Toss Global agrees to buy CHEER Securities from Tokai Tokyo Financial Holdings

Tokai Tokyo Financial Holdings said on 30 October that it will transfer all shares of its online brokerage subsidiary CHEER Securities to Toss Global Pte. Ltd., a Singapore company owned by Viva Republica, the Seoul-based operator of the Toss financial app. The price and the expected transfer date were not disclosed.

CHEER Securities is an online securities business based in Chuo-ku, Tokyo. Tokai Tokyo says the sale is part of a review of its portfolio, to optimise management resources and focus its business.

Korean outlets citing industry sources put the price at about 34 billion won and say Toss Global is the overseas unit making the purchase. Toss has not confirmed those figures, and the deal needs the usual regulatory steps.