Hana Financial Group wins preliminary nod to set-up asset management company in Singapore

SEOUL, June 14 (Bernama): Hana Financial Group Inc. said Monday that it has obtained preliminary approval from Singapore's financial authorities to establish an asset management company in the city-state, Yonhap news agency reported.

Hana Financial Group said it won the green light from the Monetary Authority of Singapore on Friday. It, however, didn't disclose when the final approval will be granted, it added.

The group said its entry into Singapore's asset management market with high growth potential will help secure a key Asian market that will serve as a springboard for expanding its presence globally.

Singapore has been rapidly emerging as a financial hub in Asia to replace Hong Kong, with nearly 40 per cent of South-East Asian fintech companies based there.

"The envisioned asset manage company will cooperate with other subsidiaries to diversify revenue streams and pave the way for making inroads into other advanced markets," Yonhap quoted Hana Financial Group Chairman Kim Jung-tai said.

Hana Financial Group is a key financial holding company in South Korea, with major lender Hana Bank serving as the group's flagship. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Aseanplus News

China mulls Covid-19 booster shots for some as Delta variant spreads
'This is like a nightmare': Thousands displaced as floods hit Bangladesh Rohingya camps
Vietnam taps private hospitals as Delta-driven Covid-19 infections rise
'They are wicked': Myanmar's strike holdouts keep up junta defiance six months after coup
Cambodia govt announce curfew violators in Phnom Penh face stiff fines, legal action
Laos daily Covid-19 cases hit record high at 380
Curtains raised for National Theatre Festival Brunei
Aaron-Wooi Yik stun world champions to deliver Malaysia's first Olympics medal
Watch: take a 'tour' of the world's largest planetarium in Shanghai
US seizes Singapore-owned tanker used to deliver oil to North Korea

Stories You'll Enjoy