South Korea’s fintech unicorn Toss is preparing to launch its finance super-app in Australia before the end of this year.
The company also plans to issue a Korean won-backed stablecoin once regulatory conditions in its home market permit.
This marks Toss’s first overseas expansion and a step towards entering digital currency markets as government support for stablecoins grows in South Korea.
Toss, operated by Viva Republica, is entering the Australian market with the aim of creating a unified financial platform.
Chief Executive Lee Seung-gun confirmed the company’s plans in an interview with Reuters, stating,
“We proved in Korea that a startup can compete head-on with entrenched players.”
Toss intends to offer a single digital application through which users can manage various financial tasks.
The company has already established a unit in Australia and is preparing to launch initial services such as peer-to-peer transfers by year-end.
Toss will enter a market where the average Australian holds around 2.4 bank accounts, suggesting demand for tools that help users consolidate account management.
Toss views Australia’s open banking rules as providing a favourable environment.
Under the Consumer Data Right (CDR), banks are required to share customer data with approved third parties, enabling fintech companies to develop applications that integrate multiple accounts.
Australia’s New Payments Platform (NPP), which supports instant transfers and request-to-pay functions, is also expected to be central to Toss’s service model.
Alongside its overseas move, Toss is preparing to issue a Korean won-denominated stablecoin, though only once regulators give approval.
Lee said,
“We will issue and distribute won-based stablecoin, that I can say for sure.”
The firm has begun discussions with regulatory bodies on how and when such a launch might proceed.
South Korea’s Financial Services Commission announced in August that it intends to introduce a regulatory framework for stablecoins by October, potentially allowing local firms to begin developing and issuing won-backed digital assets.
Toss is not alone in this effort; institutions including Kakao Bank and Kookmin Bank have shown interest through trademark filings.
The initiative comes amid growing institutional demand for digital assets in South Korea.
In July, shares in major banks rose following disclosures of stablecoin-related trademark applications, coinciding with policy proposals from President Lee Jae-myung, who has pledged a more crypto-friendly stance, including support for a won-backed stablecoin.
Since launching in 2015, Toss has gained more than 30 million users in South Korea with services spanning payments, credit scoring, loans and insurance.
Many of these features are expected to be introduced to overseas markets, starting with Australia.
The Australian launch will act as a test case for the firm’s wider global plans, which may include both financial services and stablecoin offerings once regulatory conditions are met.
Featured image credit: Toss
This article first appeared on Fintech News Singapore