November 2025 — South Korea’s financial market is entering a phase of significant transformation as the government pushes forward its policy shift toward productive finance, aiming to redirect capital from real estate and traditional lending toward innovative industries and venture businesses. As part of this initiative, the first operators of the Integrated Managed Account (IMA) system have been selected.
The Securities and Futures Commission (SFC), under the Financial Services Commission (FSC), approved the designation of Mirae Asset Securities and Korea Investment & Securities as IMA operators on November 12. Final confirmation is expected later this month at the FSC’s regular committee meeting. This marks the first approval since the system was introduced eight years ago to foster large-scale investment banks in Korea.
What is the IMA?
The IMA is a newly introduced financial product available only to Investment Brokerage Firms (IBFs) with equity capital of at least KRW 8 trillion.
- Principal guarantee: The securities firm guarantees the investor’s principal.
- Mandatory investment rules: At least 70% of customer deposits must be invested in corporate finance assets, including corporate loans, corporate bonds, and venture investments.
- Benefits to investors: Investors may earn returns above traditional savings and deposits without exposure to loss.
- Benefits to securities firms: Combined with short-term notes, the IMA allows firms to raise funds up to 300% of their equity capital, significantly expanding their capital deployment capacity.
Up to KRW 35 trillion in new funding capacity
As the first designated operators, the two securities firms are expected to gain substantial additional funding capacity. Based on industry estimates, Korea Investment & Securities (equity of approx. KRW 10.5 trillion) may raise about KRW 12.8 trillion, while Mirae Asset Securities (equity of approx. KRW 10.4 trillion) may secure roughly KRW 22.9 trillion, totaling more than KRW 35 trillion combined.
Policy Requirements
The FSC has set strict rules to ensure that IMA capital is deployed toward productive sectors.
- At least 25% of the funds must be allocated to venture capital and SME investment, with a phased expansion planned through 2028.
- Investment in real estate-related assets is capped at 10%, scheduled to take effect in 2027.
Additional Market Changes
Alongside the IMA approval, Kiwoom Securities has been authorized as the fifth short-term financing (commercial paper) issuer among firms with equity above KRW 4 trillion. Kiwoom is expected to raise up to KRW 10 trillion, similarly expanding its venture investment capacity.
Outlook and Concerns
Mirae Asset and Korea Investment & Securities have reportedly established dedicated IMA business units and are preparing to launch their first products within the year. However, some market participants warn that aggressive venture funding competition may trigger temporary valuation bubbles in the startup market.
