Korean financial firms are buying into Japan's brokerage market

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 &