South Korean fintech unicorn Toss plans to launch a finance superapp in Australia this year, its first overseas expansion, while also preparing to issue a Korean won-based stablecoin once regulations allow.
According to a Tuesday Reuters report, Toss CEO Lee Seung-gun said that the firm plans to launch its superapp in Australia this year and expand to other markets too. “We proved in Korea that a startup can compete head-on with entrenched players,” he told the outlet. “A similar model can work globally, especially in countries where users juggle multiple bank accounts or fintech apps. We want to bring them into one seamless experience.”
The CEO said that Toss has attracted more than 30 million users in South Korea since it launched in 2015. Australia is just the first overseas push for the company, where the firm hopes to leverage a fragmented banking system and open banking rules to its advantage.
Toss has reportedly already set up an Australian unit and plans to launch core services, including peer-to-peer money transfers, by year-end. The company said it is also reviewing other territories.
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Australia offers supportive environment
Australia’s Consumer Data Right (CDR) forces banks to share data with accredited third parties, supporting Toss’s account aggregation services.
Additionally, Australia’s New Payments Platform (NPP) supports instant P2P and request-to-pay, which are likely beneficial to Toss’s money-transfer system.
The average Australian holds about 2.4 bank accounts, according to local news outlet ABC, suggesting demand for services that unify financial management.
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Stablecoin ambitions in South Korea
Toss also aims to issue a Korean won-based stablecoin once South Korean regulations allow it. “We will issue and distribute won-based stablecoin – that I can say for sure,” Seung-gun said, noting that the company is already discussing the initiative with local regulators.
In August, South Korea’s Financial Services Commission said it would introduce a regulatory framework for a won-backed stablecoin by October. Other companies looking to launch a Korean won stablecoin include the banking arm of South Korean IT giant Kakao Corporation.
In early July, shares of major South Korean banks surged following trademark filings for stablecoins, signaling growing institutional interest in digital assets. Banks involved include Kakao Bank, Kookmin Bank and the Industrial Bank of Korea.
The filings came shortly after the inauguration of the country’s 21st president. During his campaign, Lee Jae‑myung made crypto-friendly promises, including the development of a Korean won-pegged stablecoin.
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Source: https://cointelegraph.com/news/south-korean-stablecoin-unicorn-toss-to-launch-superapp-in-australia?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
