South Korea-based IT company, Koscom has disclosed about its plans of acquiring 92.66% stake in HSBC Fund Services Korea to take on asset management space as the sector has grown immensely over the years.
According to Koscom, the fund administration firm will enable the company in being a key player in the IT aaset management industry with the usage of AI, Big Data, and open application programming interface in offering customized services to it clients and to run its asset management platforms.
With over a year of preparation for the acquisition, Koscom makes the first deal since its inception in September 1977 to expand its business since the company is realizing the importance of asset management due to the growth in aging population and low interest rates.
Over the years there has been a tremendous growth in the local asset management volume from 1,096 trillion won in the end of 2017 to 1,263 trillion won last year.
Koscom’s future plans include introducing cutting edge IT services like digital algorithm-based wealth-management services and real-time asset management system. Additionally, CEO of Koscom, Chung Jee-seok is aiming at increasing jobs in IT and finance sector.