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South Korean fintech startup Toss is seeking to raise 200 billion won ($177 million) in fresh funding, which would almost treble its valuation to 8 trillion won ($7 billion) in less than a year. The new funding round comes as the country s popular digital wallet is setting up its online bank Toss Bank in the second half of this year, following the launch of the brokerage arm Toss Securities in March this year. Late last year, Toss had held negotiations with potential investors under the table, but recently switched to a competitive bid process, according to investment banking sources on May 21. Toss has recently sent information memoranda to prospective investors both at home and abroad. Bank of America Merill Lynch is handling the fundraising. ....
Posted : 2021-05-10 15:33 Updated : 2021-05-10 15:45 Lee Seung-gun, CEO of Viva Republica, the parent company of the popular peer-to-peer money transfer application Toss. Yonhap By Kim Hyun-bin Toss, which provides mobile financial services, was successful last year in recording close to 400 billion won in sales and enhancing its profitability margin. However, the company is aiming higher for this year with the goal of exceeding 1 trillion won in total sales. Viva Republica is the parent company of the popular peer-to-peer money transfer application Toss. Last week, Toss released last year s earnings which showed a 230 percent increase in sales compared to the previous year s 389.8 billion won. ....
Digital banks are proliferating in Asia on the back of favorable regulatory changes, market liberalization pushes by governments, and enhanced digital penetration by consumers. In Singapore’s digital banking race, the Monetary Authority of Singapore granted 4 digital banking licenses with SEA Group and the Grab-Singtel consortium securing the full digital banking license. Just last month, Vietnamese ride-hailing company Be Group launched its digital banking offering Cake in partnership with VPBank. Integrated into the Be app, Cake provides products and services like a traditional bank, including a checking account and its accompanying debit card, money transfers, bill payments and savings accounts. With over 10 million customers, Be claims to account for nearly a third of the Vietnamese ride-hailing market. ....
Hankook Tire executive may lead K bank Posted : 2021-01-17 13:45 Suh Ho-sungBy Park Jae-hyuk Hankook Tire & Technology Senior Vice President Suh Ho-sung has emerged as the top candidate to possibly lead K bank, succeeding the internet-only bank s former head, Lee Mun-whan, who abruptly resigned earlier this month citing personal reasons, less than a year after his appointment. The bank s executive recommendation committee interviewed Suh last week and nominated him as the sole candidate to replace Lee, according to industry sources Sunday. K bank Executive Vice President Chung Woon-ki, who is serving as the interim CEO, reportedly declined to take on the post permanently. ....