Korean financial firms are buying into Japan's brokerage market

Korean financial firms are pursuing acquisitions of Japanese brokerages amid Japan’s stock-market rally and retail-investing boom, as pressure on smaller firms creates potential sellers. Viva Republica plans to buy Cheer Securities for 4 billion yen through its Singapore-based subsidiary, while Mirae Asset Securities and Hanwha Investment & Securities have also agreed to Japanese securities-business acquisitions. The deals could provide a faster route into Japan, but scrutiny of ownership changes may complicate the strategy.

Cheer Securities, established in 2019 by Tokai Tokyo Financial Holdings, offers mobile trading in stocks and exchange-traded funds in increments of 100 yen and handles security token offerings.

Mirae Asset Securities plans to inject 12 billion yen into its U.S. subsidiary, allocating about 5 billion yen to acquire Sanko Securities and the remainder to expand its Japanese business after closing.

Hanwha Investment & Securities agreed on Oct. 12 to acquire the securities business of Japanese investment firm GI Capital Management.

The Nikkei 225 surpassed its bubble-era peak of 38,915.87 in 2024 and crossed 70,000 in June this year.

People in their 20s and 30s held a combined 29.8 percent of Nippon Individual Savings Account accounts at the end of June. Japan’s Financial Services Agency revised oversight guidelines in 2022 to scrutinize changes in major shareholders comparably to new registrations.

Published Nov 2, 2026 2:36 pm KST

Rising retail investment, struggling smaller brokerages create opportunities for foreign buyers

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm, Oct. 22. AP-Yonhap

Japan's stock market rally and retail investing boom are attracting Korean financial firms seeking overseas growth, as mounting pressure on smaller brokerages creates acquisition opportunities, industry officials said Monday.

Viva Republica, the operator of Korean fintech platform Toss, plans to acquire Cheer Securities through its Singapore-based subsidiary, Toss Global, in a deal valued at 4 billion yen ($25.35 million). It would mark Toss' first overseas acquisition.

Cheer Securities, established in 2019 by Tokai Tokyo Financial Holdings, specializes in mobile trading, allowing customers to invest in stocks and exchange-traded funds in increments of 100 yen through its app. It also handles security token offerings.

Mirae Asset Securities also signed an agreement Thursday to acquire Sanko Securities, a unit of Okasan Securities Group, through its U.S. subsidiary. Mirae Asset plans to inject 12 billion yen into its U.S. subsidiary, allocating about 5 billion yen toward the acquisition and the remainder to expanding its business in Japan after the transaction closes.

Hanwha Investment & Securities also agreed on Oct. 12 to acquire the securities business of GI Capital Management, a Japanese investment firm.

This flurry of deals comes as Japan's financial industry undergoes a structural shift.

The Nikkei 225 surpassed its bubble-era peak of 38,915.87 in 2024 for the first time in more than 34 years, supported by government efforts to improve corporate governance and boost shareholder returns. The benchmark crossed 70,000 in June this year.

Japan's revamped Nippon Individual Savings Account program has also helped draw more retail investors into the market. Expanded tax benefits introduced in 2024 have attracted younger investors, with people in their 20s and 30s accounting for a combined 29.8 percent of accounts as of the end of June.

Yet the boom has coincided with growing pressure on smaller securities firms, according to industry officials, creating acquisition opportunities for foreign buyers.

Large Japanese brokerages have tightened their grip on the retail trading market by offering commission-free services, putting pressure on smaller rivals that rely heavily on brokerage fees, according to the Japan Research Institute.

Succession issues are adding to the pressure. Many regional brokerages remain controlled by founding families or individual owners, whose advancing age has made it difficult to find successors and prompted some to consider selling their businesses.

For well-capitalized Korean financial firms, acquiring existing brokerages could provide a faster route into Japan's securities market than establishing new operations. Both Cheer and Sanko Securities are registered as Type I Financial Instruments Business operators in Japan, allowing them to trade stocks, bonds and other securities.

Still, regulatory scrutiny could complicate the strategy.

The practice of acquiring brokerages to gain access to their registrations has faced criticism as a form of "backdoor registration," Nikkei reported. Japan's Financial Services Agency revised its oversight guidelines in 2022 to subject changes in major shareholders to scrutiny comparable to that applied to new registrations.

