[허정수칼럼] 신한과 키움, 두 증권사의 생존법

This strategic asset transfer highlights a clear divergence in business models where Kiwoom Securities pursues vertical integration to defend its retail dominance against Fintech disruptors like Toss Securities. While Shinhan Investment pivots toward high-value IB and WM services, the move underscores that owning global infrastructure is no longer an option but a necessity for retail-focused firms to secure transaction stability and cost competitiveness.