Korea’s $2 Billion Unicorn Toss Join Forces With CIMB Bank Vietnam For In-App Banking Solution
Moment of growth with big names like Singapore, China, and South Korea named as rising stars in the race of giant technology giants in Asia.
Along with big names like China and Singapore, Korea is a rising star in the Asian tech giant battlefield. This 50-million-people country is known for its tech-savvy population and wealth - it's no surprise for a country that is home to global brands Samsung, LG and Hyundai, etc. 2019, the country also becomes the first country in the world to provide 5G networks for smartphones. As a result, the fintech industry has seen tremendous growth in recent years.
Expansion of the Korean startup wave in Asia
Korea is at the forefront of building a technology platform with a fast and wide network around the world, making this country an ideal country for digital development and replication in the future. In fact, Korea is also the country with the highest social, digital connection between people in the world today based on "Euromonitor International's Digital Connectivity Index, ahead of neighboring friends who developed technology like Singapore and Japan.
2019 is also a breakout year in the Korean startup ecosystem, most notably Fintech startups, when the big man Toss becomes Korea's first fintech unicorn, helping the country once again affirmed its position as a leading technology center in the region and the world. Since its launch in February 2015, Toss has attracted more than 48 million app downloads on iOS and Android, processing more than $ 10 billion of P2P payments in South Korea. They have started to expand its business in Vietnam in 2019. In a new market, with many potentials like Vietnam, the unicorn Toss is ready for the strategy to win over the young generation.
Banks partnering with fintech: Toss Card & CIMB
Run by fintech startup Viva Republica, Toss is built on the foundations of a financial services platform based in South Korea. They began to find themselves a new direction and change their business to peer-to-peer payment services to expand and expand market share in Vietnam. In September 2019, Toss launched the Step Counter app and has gained 1 million users since.
One of the leading banks in Asia, CIMB is a bank that has received many compliments with a wealth of experience and expertise in fintech and banking. With a financial technology business model and digital banking in parallel, CIMB Bank Vietnam has been recognized by Global Banking and Finance Review as "Best New Digital Bank in Vietnam 2020"...
On the way to build a comprehensive Fintech product, Toss chose CIMB Bank Vietnam as a companion to upgrade Toss Step Counter and Toss Card applications provided by CIMB. They became the first to build a bank account that can be opened directly on a fintech - non-bank app.
Toss customers in Vietnam can register to use the ready-made algae card on the Toss application provided by CIMB. With just a few basic registration steps, users can top up, manage to spend and enjoy thousands of services and utilities with Rewards on a single platform. Everything becomes easier and more convenient when different services are integrated on the same platform.
Quote from Seung-gun Lee, founder and CEO of Viva Republica Ltd. " We are delighted to launch this new service in Vietnam through our partnership with CIMB and look forward to providing more services to make financial life easier in Vietnam."
This image is the typical banks partnering with fintech, both businesses will have the opportunity to access their knowledge, IT expertise and core banking service platforms. With this partnership, Toss and CIMB can reach deeper into the segment of long-term loyal customers with financial institutions, financial institutions, and fintech companies based on their extensive experience in finance and banking. in an environment that is operated and managed strictly by the bank. This would certainly serve as protective armor in a tough, competitive market.
“We realize that FinTech cooperation is even more necessary for banks in this 4.0 trend. Most banks understand that a positive experience and an attractive user interface are important to customer satisfaction and loyalty. Getting back-end operations to full speed, however, is another long story and requires a lengthy journey. That's why we decided to partner with mature fintech companies like Toss to map, co-create products and innovate an all-round digital financial ecosystem. our most "
Mr. Thomson Fam Siew Kat, General Director of CIMB Bank Vietnam said.