South Korean fintech unicorn Toss plans to launch a finance superapp in Australia this yr, its first abroad enlargement, whereas additionally making ready to challenge a Korean won-based stablecoin as soon as rules enable.
According to a Tuesday Reuters report, Toss CEO Lee Seung-gun stated that the agency plans to launch its superapp in Australia this yr and broaden to different markets too. “We proved in Korea {that a} startup can compete head-on with entrenched gamers,” he advised the outlet. “An analogous mannequin can work globally, particularly in nations the place customers juggle a number of financial institution accounts or fintech apps. We need to deliver them into one seamless expertise.”
The CEO stated that Toss has attracted greater than 30 million customers in South Korea because it launched in 2015. Australia is simply the primary abroad push for the corporate, the place the agency hopes to leverage a fragmented banking system and open banking guidelines to its benefit.
Toss has reportedly already arrange an Australian unit and plans to launch core companies, together with peer-to-peer cash transfers, by year-end. The firm stated it’s also reviewing different territories.
Australia gives supportive atmosphere
Australia’s Consumer Data Right (CDR) forces banks to share information with accredited third events, supporting Toss’s account aggregation companies.
Additionally, Australia’s New Payments Platform (NPP) helps instantaneous P2P and request-to-pay, that are possible helpful to Toss’s money-transfer system.
The common Australian holds about 2.4 financial institution accounts, in accordance with native information outlet ABC, suggesting demand for companies that unify monetary administration.
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Stablecoin ambitions in South Korea
Toss additionally goals to challenge a Korean won-based stablecoin as soon as South Korean rules enable it. “We will challenge and distribute won-based stablecoin – that I can say for positive,” Seung-gun stated, noting that the corporate is already discussing the initiative with native regulators.
In August, South Korea’s Financial Services Commission stated it will introduce a regulatory framework for a won-backed stablecoin by October. Other corporations seeking to launch a Korean received stablecoin embody the banking arm of South Korean IT big Kakao Corporation.
In early July, shares of main South Korean banks surged following trademark filings for stablecoins, signaling rising institutional curiosity in digital property. Banks concerned embody Kakao Bank, Kookmin Bank and the Industrial Bank of Korea.
The filings got here shortly after the inauguration of the nation’s twenty first president. During his marketing campaign, Lee Jae‑myung made crypto-friendly guarantees, together with the growth of a Korean won-pegged stablecoin.
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