Financial Services Commission Approves Preliminary Authorization for Toss Securities' Financial Investment Business
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[Asia Economy Reporter Park Ji-hwan] The Financial Services Commission announced on the 18th at its regular meeting that it has approved the preliminary license for financial investment business of Toss Preparation Corporation.
The operational business is securities brokerage, involving buying and selling stocks, bonds, and other securities. The largest shareholder is Viva Republica, which operates the simple remittance service 'Toss,' holding 100% of the shares. The capital is approximately 25 billion KRW.
The Financial Services Commission explained, "Based on the Financial Supervisory Service's review of the licensing requirements under the Capital Markets Act, it was determined that Toss Preparation Corporation meets the requirements for capital, the feasibility of its business plan, and sound management conditions."
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Toss Preparation Corporation, having received the preliminary license, must fulfill personnel and physical requirements and apply for the full license within six months. The review will be conducted within one month after the full license application, and once the full license is granted, business operations can commence within six months.
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