Domestic securities and asset managers are rapidly moving beyond the low-growth domestic market to emerging Asian countries such as Vietnam and India. It is part of a survival strategy to secure new revenue sources. ChosunBiz plans to analyze, with a focus on data, the structural changes in local Asian markets, the entry models of Korean financial companies, and their localization strategies. It will also assess whether government policy support translates into tangible business results and examine, from retail to investment banking (IB), the reality of the "next wave" captured on the ground in Asia. [Editor's note]
Korean securities firms and asset managers are accelerating their global expansion beyond the saturated domestic market. In particular, emerging Asian countries such as Vietnam, India, and Indonesia are cited as key bases of the "post-China" era, where explosive retail demand is expected on the back of solid economic growth and a large young population.
This push by securities firms into emerging Asian countries is more than simply scaling up; it is a strategic choice to overcome the limits of Korea's capital market, which is losing vitality due to low birthrates and an aging population. As the domestic market shifts from an economy of scale to defending profitability, the move reflects an intent to share the explosive growth engines of emerging Asian countries and build a sustainable revenue structure.
◇ Vietnam targets retail and VIP clients… 20 years of localization bear fruit
Vietnam has been a forward base strategically preempted by Korean securities firms since the early 2000s. After Vietnam joined the World Trade Organization (WTO) in 2007 and opened its financial market, capital inflows began in earnest, and recently the demand for margin financing among retail clients and the high-net-worth (VIP) market have expanded rapidly. It is also a boon that Korea maintains its status as the largest foreign direct investor (FDI) in Vietnam. Analysts say Korean firms are gaining an edge in business diversification, not only through synergy with Korean corporations operating locally but also on the back of the Vietnamese authorities' favorable stance toward Korean financial companies.
Domestic securities firms have established themselves in the market through localization strategies spanning about 20 years. As of the third quarter of last year, among Vietnam's 87 securities firms, Mirae Asset Securities' Vietnam unit ranked eighth with a 2.93% market share. Korea Investment & Securities Co.'s Vietnam unit ranked 10th with a 2.90% share. With the top seven local firms controlling about 60% of the market, these are meaningful results for foreign players.
Recently, securities firms have moved to differentiate themselves with retail-based digital strategies. Mirae Asset Securities' Vietnam unit has provided 24/7 investment analysis through an app equipped with the artificial intelligence (AI) chatbot "MASA Research" since late last year. Shinhan Investment & Securities is accelerating digital transformation by expanding its investment banking (IB) and covered warrant (CW; equity warrant securities) businesses while introducing next-generation systems. KB Securities, too, is pushing into the CW market and expanding institutional sales to diversify revenue sources.
Nguyen Ha Linh, a user of Mirae Asset Securities' mobile trading system (MTS), said, "The user interface (UI) is intuitive and the response speed is fast, so there is little inconvenience in mobile trading," adding, "Real-time quotes, news, and disclosures are well integrated, and the guidance is good enough that even beginners can adapt quickly."
◇ Indonesia, the largest market in Southeast Asia… K-platforms capture the "army of retail investors"
Indonesia is a key market where Korean securities firms are leveraging digital prowess to expand their retail businesses. Despite being the largest market in Southeast Asia with a population of 285 million, the share of stock investors remains low, giving it overwhelming growth potential. Mirae Asset Securities, Korea Investment & Securities Co., NH Investment & Securities, KB Securities, Kiwoom Securities, and Hanwha Investment & Securities have entered the market and are locked in fierce competition for rankings.
Kiwoom Securities, in particular, is standing out with its localization strategy. Entering the market in 2010 by acquiring a local securities firm, Kiwoom rolled out the home trading system (HTS) "HERO," a localized version of Korea's "Hero MTS." In Aug. 2024, alongside a new platform expansion, it set a record for the most accounts opened in a single day and earned certification from the Indonesian World Records Museum (MURI), a rare feat. Since the platform launch, it has secured more than 30,000 new accounts in total, sustaining steep growth.
This year, Kiwoom Securities is focusing on cultivating "heavy traders" (investors with high daily trading volume). Given Indonesia's pronounced income polarization, the firm aims to zero in on a core customer base that will drive fee revenue. A Kiwoom official said, "We are redefining our 'hero clients' criteria to fit the local market and working closely with the global strategy and platform strategy teams at our Korean headquarters."
◇ India and Singapore emerge as "investment strongholds"… Mirae Asset Sharekhan makes a decisive move
Singapore is also where Korean securities firms have begun expanding in earnest. With ample inbound capital and strong asset management infrastructure, it is cited as an investment stronghold in Asia.
Mirae Asset Securities, NH Investment & Securities, Korea Investment & Securities Co., Hana Securities, Daishin Securities, Hanwha Investment & Securities, and Kiwoom Securities have entered Singapore. In September last year, Toss Securities established "Toss Securities Global" in Singapore to serve as a holding company and a base for global expansion.
Another market drawing attention from Korean securities firms is India. A young demographic structure, high economic growth, the expansion of mobile financial infrastructure, and government openness are converging to make India a "core strategic market." With a population exceeding 1.4 billion, India is seen as having even greater growth potential than other Southeast Asian countries.
Mirae Asset Securities is taking the most aggressive approach. In 2024, it completed the acquisition of local firm Sharekhan and launched "Mirae Asset Sharekhan," accelerating its push into the market. The results show in the numbers. Last year, assets under management (AUM) in the wealth management (WM) division rose 11% from immediately after the acquisition, and the number of accounts increased 15%, from 5.33 million to 6.12 million.
Profitability is also rebounding sharply. Pretax net profit surged from 8.4 billion won in the first quarter of 2025 and 6.3 billion won in the second quarter to 18.0 billion won in the fourth quarter, tracing a clear upward curve.
A Mirae Asset Securities official said, "In India, we are expanding into a comprehensive financial platform through group-level collaboration, including increased sales of exchange-traded funds (ETF) by Mirae Asset Global Investments," adding, "Synergies between the local unit and group affiliates are becoming visible."