Internet-only banks are promising fat paychecks and a shorter-than-ever hiring process to bring in as many IT developers to get ahead in the digital transformation of finance.
Toss operator Viva Republica has released its own payment gateway, allowing subscribers to make purchases online using its app. It took over mobile operator LG U+'s payment gateway in December to establish its own service, Toss Payment.
Two mobile payment giants, Kakao Pay and Toss, recently announced that they would take stronger responsibility for fraudulent payments and promised to offer up-front compensation.
Fintech companies such as Kakao Pay, Toss and Naver Financial are becoming the next hottest places to work, gobbling up the top talent from major Korean banks and even Silicon Valley.
Toss will likely be able to continue with its application for an internet-only banking license despite recent thefts from its money transfer service. Korea's restrictions on short selling are likely to continue beyond September.
Fraudulent transactions were made through Toss, Korea’s popular money transfer service, raising trust issues for a fintech company with more than 17 million subscribers locally. A total of 9.38 million won was wrongly moved from users' accounts.
Toss finally reported its first profit on a monthly basis in April, five years after it started as a peer-to-peer money transfer app.But it declined to say how much it made.