South Korean fintech giant Toss is planning to launch its financial Superapp in Australia by the end of 2025, marking its first overseas expansion. The company aims to help Australians centralise financial services, enabling them to make peer-to-peer transactions and consolidate financial management.
This will then be followed by a won-backed stablecoin, according to a Reuters report.
Australia as the first country in the expansion plan
Toss, which launched in 2015, has enjoyed great success in South Korea, and it currently boasts over 30 million users (more than half of the country’s population). The company attributes its success to the fact that the market was fragmented, and it sees Australia through a similar lens.
This can be substantiated by the fact that in 2023, the Australian Banking Association reported that the average Australian holds 2.4 bank accounts. If Toss is successful in its market entry, it aims to help users consolidate their account management.
In an interview with Reuters, Toss founder and CEO Lee Seung-gun said that after the success the fintech has had in taking on big institutions, “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.”
Besides the market fragmentation, Lee Seung-gun sees Australia’s open-banking rules as an ideal foundation for a one-stop platform. These rules are based on the Consumer Data Right (CDR) legislation of 2019, which aims to drive innovation and competition. It forces banks and other businesses to share customer data with accredited third parties, which gives way for companies like Toss to combine different services into an “all-in-one” finance app.
According to Lee, the fintech has already set up an Australian unit and plans to launch services such as peer-to-peer money transfers by the end of the year.
Plans to launch a won-backed stablecoin
Toss also has plans to launch a Won-backed stablecoin once regulations are finalised in South Korea.
CEO Lee confirmed, “We will issue and distribute won-based stablecoin – that I can say for sure.” won-backedwon-backed
Stablecoin regulation in South Korea is part of the Financial Services Commission (FSC) itinerary for 2025, and Democratic Party lawmaker Park Min-gyu confirmed the plans, saying, “I recently received a report from the Financial Services Commission on the direction of stablecoins,” adding, “The government’s proposal is expected to be submitted (to the National Assembly) around October.”
The bill will set out the requirements for issuing won-denominated stablecoins, collateral management, and internal control systems. It’s part of an ongoing push for crypto-friendly policies in the country, which was one of President Lee Jae-myung’s promises during his campaign.
The FSC has been reviewing stablecoin regulation since 2023 under the Virtual Asset User Protection Act, but it’s expected that the plans will now be fast-tracked following legislation in other regions.
Hong Kong made its Stablecoins Ordinance law on May 21, 2025, when it was passed by the Legislative Council. It was then followed by quick implementation and was already in effect on August 1. The US also introduced its payment stablecoin framework when President Trump signed the GENIUS Act into law on July 18, and China is currently accelerating its stablecoin legislation in a crypto change of tune.
South Korea’s stablecoin regulation is expected to reduce the country’s reliance on US-dollar-backed stablecoins, and Toss plans to tap into this push.
However, the fintech will face tough competition from other market players, such as Kakao Bank and Kookmin Bank, which already filed stablecoin trademarks back in June.
Global expansion plans
Toss is also eyeing expansion to other countries once the Australian launch is complete. Lee notes that, “Our long-term vision is not another financial holding company but a global internet company built on financial services.”
According to a July Reuters report, Toss is planning to list in the US as the second company. The company is expected to have a valuation of over $10 billion, but the figure could also exceed $15 billion if market conditions are favourable. The target is to raise $2 billion to $3 billion, which would make it the biggest U.S. IPO by a South Korean company in the last 4 years.
This move is expected to fund the fintech’s ambitious plans for a global financial super-app.
During the company’s press conference to mark the 10th anniversary in February 2025, Lee said that they aim to have overseas foreign nationals make up 50% of its “global financial super-app” users within the next five years.
He added, “Few global companies have successfully built a financial super app like Toss. They focused solely on remittances, balance enquiries or credit score management, but Toss integrates everything in one place. Seeing this, it became clear that Toss has the potential to succeed globally.”
One of the key features that helped Toss in its early days was a zero-fee remittance service, which also simplified the complex security processes that traditional finance is known for.
The company is expected to leverage this feature internationally as well, although Lee acknowledges that international remittances and domestic transfers are quite different. But still, “Sending money to the U.S. should be just as seamless as making a local transfer. We’re taking on the challenge of overcoming country-specific financial barriers, continuously evaluating what’s truly possible,” Lee said.
If the Australian launch is successful, it will create a strong foundation that Toss can use to expand to other countries and establish itself as a global leader in the race for the everyday super-app.
