TLDR
- Toss will launch its finance superapp in Australia by the end of 2025.
- The firm has over 30 million users in South Korea since its 2015 launch.
- Toss plans to issue a Korean won-backed stablecoin once approved by regulators.
- Australia’s open banking rules support Toss’s account aggregation services.
South Korea’s fintech unicorn Toss is preparing to launch its finance superapp in Australia before the end of this year. The company also plans to issue a Korean won-based stablecoin once regulatory conditions in its home country allow it. This will mark Toss’s first overseas expansion and a new step toward entering digital currency markets as government support for stablecoins increases in South Korea.
Expansion Plans in Australia
Toss, operated by Viva Republica, is moving into the Australian market with the aim of creating a unified financial platform. CEO Lee Seung-gun confirmed the company’s plans during an interview with Reuters, saying, “We proved in Korea that a startup can compete head-on with entrenched players.” Toss aims to offer a single digital app where users can manage multiple financial tasks.
The company has already formed a unit in Australia. It is preparing to launch core services such as peer-to-peer money transfers before the year ends. Toss will enter a market where, according to ABC News, the average Australian holds around 2.4 bank accounts. This suggests demand for tools that help users manage multiple accounts more easily.
Toss believes that Australia’s open banking rules offer a strong opportunity for its services. Under the Consumer Data Right (CDR), banks in Australia must share user data with approved third parties. This helps fintech companies like Toss build apps that give users access to multiple accounts in one place.
Australia’s New Payments Platform (NPP) also supports features like instant transfers and request-to-pay services. These tools are key to Toss’s goal of offering seamless financial services across accounts. The company is also reviewing the potential for expansion into other regions once its Australian launch is completed.
Stablecoin Plans Tied to Regulatory Approval
Toss is planning to issue a Korean won-backed stablecoin, but only after regulators in South Korea give the green light. CEO Lee said, “We will issue and distribute won-based stablecoin – that I can say for sure.” The company has already started discussions with regulators to explore when and how it can move forward with the launch.
South Korea’s Financial Services Commission announced plans in August to introduce a framework for stablecoins by October. This would allow local companies to start developing and issuing digital coins backed by the won. Toss is not alone in this effort. Other large institutions such as Kakao Bank and Kookmin Bank have shown similar interest through trademark filings related to stablecoins.
The move comes at a time when institutional demand for digital assets in South Korea is growing. In July, shares in major South Korean banks rose after stablecoin trademark filings were made public. The rise followed policy proposals from President Lee Jae-myung, who has promised a more crypto-friendly approach, including support for a Korean won stablecoin.
Toss’s User Base and Business Strategy
Since launching in 2015, Toss has attracted over 30 million users in South Korea. The app offers services ranging from payments to credit score tracking, loans, and insurance. Toss plans to bring many of these features to international markets, starting with Australia.
The company sees its model as well-suited for countries where financial systems are fragmented. Its goal is to allow users to access all financial services from one place. By using open banking rules and real-time payments infrastructure, Toss aims to simplify how users interact with banks and fintech services.
The Australian launch will serve as a test for the company’s global plans. If successful, Toss is expected to move into other markets, offering both digital finance tools and stablecoin services once they are approved.
