The financial authorities have designated Toss as the first financial conglomerate, marking the beginning of comprehensive oversight of big tech financial groups.
On July 15, the Financial Services Commission announced during a regular meeting that it has designated eight financial groups, including Samsung, Hanwha, Mirae Asset, Kyobo, Hyundai Motor, DB, Daou Kiwoom, and Toss, as financial conglomerates for 2026.
The most notable change in this designation is the inclusion of Toss. With total assets of 41.3 trillion won, Toss meets the criteria for designation as a financial conglomerate and will be the first among big tech financial groups to be subject to the Financial Conglomerate Act. Toss's primary business involves deposit and loan services, amounting to 33 trillion won, while its financial investment assets total 7.2 trillion won.
A financial conglomerate is defined as a group that operates in at least two financial sectors—such as banking, insurance, and investment—and holds at least one licensed or registered financial company, with total assets exceeding 5 trillion won.
Once designated as a financial conglomerate, the group must establish a risk management system at the group level. This includes selecting a representative financial company, developing internal control and risk management policies, and reporting on ownership, governance structure, capital adequacy, internal transactions, and risk concentration to the financial authorities. Additionally, the group must maintain a capital ratio of over 100% and undergo a risk management assessment every three years.
However, for the newly designated Toss, key obligations related to capital adequacy assessment, internal control, risk management, and reporting will be deferred for six months from the designation date. During this period, Toss will select a representative financial company and establish a group-level supervisory system.
The Financial Services Commission stated, "Through this designation, we expect that the system for self-managing group-level risks will be established for financial conglomerates, while group-level risk management and supervision of big tech financial groups will gradually strengthen."
* This article has been translated by AI.
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