South Korean fintech unicorn Toss is set to launch a finance superapp in Australia this year, with plans for a Korean won-based stablecoin once regulations permit. Toss CEO Lee Seung-gun emphasized the company’s success in Korea and aims to replicate it globally. The move follows attracting 30 million users in South Korea since 2015.

Toss has established an Australian unit and intends to offer core services like peer-to-peer money transfers by year-end. Australia’s Consumer Data Right mandates data sharing with third parties, supporting Toss’s account aggregation services. The country’s New Payments Platform enables instant P2P transfers, catering to Toss’s money-transfer system.

Australia’s average citizen holds 2.4 bank accounts, indicating a demand for financial management services that unify accounts. Toss’s expansion into Australia aligns with the country’s supportive environment for fintech innovations. The company aims to leverage Australia’s open banking rules and fragmented banking system to its advantage.

Toss plans to issue a Korean won-based stablecoin once South Korean regulations allow, discussing the initiative with local regulators. The move comes after the Financial Services Commission announced a regulatory framework for a won-backed stablecoin by October. Other companies like Kakao Bank also plan to launch a Korean won stablecoin.

Read more at Cointelegraph: Toss Takes on Australia, Plans Korean Won Stablecoin Launch