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Fintech firm Viva Republica wins preliminary approval for brokerage business

According to Yonhap News,

By Kim Kwang-tae SEOUL, March 18 (Yonhap) -- Viva Republica, the operator of popular South Korean financial service app Toss, said Wednesday its affiliate won preliminary approval for a brokerage business, a move that could further fuel competition in the securities industry.

Toss Preliminary Co., which is wholly owned by Viva Republica, needs to win formal approval for its online brokerage business from the Financial Services Commission.

Toss Preliminary is set to change its name to Toss Securities Co. before launching its brokerage business later this year, according to Kylie Yoon, a spokesperson for Viva Republica.

The latest move came three months after Viva Republica and its consortium won preliminary approval for a new internet-only bank.

Toss Bank is expected to begin operation soon after gaining final approval for the license in the first half of 2021, according to Viva Republica.

In 2017, two internet-only banks -- K-Bank and Kakao Bank -- began to offer their services around the clock without face-to-face contact with customers and without brick-and-mortar branches.

Internet-only banks have gained popularity among mobile-savvy customers in recent years, as they offer great convenience to many bank customers who don't have the time to visit lenders during work hours.

Toss provides over 40 financial services including money transfers, financial dashboard, credit score management and payments. Toss has more than 16 million registered users in a country with a population of 51 million.

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Source: Yonhap News (Mar. 18 , 2020)

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