South Korean Fintech Toss Launches in Australia, Eyes Won Stablecoin

South Korean fintech unicorn Toss is preparing for a significant global expansion, with Australia slated as its first international market for the launch of its comprehensive "all-in-one" finance app this year. This strategic move was announced by founder and CEO Lee Seung-gun. Furthermore, Toss plans to introduce a won-based stablecoin in the future, pending regulatory approval from South Korea. Since its inception in 2015, Toss has cultivated a substantial user base in its domestic market, attracting over 30 million individuals. This success highlights the company's capability to effectively challenge established financial institutions. Lee emphasized Toss's achievements in Korea, stating, "We proved in Korea that a startup can compete head-on with entrenched players." This proven track record serves as a strong foundation for their international aspirations. The selection of Australia as the initial expansion target is attributed to its fragmented banking sector and supportive open-banking regulations, which are conducive to Toss's integrated platform. The company has already established an Australian subsidiary, with key services such as peer-to-peer money transfer anticipated to be available by the end of the year. Lee expressed confidence in the global transferability of Toss's business model, particularly in markets where consumers currently utilize numerous disparate financial applications. He forecasts that international growth will eventually outpace domestic expansion, with Singapore strategically positioned as a regional operational hub. Toss's ultimate ambition is to transform into a "global internet company built on financial services."