The world economy, which was still recovering from the effects of the pandemic, suffered a major shock at the start of 2022 as the War in Eastern Europe ignited further disruption. Prices of commodities, currencies, stocks, and bonds including digital assets were thrown into disarray. Stock exchanges worldwide suffered a decline in both prices as well as volumes, as investors remain cautious about the outcome. The SET was no exception and took a decline as the average daily value dropped from 88,443 Baht million in 2021 to 71,226 Baht million for 2022 or by 19.47%. Finansia, as a result, took a hit in its brokerage earnings which dropped by about 19%. This was despite the Company being able to achieve the No.1 ranking in actual retails online trading market share (7.31%) and 3rd in the overall market ranking (5.34%). Using our improved HERO trading platform, which remains the most advanced application for the SET, our E-Business and marketing teams added over 60,000 new accounts to total about 250,000.
During the year, the Company's earnings were augmented by a strong IPO deal flow from Investment Banking of both the Company and Finansa Securities Ltd. (FSL). As part of a major restructuring, When Finansia establishes Finansia X as a holding company, it has acquired 100 percent of FSL in May 2022. Through the Investment Banking teams of both companies, we underwrote 20 IPO issues during 2022, which included milestone issues such as Thai Life and I-TAIL CORPORATION. We continued to reinforce our position as the IPO powerhouse in the industry and provide access to retail investors on quality IPOs.
Meanwhile, the restructuring of the Company is still under implementation and has received preliminary approval from the SET. The process, which will establish Finansia X as the new flagship of the Group, is expected to be completed by 3rd quarter of 2023. Finansia Digital Asset Company Limited, a subsidiary of the Company has also simultaneously applied for Digital Asset licenses to further expand its product offering to investors.
The 4th quarter of 2022 also saw a major default crisis on a stock which created extensive industry-wide damage affecting most major brokers. The Company, having consistently applied stringent credit scrutinization, has managed to avoid damage from the fallout and continues to put utmost emphasis on its Risk Management in every aspect.
For the upcoming year of 2023, given the ever-increasing impact on commission incomes due to competition, the Company's Board of Directors has decided for the Company to undertake a comprehensive approach towards "Digital Transformation" to sustain our dominant market position and expand into wealth management. We thank you and look forward to the shareholders, management, and all personnel supporting the Company in its endeavor in this difficult time.Chatchaval Jiaravanon