese securities firm, but no specific details have been finalized as of yet.” It is reported that the company is reviewing multiple Japanese securities firms as potential candidates. Since the introduction of the New Individual Savings Account (NISA) system in 2024, personal funds that had been held in deposits are shifting into the capital markets, making Japan an ideal market for applying MIRAE ASSET SECURITIES’ global ETF and wealth management (WM) capabilities. Industry analysts suggest that this move into the Japanese market should be viewed not as a standalone M&A transaction but as part of the global platform strategy being pursued by Chairman Park. MIRAE ASSET SECURITIES is already in the process of acquiring an online brokerage firm in the United States. During a conference call to announce second-quarter earnings on the 12th, the company revealed that the acquisition of the U.S. online brokerage firm was in its final stages. In Hong Kong, the company launched the global investment platform “Mirae Asset Portfolio Service (MAPS)” last June. MAPS is the first global investment platform introduced under the “Mirae Asset 3.0” vision—Mirae Asset’s next-generation growth strategy—and is designed to allow users to trade both traditional and digital assets on a single mobile platform. MIRAE ASSET SECURITIES has long provided financial investment services to local investors in major markets such as South Korea, India, Indonesia, and Vietnam through mobile trading platforms. MAPS is an integrated investment platform that goes beyond country-specific platforms to enable global investors to access a variety of financial products and markets on a single platform. Going forward, MIRAE ASSET SECURITIES plans to expand the scope of its trading and investment services to major markets such as the U.S., South Korea, China, and Singapore through MAPS. The company’s strategy is to secure customers and licenses in the U.S. and Japan by acquiring local securities firms, then connect them to MAPS—which was launched in Hong Kong—to consolidate its retail base, currently scattered across different countries, onto a single platform. Chairman Park’s stated goal aligns with this strategy. When MAPS was unveiled last June, he emphasized, “Mirae Asset’s goal is to build a global investment platform, and Hong Kong is the starting point of that journey,” adding, “We will expand globally—from Hong Kong to Japan, the U.S., and beyond.” ◇ Connecting Customers, Products, and Digital Assets… The Big Picture of “Mirae Asset 3.0” What sets Mirae Asset’s overseas expansion apart from the past is that the focus is shifting from expanding local subsidiaries to securing platforms with an established customer base. In 2023, MIRAE ASSET SECURITIES acquired the Indian brokerage firm Sharekhan from France’s BNP Paribas and merged it with its existing Indian subsidiary to launch MIRAE ASSET SHAREKHAN. While the asset management division has bolstered its product capabilities through M&A deals—such as the acquisition of Global X in the U.S.—the company is now moving to a stage where it directly secures local customer touchpoints and sales networks by acquiring brokerage firms. The same strategy applies in Japan. While MIRAE ASSET SECURITIES already possesses competitive global ETF products, including those from Global X, it needs licenses and a customer base to sell products directly to local retail investors. Rather than establishing a new subsidiary and building a customer base from scratch, acquiring an existing securities firm allows the company to secure financial licenses, IT infrastructure, and sales networks all at once. This is why M&A is being discussed in the Japanese retail market, which is expanding driven by the new NISA program. With the addition of digital assets, Chairman Park’s vision has expanded even further. Mirae Asset Group recently acquired a 97.15% stake in Kobit and changed its name to “DigitalX.” Chairman Park has defined DigitalX not merely as a virtual asset exchange but as a core pillar of “Mirae Asset 3.0.” The vision encompasses cryptocurrency, stablecoins, real-world assets (RWA), and tokenized securities (STO), and aims to digitize physical assets such as gold, silver, and electricity. During a meeting with Digital X executives and employees on the 26th, Chairman Park also announced a specific goal to grow the digital asset division to 150 trillion won, leveraging the group’s 1,500 trillion won in client assets. Assuming the company returns to profitability next year, he even left open the possibility of an additional capital increase ranging from 200 billion to 300 billion won. This is interpreted as a sign that the group intends to utilize Digital X as digital financial infrastructure connecting existing Mirae Asset customers with overseas platforms, rather than developing it into a separate virtual asset operator. MIRAE ASSET SECURITIES’ business strategy for this year also includes “leading global financial innovation through the convergence of traditional and digital assets” as a key objective. Its Hong Kong subsidiary has already secured a retail license for digital assets and is building a structure through MAPS that allows users to trade traditional assets such as stocks and bonds alongside digital assets on a single platform. The company plans to expand this model to Singapore, the United States, and other markets in the future. If “Mirae Asset 1.0” referred to funds and “2.0” to global expansion and ETFs, then “3.0” represents global integration and digital assets. MIRAE ASSET SECURITIES currently operates in 11 regions worldwide, and the equity capital of its overseas subsidiaries (including non-controlling interests) stands at approximately 6.3 trillion won. In the second quarter of this year, pre-tax profit from overseas subsidiaries reached 609.1 billion won, a 474.1% increase compared to the same period last year. In SUNJIN Co., Ltd., the company is expanding its wealth management and brokerage businesses using digital platforms while simultaneously securing local licenses and pursuing M&A; in Shinhung markets, it is implementing a strategy to boost the profitability of its existing local customer base. Ultimately, the keyword that defines Chairman Park’s recent moves is “connection.” This involves integrating the ETF product capabilities acquired through Global X, the retail customers of local securities firms in the U.S., Japan, and India, the mobile platform of Hong Kong’s MAPS, and the digital asset infrastructure of Digital X into a single ecosystem. Whereas MIRAE ASSET SECURITIES previously expanded its global footprint by acquiring overseas financial firms, it is now moving toward a phase where it connects each of its overseas bases within a single digital platform to facilitate the flow of customers and assets. Chairman Park’s mention of Robinhood fits into this same context. Robinhood’s competitive edge lies not merely in stock brokerage, but in integrating diverse investment assets—such as stocks, options, and digital assets—within a single mobile platform to attract a massive base of retail customers. Given that MIRAE ASSET SECURITIES possesses securities, asset management, ETFs, and digital assets, the company believes that connecting these into a single global platform will enable it to create a revenue structure distinct from that of existing domestic securities firms. In a letter sent to employees last month, Chairman Park stated, “Our mission is to create a new investment paradigm that no one has ever explored before by combining traditional and digital assets, as well as Mirae Asset’s know-how and Kobit’s (Digital X) expertise,” adding that this “serves as our compass and a promise we will fulfill.”
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