Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Toss Bank eyes global expansion by 2030
Toss Bank CEO Rhee Eun-mi speaks during a press conference at Fairmont Ambassador Seoul, Wednesday. Courtesy of Toss Bank
By Lee Yeon-woo
Toss Bank is eyeing global expansion into advanced economies within five years, aiming to improve the financial experience of international customers, the internet bank said Wednesday.
"Although advanced markets — the U.S., London, Hong Kong and Singapore — have sophisticated financial systems, their customer experience often falls short," Toss Bank CEO Rhee Eun-mi said. "From a customer experience perspective, we see many opportunities to add value. In fact, many have already reached out to us."
Her remarks came as the internet-only bank, established in October 2021, unveiled its mid- to long-term strategies at a press meeting on Wednesday.
Rhee expressed confidence. "In the past, global expansion was largely driven by capital and sales force. But today, the real differentiators are customer-centric problem-solving and technological innovation."
Toss Bank is also setting its sights on developing markets, particularly Southeast Asia. The bank’s initial mode of entry may involve equity investments or joint banking models, though it is also open to providing select services through Banking-as-a-Service joint ventures. However, no specific countries have been named.
Rhee challenged the notion that global expansion is a risky endeavor for Korean banks.
"Many banks operating globally are achieving double-digit return-on-equity. In contrast, Korean banks often remain in the high single digits. But we don’t see global expansion as inherently unprofitable," Rhee said. "Our aim is to build an entirely new model from the ground up."
In line with another goal of enhancing customer-centric services, Toss Bank plans to launch a dedicated unit to develop tailored financial offerings for middle-aged and older customers — particularly active seniors.
"By 2030, individuals aged 60 and older are projected to make up 31 percent of the population in Korea," Rhee said. "This underscores the need for personalized financial products designed specifically for senior customers."
The bank also marked milestones in its three years of operation. In 2024, Toss Bank recorded its first annual profit, posting 45.7 billion won ($32.02 million). Its customer base has exceeded 12 million, with monthly active users reaching 8.8 million — making it the third most-used bank in Korea.
It was also recognized as the top local bank for the third consecutive year by Forbes in its annual World’s Best Banks list.
"Up to now, Toss Bank has focused on being recognized as a pioneer. Going forward, its new objective is to become the first bank that comes to mind for customers," Rhee said.