Kiwoom Securities Surpasses KRW 200 Billion in Retirement Pension Assets

Reached the milestone within five months of launch
Growth amid a decline in retirement pension assets across the securities industry in Q3

Kiwoom Securities said on November 2 that its retirement pension assets surpassed KRW 200 billion about five months after it launched its retirement pension business.

Kiwoom Securities, which launched its retirement pension business in June, is rapidly expanding its assets, led by individual retirement pension (IRP) accounts. Its retirement pension assets rose by KRW 123.3 billion in about three months, from KRW 64.9 billion at the end of June to KRW 188.2 billion at the end of September. In particular, it recorded growth even as total retirement pension assets across the securities industry fell 2.88% quarter on quarter over the same period.

The growth is attributed to an investment environment familiar to its existing stock-investing customers and the convenience of managing pension assets through an exchange-traded fund (ETF)-focused approach. Drawing on the digital capabilities it has built through its domestic stock-investment platform, Kiwoom Securities provides an environment in which subscribers can directly manage and invest their pension assets. In particular, its mobile trading system (MTS), Kiwoom Hero S#, enables customers to conveniently trade a variety of investment products through their retirement pension accounts.

In fact, about 75% of Kiwoom Securities' IRP assets were transferred from other financial companies. This suggests that existing retirement pension subscribers are choosing Kiwoom Securities as a new financial company through which to manage their pension assets.

Kiwoom Securities sees this customer inflow as reflecting a broader market shift in which subscribers are choosing financial companies themselves and managing their pension assets, rather than simply an increase in account openings. The company says that as interest grows in the range of investment products available for retirement pensions and the convenience of trading them, subscribers' freedom to choose is becoming an important factor in determining the competitiveness of financial companies.

Kiwoom Securities is also focused on expanding subscribers' freedom of choice in the defined contribution (DC) retirement pension market. Through its "Request to Introduce a Retirement Pension Plan" service, which allows employees to ask their employers to adopt Kiwoom Securities' retirement pension plan, the company helps subscribers take an active role in choosing a retirement pension provider.

Pyo Yeongdae, head of Kiwoom Securities' Pension Platform Division, said, "Surpassing KRW 200 billion in assets within a short period of launching our retirement pension business reflects customers' interest in Kiwoom Securities' investment environment and the convenience of managing pension assets. We will continue to strengthen the environment in which subscribers can take the lead in managing their pension assets and provide pension services that support customers from building their pension assets through to receiving them."

This content was produced with the assistance of AI translation services.