Kiwoom Securities has completed its registration as a retirement pension provider, moving to fully enter the market. Its strategy is to target the market with the strength of an integrated asset management service based on a low-cost structure and a real-time, self-directed investment platform.
Kiwoom Securities said on the 8th that it completed its registration with the Financial Services Commission as a retirement pension provider. It plans to formally launch services in the first half after a review of default option (pre-designated management) products.
Through the provider registration, Kiwoom Securities will offer an integrated solution covering all retirement pension schemes, including individual retirement pension (IRP) as well as defined contribution (DC) and defined benefit (DB).
Kiwoom Securities decided to expand customer-centered pension services based on its retail customer base and digital platform competitiveness. In particular, it will rapidly expand customer touchpoints centered on individual retirement pension (IRP) and extend its business into the DB and DC areas.
It also plans, over the long term, to build an integrated asset management platform linking retirement pensions, pension savings, and individual savings accounts (ISA) to strengthen asset management services throughout customers' life cycles.
As an online securities firm, Kiwoom Securities said it has boldly removed fixed expenses associated with branch operations and returned them as customer benefits. The aim is to supply online-only products to customers at low cost to minimize the expense burden that affects customers' long-term returns.
From the early stages of preparation, the company recruited Executive Director Pyo Yeong-dae, known as a first-generation expert in retirement pensions, to build the system. Despite being a latecomer, Kiwoom Securities aims to quickly adapt to the changing retirement pension market environment and enter the top five in market share within the industry.
A Kiwoom Securities official said, "We will strengthen our position as a comprehensive pension asset management provider that supports customers' long-term asset building."