Over-the-counter trade in South Korea passed a milestone of 1 trillion won ($934 million) in less than four years since the decentralized exchange was established in 2014, its operator Korea Financial Investment Association (KOFIA) said on Tuesday.

The K-OTC market became operational on Aug. 25, 2014 mostly trading unlisted small and mid-sized members. Turnover reached 500 billion won in July 2016, and its members have grown to 117. It served as a stepping stone for Samsung SDS, Mirae Asset Life Insurance, and Jeju Air to prep them for bigger markets.

Trade is expected to gain more life this year as transactions on its members will be exempted from income tax on capital gains as part of government efforts to promote more attention to small and mid-sized enterprises.

By Han Ye-kyung and Cho Jeehyun

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