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