 |
Photo courtesy of Korea Investment & Securities |
[Alpha Biz= Kim Jisun] SEOUL, November 12, 2025 — South Korea is set to see the nation’s first Integrated Investment Account (IMA) operators emerge, as Korea Investment & Securities and Mirae Asset Securities have been officially designated as Comprehensive Investment Firms by the Financial Services Commission’s (FSC) Securities and Futures Commission (SFC).
The approval, granted on November 12, recognizes both firms for meeting the ₩8 trillion (US $5.8 billion) minimum capital requirement. Alongside this, Kiwoom Securities received authorization to issue short-term financing notes (commercial papers), becoming the fifth brokerage in Korea to secure such a license — and the first in four years.
Introduced in 2017, the IMA framework allows brokerages to manage client funds across corporate bonds, venture capital, and alternative assets, distributing returns from investment profits. However, no firm had been licensed for over seven years due to regulatory ambiguity — until reforms introduced earlier this year reopened the pathway.
With IMA approval, Korea Investment & Securities (₩10.5 trillion capital) and Mirae Asset Securities (₩10.3 trillion) will be able to manage funds up to 300% of their equity, providing greater financial flexibility and capital market liquidity. Kiwoom Securities (₩5.4 trillion capital), now licensed for short-term note issuance, may raise funds up to 200% of its equity.
Final authorization is expected at the FSC’s regular meeting on November 19, after which all three firms will officially begin operations under the new structure.
Market analysts anticipate the approvals will channel more funds into “adventurous capital” sectors such as SMEs, venture firms, and lower-rated corporate bonds. From 2028, at least 25% of IMA and short-term note proceeds must be allocated to venture and innovation-focused investments, while exposure to real estate assets will be capped at 10% (down from 30% by 2027).
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
