Toss Securities begins process of obtaining US broker-dealer license

Richard J. Hagen / Courtesy of Toss Securities

Toss Securities appointed Richard J. Hagen as the local CEO of its subsidiary TSA Financial (TSAF) and began the process of obtaining a U.S. broker-dealer license by the end of the year, the company said Tuesday.

In August, the Korean fintech securities firm established its two U.S. subsidiaries, Toss Securities Americas (TSA) and TSAF.

Starting with approval from U.S. regulatory authorities and acquisition of the broker-dealer license, TSAF is expected to strengthen the firm’s competitive edge in international stock trading and diversify its overseas revenue streams.

According to the company, Hagen is a digital brokerage expert with over 30 years of experience leading various organizations in the U.S. financial investment industry.

Most recently, he served as the CEO of PayPal Invest, where he explored opportunities in the consumer investment sector. Additionally, he co-founded and led Ally Invest, formerly TradeKing, focusing on digital investing and investment advisory services.

“We are thrilled to welcome Richard to the Toss Securities team,” TSA CEO Kim Kyung-soo, also known as Peter Kim, said. “The formation of TSAF represents a pivotal step in expanding Toss Securities’ reach into global capital markets. Richard’s expertise in online brokerage, combined with his passion for innovation, makes him the perfect fit to lead the team into this exciting new chapter.”

Hagen said, “Toss Securities has been a leader in retail investing innovation in Korea. Expanding globally is a natural progression in Toss Securities’ strategic growth plans, and I look forward to collaborating with our talented team to broaden our reach and deliver even greater value to our clients.”