Toss Takes on Australia, Plans Korean Won Stablecoin Launch

South Korean fintech unicorn Toss plans to launch a finance superapp in Australia this 12 months, its first abroad enlargement, whereas additionally making ready to subject a Korean won-based stablecoin as soon as laws permit.

In keeping with a Tuesday Reuters report, Toss CEO Lee Seung-gun mentioned that the agency plans to launch its superapp in Australia this 12 months and broaden to different markets too. “We proved in Korea {that a} startup can compete head-on with entrenched gamers,” he instructed the outlet. “The same mannequin can work globally, particularly in international locations the place customers juggle a number of financial institution accounts or fintech apps. We wish to convey them into one seamless expertise.”

The CEO mentioned 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 providers, together with peer-to-peer cash transfers, by year-end. The corporate mentioned additionally it is reviewing different territories.

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Australia gives supportive surroundings

Australia’s Consumer Data Right (CDR) forces banks to share knowledge with accredited third events, supporting Toss’s account aggregation providers.

Moreover, Australia’s New Payments Platform (NPP) helps prompt P2P and request-to-pay, that are doubtless helpful to Toss’s money-transfer system.

The typical Australian holds about 2.4 financial institution accounts, in line with native information outlet ABC, suggesting demand for providers that unify monetary administration.

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Stablecoin ambitions in South Korea

Toss additionally goals to subject a Korean won-based stablecoin as soon as South Korean laws permit it. “We’ll subject and distribute won-based stablecoin – that I can say for positive,” Seung-gun mentioned, noting that the corporate is already discussing the initiative with native regulators.

In August, South Korea’s Financial Services Commission said it would introduce a regulatory framework for a won-backed stablecoin by October. Different corporations trying to launch a Korean received stablecoin embrace the banking arm of South Korean IT giant 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 embrace Kakao Financial institution, Kookmin Financial institution and the Industrial Financial institution of Korea.

The filings got here shortly after the inauguration of the nation’s twenty first president. Throughout his marketing campaign, Lee Jae‑myung made crypto-friendly guarantees, together with the development of a Korean won-pegged stablecoin.