South Korean Fintech Unicorn Toss to Launch Finance Superapp in Australia
South Korean fintech unicorn Toss has plans to introduce a finance superapp in Australia this year, marking its first venture abroad, while also gearing up to issue a stablecoin based on the Korean won once regulations permit.
According to a report from Reuters on Tuesday, Toss CEO Lee Seung-gun stated that the company intends to launch its superapp in Australia this year, with aspirations to expand into additional markets as well. “We proved in Korea that a startup can compete head-on with entrenched players,” he commented. “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 revealed that Toss has garnered over 30 million users in South Korea since its inception in 2015. Australia will serve as the initial step for the company’s overseas strategy, where it aims to take advantage of the fragmented banking system and open banking regulations.
Toss has reportedly established an Australian subsidiary and is planning to launch essential services, including peer-to-peer money transfers, by the end of the year. The company is also evaluating other potential markets.
Australia’s Consumer Data Right and New Payments Platform
Australia’s Consumer Data Right (CDR) mandates that banks share data with accredited third parties, which supports Toss’s account aggregation services.
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Additionally, Australia’s New Payments Platform (NPP) facilitates instant P2P transactions and request-to-pay features, which are likely to enhance Toss’s money-transfer capabilities.
According to local news source ABC, the average Australian holds about 2.4 bank accounts, indicating a demand for services that streamline financial management.
Toss’s Plans for a Stablecoin
Toss also intends to issue a stablecoin based on the Korean won once South Korean regulations allow it. “We will issue and distribute a won-based stablecoin – that I can say for sure,” Seung-gun affirmed, adding that the company is already in discussions with local regulators regarding this initiative.
In August, South Korea’s Financial Services Commission announced that it would roll out a regulatory framework for a won-backed stablecoin by October. Other companies interested in launching a Korean won stablecoin include the banking division of South Korean tech giant Kakao Corporation.
In early July, shares of significant South Korean banks experienced an uptick following trademark filings for stablecoins, highlighting a growing institutional interest in digital assets. The banks involved include Kakao Bank, Kookmin Bank, and the Industrial Bank of Korea.
These filings emerged shortly after the inauguration of the nation’s 21st president. During his campaign, Lee Jae-myung made promises favorable to the cryptocurrency sector, including the development of a Korean won-pegged stablecoin.
