Toss to debut finance superapp in Australia amid stablecoin push
South Korean fintech unicorn Toss plans to launch a finance superapp in Australia this year and issue a Korean won stablecoin once regulations allow.
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.