Mirae Asset Bets on Digital Assets to Reshape Investment Business

Mirae Asset Group's push to expand into a full-service investment banking group reflects a determination to stake out the investment and distribution infrastructure of future financial markets as the line between traditional assets such as securities and digital assets grows blurred. The strategy is read as an attempt to move beyond the brokerage-centered earnings structure of securities firms and set a new standard for global asset markets around MAPS, its global investment platform, and DigitalX, the South Korean cryptocurrency exchange formerly known as Korbit that it recently acquired.

According to the financial investment industry on the 26th, Mirae Asset's next growth strategy, dubbed "Mirae Asset 3.0," is focused on investment spanning both traditional and digital assets. That is why MAPS and DigitalX are seen as the two pillars that will turn the 3.0 strategy into reality. MAPS is expected to serve as a global platform linking Mirae Asset's overseas units, clients and investment markets, while DigitalX is seen taking on the role of infrastructure connecting traditional finance and digital assets. An industry official said MAPS will break down the boundaries between countries and markets, while DigitalX will break down the boundaries between asset classes.

Mirae Asset plans to accelerate its push into global markets through MAPS, starting with a Korean stock investment service for Hong Kong investors and later expanding to the United States, Japan and Singapore. DigitalX, which Chairman Park described as a core pillar for realizing Mirae Asset 3.0, is tied to a strategy of widening the range of assets the firm invests in. Beyond trading cryptocurrencies such as bitcoin, the aim is to reach into markets where traditional financial assets are traded in blockchain-based digital form, including the tokenization of real-world assets (RWA) and security token offerings (STO), broadening the opportunities available to investors. One industry executive said digital assets are being read as the next source of growth beyond the brokerage earnings structure, but noted that uncertainty remains because the legal and regulatory framework is still being put in place. The executive added that Mirae Asset's track record in successfully completing mergers and acquisitions and stake purchases involving overseas asset managers is raising expectations.

Behind the quickening shift toward a full-service investment banking group are the bold decisions of Mirae Asset Group Chairman Park Hyeon-joo, who created an environment allowing the group to differentiate itself from rival securities firms. Park acquired KDB Daewoo Securities in 2016, securing one of the largest capital bases in the country along with brokerage and investment banking capabilities and an overseas network.

The group's aggressive overseas acquisitions also draw praise. In 2018, Mirae Asset acquired U.S. exchange-traded fund manager Global X, giving it a core foothold in the world's largest capital market. It was not simply an expansion of sales channels but a platform for creating and managing its own ETF products directly in global markets. In 2022, it acquired Australian asset manager ETF Securities and rebranded it as Global X Australia, and in 2023 it took over European ETF market maker GHCO and Australian robo-adviser Stockspot in quick succession. By adding market-making functions that supply liquidity and digital-based wealth management to its ETF product capabilities, the group secured a global investment value chain running from manufacturing to distribution and management.

Its 2023 bid for Indian brokerage Sharekhan, which brought local retail clients and a sales network, is credited with speeding up the expansion of its global business. Its equity investment in SpaceX in particular is regarded as the biggest contributor to Mirae Asset Securities' record second-quarter results and stands as a successful example of the group's principal investment. With SpaceX's successful listing on the Nasdaq, related valuation gains of 1.6242 trillion won were reflected in Mirae Asset Securities' overall pretax profit of 2.5287 trillion won. Solid global market conditions helped Mirae Asset Securities and Mirae Asset Global Investments set records in the first half of the year. Mirae Asset Securities posted more than 1.9 trillion won in net profit in the second quarter, joining the "1 trillion won club" for a second straight quarter and surpassing the net profits of the country's five largest banks.

The "Client First" strategy that Park has consistently emphasized is expected to set the group apart in a cryptocurrency industry marked by high uncertainty. In a letter to employees after the DigitalX acquisition, Park stressed that compliance is an absolute standard that cannot be compromised, and said the firm must adhere as fully as possible to relevant laws and global standards across every area, including anti-money laundering (AML), know-your-customer (KYC) rules, information protection and fraud detection systems (FDS).