[허정수칼럼] 핀테크 토스증권, 스케일업은 숙명

Toss Securities proves that in Korea's capital-constrained securities industry, specialized customer engagement and digital efficiency matter more than balance sheet size. With only 700 billion won in capital but 9th-rank operating profits and industry-leading mobile overseas stock trading revenue, Toss demonstrates a critical model for mid-sized firms facing new regulatory barriers to traditional funding sources. This challenges the long-held assumption that growth requires proportional capital increases, showing instead that deep focus on specific customer segments and channels can deliver superior returns on equity.