November 23, 2024

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(Mirae Asset Securities)

South Korea's brokerage Mirae Asset Securities announced Tuesday that its Indian unit hit a significant milestone, with its retail customer accounts surpassing one million in five years after its launch in 2018.

India, the world's fifth-largest economy, holds strategic importance for Mirae Asset Financial Group, leading to substantial investments to bolster its presence in the country.

The financial giant made its mark in India with the introduction of the online brokerage platform, m.Stock, in April 2022, swiftly ascending to the eighth position among online brokers in the country.

The platform, backed by aggressive marketing and pricing strategies, now facilitates 2.14 million daily transactions, managing assets totaling nearly 73 million won ($54,834) and a credit balance of 18 million won.

Looking ahead, the company plans to elevate its services with the upcoming launch of m.Stock 2.0 later this year.

In a strategic move, Mirae Asset Securities acquired the entire stake in Sharekhan Limited, India's 10th-largest securities company, in December 2023. This acquisition aims to solidify the company's standing in the Indian stock market, with aspirations to secure a position among the top five companies in the country.

Expressing pride in the remarkable success achieved in just 22 months after the release of the platform, Arun Chaudhry, Chief Business Officer leading the Retail Business Division at Mirae Asset Securities' Indian unit, emphasized the commitment to continue leading the Indian market through advanced technologies, innovative business models, and diverse channels.

By Heo Yu-jeong (yjheo@heraldcorp.com)