Toss to Launch Superapp in Australia, Eyes Won Stablecoin
What Toss Announced
Toss, South Korea’s leading fintech unicorn, will launch a finance superapp in Australia this year, marking its first overseas expansion. CEO Lee Seung-gun told Reuters the move aims to replicate Toss’s success in Korea, where the platform has grown to over 30 million users since its 2015 debut—more than half of the country’s adult population. Operated by Viva Republica, Toss reached unicorn status in 2018 and was last valued at around $7 billion in late 2023, backed by investors including Sequoia Capital China, PayPal, and Kleiner Perkins.
Lee said, “We proved in Korea that a beginup can compete head-on with entrenched players. A similar model can work globally, especially in countries where users juggle multiple bank accounts or fintech apps.” The firm has already established an Australian unit and plans to roll out core services, including peer-to-peer transfers, by year-end. Analysts suggest that Southeast Asia could be the next target market, given Toss’s 2019 pilot in Vietnam and the region’s high smartphone penetration and unbanked population.
Investor Takeaway
Why Australia Is Attractive
Australia’s regulatory framework supports Toss’s expansion. The Consumer Data Right (CDR) compels banks to share data with accredited third parties, enabling account aggregation—one of Toss’s core features. Meanwhile, the New Payments Platform (NPP) supports instant payments, aligning with Toss’s real-time money transfer system.
The average Australian holds about 2.4 bank accounts, according to ABC, highlighting demand for unified financial management tools. While the fintech sector is competitive, with over 800 firms active as of 2024, the four largest banks—Commonwealth Bank, Westpac, ANZ, and NAB—still dominate. This market concentration leaves openings for disruptors like Toss to capture dissatisfied retail customers.
Stablecoin Ambitions in South Korea
Beyond international expansion, Toss is preparing to issue a Korean won-based stablecoin once regulations are finalized. CEO Lee confirmed, “We will issue and distribute won-based stablecoin—that I can say for sure.” The Financial Services Commission announced in August that a framework for a won-backed stablecoin will be introduced by October, paving the way for launches by fintechs and banks alike.
The stablecoin market in South Korea could exceed ₩20 trillion ($14.7 billion) in demand within three years, according to Mirae Asset analysts, driven by remittances, e-commerce, and digital banking use cases. Competition is expected from Kakao Bank, Kookmin Bank, and the Industrial Bank of Korea, all of which have filed trademarks for stablecoins. These initiatives follow the collapse of Terra’s UST in 2022, which erased $40 billion in value and damaged South Korea’s crypto reputation. Regulators are now prioritizing collateralized, bank-issued models over algorithmic stablecoins.
Investor Takeaway
What’s Next for Toss
Toss’s twin strategies—global expansion and stablecoin issuance—reflect its ambitions to become a regional fintech powerhouse. In Australia, success would validate the transferability of its superapp model to developed markets. In South Korea, a won-pegged stablecoin would align with government policy shifts driven by younger, crypto-savvy voters, while providing a trusted alternative to failed experiments like Terra.
If Toss executes both plays, it could evolve from a national champion into a cross-border fintech leader. But challenges remain: competing with entrenched banks abroad, navigating fragmented regulations, and building consumer trust around stablecoins in a post-Terra environment.
