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Photo = Kiwoom Securities |
[Alpha Biz= Paul Lee] Kiwoom Securities has postponed its plan to apply for a retirement pension business license, originally scheduled for the second half of 2024, to next year.
According to the financial investment industry on July 23, Kiwoom Securities decided to delay its application for registration as a retirement pension provider due to setbacks in the development of its IT systems required for pension fund operations.
The company had initially planned to complete its pension-related IT infrastructure this year, submit its application in the second half of 2024, and officially begin operations in 2025. However, delays in system readiness have pushed back the timeline.
To become a licensed retirement pension provider, a firm must meet financial soundness, personnel qualifications, and physical infrastructure requirements as outlined by the Financial Services Commission (FSC) of Korea.
A Kiwoom Securities official stated, “We decided to delay the application in order to fully meet the physical requirements for operating a retirement pension business.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
