Viva Republica, operator of South Korean financial platform Toss, is in the final stage of a process to acquire 100% of Japanese smartphone-based brokerage CHEER Securities through Toss Global, its Singapore-based overseas business unit. The transaction would provide Toss with an existing Japanese brokerage license as it seeks to enter Japan’s retail investor market. Tokai Tokyo Financial Group has agreed to sell its entire holding of 955,000 CHEER Securities shares to Toss Global. The purchase price was not disclosed, although Nikkei estimated it at about 4 billion yen, or approximately 34 billion won. Completion is targeted within the 2026 fiscal year, which ends in March 2027, subject to approval from Japanese authorities. CHEER Securities completed its securities business registration in November 2021 and focuses on small-lot stock trading and investment trust services. Viva Republica plans to expand the Japanese securities business using CHEER Securities’ status as a Type 1 financial instruments business operator. Toss said CHEER’s services for novice investors matched its own focus on accessible financial products, while regulatory approvals and other conditions remain outstanding. The company plans to operate under Japanese law and local securities industry association rules. The move follows Mirae Asset Securities’ decision, disclosed on the 29th, to acquire 100% of Japan’s Sanko Securities through its U.S. subsidiary, Mirae Asset Security Holdings. Mirae plans to pay about 47.6 billion won and inject 12 billion yen, approximately 100.6 billion won, into the subsidiary for the acquisition and local expansion. Both Korean financial firms are establishing operating bases in Japan by acquiring local brokerages.