Samsung Securities has become South Korea’s eighth approved issuing-note operator after the Financial Services Commission approved its short-term finance business license on Sept. 9. Issuing notes mature within one year and are sold by large investment banks on their own credit, with eligible firms able to raise funds of up to 200% of equity capital for corporate finance, bonds, loans and other investments. By 2028, about 25% of funds raised through short-term notes must be invested as venture capital in venture and innovative companies. Samsung’s approval followed a nine-year pursuit delayed by controlling-shareholder eligibility questions and sanctions related to improper sales practices at wealth-management branches. The market reached about $40.5 billion, or 55.93 trillion won, at the end of June, up from about $11.3 billion, or 15.6 trillion won, at the end of 2020. Samsung brings roughly $473 billion in retail client assets and 572,000 high-net-worth clients to the eight-player market, where issuing-note yields in the upper-3% to mid-4% range are attracting short-term cash despite the lack of deposit insurance.