Viva Republica Inc., South Korea’s pioneer in peer-to-peer fintech platform Toss, will be bringing another new concept to everyday life by enabling its users to hail and pay for rides upon adding

Tada operator VCNC to its portfolio of banking and stock trading, according to its founder and chief executive Lee Seung-gun.

“Rather than introducing a product that is already out or that can be released in the market, Toss carries out a project when there is confidence that it creates significant change in consumer lives,” Lee said, in a recent interview with Maeil Business Newspaper at company headquarters in Gangnam, southern Seoul. “The same applies to mobility sector. We aim to offer customers differentiated benefits.”

Viva Republica plans to introduce Tada Next, a large-size taxi-hailing service, later this year, and offer Toss simple payment service on Tada app.

Viva Republica is known as Korea’s first fintech unicorn – an unlisted venture valued minimum $1 billion. The company launched the country’s first simple payment service and expanded footprint in insurance, brokerage, and online bank sectors. The company made headlines recently for its acquisition of taxi-hailing service provider Tada to make entry into mobility market.

Lee, former dentist, started his own business as he wanted to change the world. He indulged in the financial sector after thinking about how complicated and inconvenient the overall system is to users and launched a simple money transfer service in February 2014.

Early this month, Viva Republica also launched the country’s third app-based bank.

Unlike other internet banking, Toss users can access banking, stock trade, and insurance as well as upcoming mobility service from one Toss app.

Lee noted that Toss Bank is a private company but runs on the goal of innovating and making the financial market healthier. He added that the company aims to bring “positive changes in the market” more than realizing shareholder value or raising profit.

Toss Bank drew enormous welcome with its maiden deposit account offering uniform interest rate of 2 percent when deposit rates remain in the zero territory at other lenders.

“It is Toss’s philosophy to create the best product in Korea,” Lee said. “We will do our best not to reduce or get rid of interest benefits.”

Lee expressed regret over a halt in its loan operations due to government regulation, although he understands concerns and purpose.

Toss has its eyes on bigger global market. It already has 3 million monthly active users in Vietnam. The brand was also launched in Malaysia, Indonesia, and Thailand.

Lee considers global companies Toss’s competitors as handset manufacturers like Apple could advance into financial sector with payment service.

Lee, 39, was one of the two recipients of the second Pony Chung Leadership Award given to young innovative business leaders. The award ceremony will be held on November 5.

By Lee Sae-ha, Seo Jung-won, and Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]