On Sept. 19, Mirae Asset Securities announced that it was named “Best Securities Company in Korea” at the Euromoney Securities Houses Awards 2024, hosted by global financial magazine Euromoney.
Euromoney is a leading global financial publication founded in the United Kingdom in 1969.
The magazine annually recognizes the best financial institutions in a variety of categories based on a comprehensive evaluation of financial institutions around the world.
“Despite a high interest rate environment and geopolitical uncertainties, Mirae Asset Securities has delivered impressive growth through global expansion, new growth drivers, solid profitability led through wealth management, enterprise-wide AI investments and innovation and a strong investment banking (IB) franchise,” Euromoney said.
Mirae Asset Securities is expected to add more than 100 billion won in annualized earnings in its global business once the acquisition of Sharekhan Securities in India is wrapped up this year, according to Mirae Asset Securities’ recently announced enterprise value enhancement plan.
The company has mapped out a detailed action plan to pursue long-term shareholder returns.
Mirae Asset Securities’ operating income (991.1 billion won) and net profit (262 billion won) increased by 15 percent and 26 percent year-on-year in the asset management segment, respectively according to its report on its business results in the first half of 2024.
In July, Park Hyeon-joo, chairman of Mirae Asset Group took home the Global Executive of the Year Award from the Academy of International Business (AIB) for the first time among Asian financial industry leaders.
Once again, by winning the title, the Korean securities company was recognized for its strong international competitiveness by the global financial magazine Euromoney.
Surpassing 30 Billion Yen in Balance of Yen RP Sales
Mirae Asset Securities announced on Sept. 26 that its balance of Japanese yen-denominated repurchase agreement (RP) sales has exceeded 30 billion yen (279 billion won).
Since launched in June, the Japanese yen RPs have gained traction with corporations that need yen funding for import and export payments and investors who expect a rebound in the value of the Japanese yen. The balance of RP sales surpassed the 30-billion-yen mark in just over three months.
In addition to U.S. dollar, Japanese yen, and Chinese yuan RPs, Mirae Asset Securities added euro RPs in August, completing its lineup of foreign currency RPs in the world’s four major currencies.
The company added the euro as a tradable currency to its Auto Buy RP Product, a service that automatically buys and sells RPs against foreign currency deposits, enabling customers with investments in global equities in a variety of currencies to boost the efficiency of their deposit management.
Introduction of AI Assistant Platform
Mirae Asset Securities announced on Sept. 20 that it has introduced the AI Assistant Platform to enhance its company-wide work efficiency by making the most of artificial intelligence.
The AI Assistant Platform empowers employees and individual departments to upload documents containing business manuals or know-how, and after learning, creates a dedicated chatbot.
The AI Assistant Platform is characterized by the fact that it can be applied to the company’s entire work. By providing an environment where any employee can create their own work assistants, even non-AI experts can easily create and utilize chatbots.
Mirae Asset Securities also built a dedicated LLM within the company to extend the AI Assistant platform across the board.
The dedicated LLM, named “HyperClovaX Dash” is the result of a collaboration between Mirae Asset Securities and the Naver Cloud Platform.
Currently, financial companies cannot use generative AI that has already been developed due to network separation issues and data security issues in Korea.
Therefore, Mirae Asset Securities began communicating and collaborating with Naver Cloud which has of AI technology at the highest level in 2023 and built an on-premises sLLM that can be utilized within the company.
The company will steadily improve and upgrade the on-premises sLLM by making it learn more.
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