Kiwoom Securities' investment advisory platform will be used in NH NongHyup Bank's wealth management services. The two firms will also expand cooperation in advisory content and education, beyond operating and upgrading the platform.
Kiwoom Securities said on the 14th that it had signed a memorandum of understanding with NH NongHyup Bank to operate and promote investment advisory services. The signing ceremony was held on the 13th at NH NongHyup Bank's headquarters in Seoul's Jung-gu district.
Under the agreement, NH NongHyup Bank will use Kiwoom Securities' advisory platform as operating infrastructure when providing wealth management services. Kiwoom Securities will contribute its platform development and operating capabilities, while NH NongHyup Bank will add its expertise in wealth management and investment advice.
The two sides agreed to cooperate on the stable operation of the advisory service and its platform, system upgrades, content development, promotion and training.
More than 18 investment advisory firms currently offer services through Kiwoom Securities' advisory platform. The partnership with NH NongHyup Bank is expected to widen the range of advisory services available on the platform.
"The base of the domestic investment advisory market is expanding," said Hong Wan-ki, head of Kiwoom Securities' sales and trading market division. "By combining Kiwoom Securities' platform operating capabilities with NH NongHyup Bank's wealth management and advisory capabilities, we will improve access to investment advisory services."