Toss Securities to launch in first half of 2021
Toss Securities will begin operation in the first half of next year, the first time in 12 years that a new brokerage house has opened in Korea.
The brokerage arm of Viva Republica said Wednesday it has received final authorization from the Financial Services Commission to start its service.
It will be 100 percent owned by Viva Republica, a fintech company which operates Toss, one of Korea’s biggest payment services, and has an initial capital of 34 billion won ($30.8 million).
Toss Securities will offer brokerage services for Korean stocks first and extend its services to overseas stocks and funds as well.
“[Toss Securities] will target those in their 20s and 30s who are just starting stock trading and differentiate from other brokerages by innovative design in mobile trading system and investment information,” Viva Republica said in a release Wednesday.
Toss Securities will operate without any offline branches, but will take advantage of some 18 million users connected to its Toss platform.
"Everything in our mobile trading system has been designed from the perspective of novice investors," said Park Jae-min, CEO of Toss Securities. "It will be an alternative to those who fear stock investments due to their complexity."
Toss rival Kakao launched Kakao Pay Securities earlier this year by acquiring an existing brokerage firm. It doesn't mediate sales of individual stocks but only manages fund products.
BY JIN EUN-SOO [email@example.com]