South Korean fintech unicorn Toss plans to launch its financial super app in Australia this year, marking the company's first foray into overseas markets while also preparing to issue a Korean won-backed stablecoin following regulatory easing.
According to a report by Reuters on Tuesday, Toss CEO Lee Seung-gun stated that the company plans to launch the super app in Australia this year and will expand to other markets. He said, "We have proven in South Korea that startups can compete head-to-head with traditional giants. This model can be replicated globally, especially in countries where users need to manage multiple bank accounts or fintech applications simultaneously. We want to provide them with an integrated, seamless experience."
The CEO mentioned that since its launch in 2015, Toss has attracted over 30 million users in South Korea. Australia is the first stop in the company's overseas expansion, and Toss hopes to leverage the local decentralized banking system and open banking policies to gain an advantage.
It is reported that Toss has established a subsidiary in Australia and plans to launch core services, including peer-to-peer transfers, by the end of the year. The company also stated that it is evaluating market opportunities in other regions.
Australia's Consumer Data Right (CDR) requires banks to share data with certified third parties, supporting Toss's account aggregation services.
Additionally, Australia's New Payments Platform (NPP) supports instant peer-to-peer transfers and payment requests, which positively impacts Toss's transfer system.
According to local media ABC, Australians average about 2.4 bank accounts, indicating a demand for integrated financial management services.
Toss also plans to issue a Korean won-backed stablecoin once regulatory approval is granted in South Korea. Seung-gun stated, "We will definitely issue and distribute a stablecoin denominated in Korean won." He noted that the company has begun discussions with local regulatory authorities regarding the relevant plans.
In August, the South Korean Financial Services Commission announced that it would introduce a regulatory framework for Korean won-backed stablecoins by October. Other companies interested in issuing won stablecoins include the banking division of South Korean IT giant Kakao Corporation.
In early July, as major South Korean banks applied for trademarks related to stablecoins, their stock prices surged, indicating growing institutional interest in digital assets. The banks involved include Kakao Bank, Kookmin Bank, and the Industrial Bank of Korea.
These trademark applications were submitted shortly after the inauguration of the country's 21st president. During the campaign, Lee Jae-myung promised to support cryptocurrencies, including the development of a stablecoin pegged to the Korean won.
Related: The U.S. Congress requests the Treasury Department to report on strategic Bitcoin (BTC) reserve details.
Original article: “Toss to Launch Financial Super App in Australia, Promoting Stablecoin Development”
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