[Alpha Biz= Reporter Kim Sangjin] Toss Securities announced on the 30th that it has approved the establishment of a local subsidiary in New York, USA, during its regular board meeting. The company plans to set up Toss Securities America (TSA) as a 100% subsidiary by the end of the year. The new U.S. entity aims to enhance collaboration with local securities firms, asset management companies, and other partners. Kim Kyung-soo, CFO of Toss Securities, will serve as the first CEO of TSA. The initial capital for TSA is reported to be $5 million (approximately 7 billion won).
Toss Securities plans to expand its business beyond finance by partnering with local firms in the U.S. to develop non-financial ventures, including advertising. New business opportunities, such as ETF advertisements through apps and platforms, are being considered. Recently, Toss Securities partnered with the asset management company Granit Shares, headquartered in New York, to feature ETF ads on its app.
Kim Seung-yeon, CEO of Toss Securities, stated, "Through the local subsidiary, we aim to create new business opportunities that encompass both financial and non-financial sectors and achieve revenue diversification."
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
