Toss Securities to establish New York subsidiary

South Korea's Toss Securities will establish a subsidiary in New York, the US to to expand its overseas business. 

The company announced on Tuesday that its board of directors had approved a plan to set up a wholly-owned subsidiary in the US, to be named Toss Securities America (TSA), by the end of the year.

It aims to strengthen partnerships with local securities firms and asset management companies in the US.

Initial capital for TSA is expected to be around $5 million.

Beyond traditional financial services, Toss Securities plans to collaborate with US companies to expand into non-financial areas such as advertising.

Potential new businesses include promoting exchange-traded funds (ETFs) through its app.

Toss Securities entered an advertising and marketing partnership with GraniteShares, a New York-based asset management firm, and began advertising GraniteShares' ETFs on its app.

Write to Han-Gyeol Seon at always@hankyung.com