Hana Financial Group is clear to launch an asset management company in Singapore.

Hana Financial Group said Monday that it has received preliminary approval from the Monetary Authority of Singapore (MAS) to establish an asset manager in the country. With the approval, it will first work to gain a firm foothold in the rapidly growing asset management market in Singapore and then enter deeper into other Asian and overseas markets.

Singapore is emerging as a new global financial hub in place of Hong Kong losing its status as a leading financial center. About 40 percent of fintech companies of the Southeast Asian region are located in the country.

“We will maximize synergy with our existing businesses in Asia as well as the new asset management company in Singapore to not only diversify our profit sources and contribute to the national economy but also to expand our business further into other advanced markets,” said Hana Financial Group Chairman Kim Jung-tae.

Hana Financial Group has 214 global business channels in 24 countries.

By Pulse

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]