Hanwha Group's financial focus under younger VP turns to platform, digital biz
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The six financial affiliates of Hanwha Group who had been traditionally heavily invested in manufacturing industries turned more to digital platform, cryptocurrency and content businesses.
At the center of the change is Kim Dong-won, vice president of Hanwha Life Insurance and the 30-something second son of Hanwha Group Chairman Kim Seuong-youn.
Under the leadership of younger Kim, Hanwha has expanded investments in digital banking, cryptocurrency and fintech business and is already reaping the rewards from its venture.
Hanwha Investment & Securities and Hanwha Asset Management invested 30 billion in Yanolja back in 2018 when the accommodation reservation platform operator was valued at less than 1 trillion won. Their combined stake in Yanolja has since surged 10-fold as the company’s corporate value is now estimated at over 10 trillion won.
Hanwha Life Insurance invested more than 90 billion won ($80 million) in internet-only bank K bank and digital payment platform PAYCO, and in February, Hanwha Investment & Securities acquired a 6.15 percent stake in Dunamu, operator of crypto exchange Upbit, for 58.3 billion won.
Another investing arm Hanwha Asset Management invested 7 billion won in music copyright sharing platform Musicow late last year and Hanwha General Insurance 1 billion won in pet service provider Sparkpet in June. Officials at the investment units attributed the investments to Kim’s familiarity with trends of the younger generation
Kim is also focusing on supporting the growth of local startups in various fields including fintech, healthcare and education through its startup accelerator program Hanwha Dreamplus.
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