Kiwoom Securities, a South Korean financial services company based in Seoul, announced on Wednesday that it has signed a Memorandum of Understanding (MoU) with esports team DRX. The signing ceremony was held at DRX Seoul Tower in Mapo-gu, Seoul, and attended by Kiwoom Securities CEO Um Joo-sung and DRX Chairman Park Jung-moo.
South Korean digital news platform Chosun Biz reported that the agreement includes plans for naming sponsorship and joint marketing. As a result, the name “Kiwoom DRX” is being considered for the team.
Details such as the final team name, contract period, and sponsorship amount will be decided later through a main contract. If approved, the team is expected to start using the new name from the next season of the League of Legends Champions Korea, which begins as early as next month.
It is important to note that DRX actively competes across several major competitive gaming titles such as League of Legends, VALORANT, Tekken 8, and Street Fighter 6. According to reports, the naming rights discussion currently applies only to the League of Legends team.
The partnership with DRX will serve as Kiwoom Securities’ first step into esports if the deal is finalised. The company stated that it wants to build brand awareness among Gen Z, who are its future customers. Before the DRX deal, Kiwoom Securities was involved in the gaming and esports industry in a more indirect way. Their role was mainly focused on financial activities and research rather than team partnerships or branding.
One of their key activities was investing in gaming companies. In November 2022, Kiwoom Securities took part in a funding round worth $46 million for Wemade, a South Korean gaming company. Along with investments, Kiwoom Securities also contributed through market research. Their research team regularly studied the gaming industry and provided analysis and stock price forecasts. This included major Korean gaming companies such as KRAFTON, the developer of PUBG, and Pearl Abyss, known for Black Desert.
Meanwhile, DRX has also secured partnerships in the past, including with the gaming brand ASUS Republic of Gamers, which serves as its official gaming hardware partner, supporting DRX teams across VALORANT, League of Legends, and other rosters.
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