"Their ability to gain market share will depend on how effectively they compete with established Japanese brokerages and adapt their services to local investors' needs," an industry official said.

在日本股市上涨和散户投资热潮的背景下，韩国金融公司正积极寻求收购日本券商，因为小型券商面临的压力催生了潜在的出售方。Viva Republica计划通过其新加坡子公司以40亿日元收购Cheer Securities，而Mirae Asset Securities和韩华投资证券也已同意收购日本证券业务。这些交易或许能为韩国金融公司更快地进入日本市场，但所有权变更可能引发的审查会使这一战略变得复杂。

Cheer Securities 由东海东京金融控股公司于 2019 年创立，提供股票和交易所交易基金的移动交易服务，交易单位为 100 日元，并可进行证券型代币发行。

未来资产证券计划向其美国子公司注资 120 亿日元，其中约 50 亿日元用于收购三光证券，其余资金将在交易完成后用于扩大其日本业务。

10月12日，韩华投资证券同意收购日本投资公司GI Capital Management的证券业务。

日经225指数在2024年突破了泡沫经济时期38915.87点的峰值，并在今年6月突破了70000点。

截至6月底，20至30岁人群合计持有日本个人储蓄账户29.8%的份额。日本金融厅于2022年修订了监管准则，对主要股东的变更进行与新注册同等程度的审查。

发布于2026年11月2日下午2:36（韩国标准时间）

零售投资增长，小型经纪公司举步维艰，这为外国买家创造了机会。

10月22日，一名男子走过一家证券公司的电子股票显示屏，显示屏上显示着日本日经指数。（美联社-韩联社）

业内人士周一表示，日本股市上涨和零售投资热潮正在吸引寻求海外增长的韩国金融公司，因为小型经纪公司面临的压力越来越大，这创造了收购机会。

韩国金融科技平台Toss的运营商Viva Republica计划通过其位于新加坡的子公司Toss Global收购Cheer Securities，交易金额为40亿日元（约合2535万美元）。这将是Toss的首笔海外收购。

Cheer Securities由东海东京金融控股公司于2019年创立，专注于移动交易，客户可以通过其应用程序以100日元为单位投资股票和交易所交易基金（ETF）。该公司也从事证券型代币发行（STO）。

未来资产证券周四也签署了一项协议，将通过其美国子公司收购冈三证券集团旗下的三光证券。未来资产计划向其美国子公司注资120亿日元，其中约50亿日元用于此次收购，剩余部分将在交易完成后用于拓展其在日本的业务。

韩华投资证券于 10 月 12 日也同意收购日本投资公司 GI Capital Management 的证券业务。

这一系列交易的出现正值日本金融业经历结构性转变之际。

在政府致力于改善公司治理和提升股东回报的推动下，日经225指数在2024年突破了泡沫经济时期38915.87点的峰值，创下34年来的新高。该基准指数在今年6月突破了7万点大关。

日本改革后的日本个人储蓄账户（NISA）计划也吸引了更多散户投资者进入市场。2024年推出的扩大后的税收优惠政策吸引了更多年轻投资者，截至6月底，20至30岁人群的账户总数占比达29.8%。

但据业内人士称，这一繁荣时期恰逢小型证券公司面临越来越大的压力，这为外国买家创造了收购机会。

据日本经济研究所称，日本大型经纪公司通过提供免佣金服务，加强了对零售交易市场的控制，给严重依赖经纪费的小型竞争对手带来了压力。

继承问题加剧了压力。许多区域性经纪公司仍由创始家族或个人所有者掌控，而这些所有者年事已高，难以找到接班人，促使一些人考虑出售公司。

对于资金雄厚的韩国金融公司而言，收购现有券商可能比设立新机构更快地进入日本证券市场。Cheer 和 Sanko Securities 均在日本注册为第一类金融工具业务经营者，获准进行股票、债券及其他证券交易。

然而，监管审查可能会使这一策略变得复杂。

据《日经新闻》报道，通过收购券商来获取其注册信息的做法被批评为一种“后门注册”行为。日本金融厅于2022年修订了监管准则，将主要股东变更纳入与新注册相同的审查范围。

一位业内人士表示：“他们能否获得市场份额，将取决于他们与日本老牌券商竞争的有效性，以及他们如何调整服务以适应当地投资者的需求。”