South Korea-based Viva Republica Co Ltd., which operates the Toss peer-to-peer payment platform, has applied for a brokerage license, The Chosun Ilbo reported, citing industry sources.

The Financial Services Commission on May 26 rejected an application for a digital bank license filed by the company and its consortium partners.

Viva Republica filed for a brokerage license on May 30 to set up an online brokerage instead, according to The Chosun Ilbo.

The FSC is required to issue a decision to approve or disapprove a license application within two months under the Financial Investment Services and Capital Markets Act.