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Finance
Youth Future Savings second application opens Oct. 7, rollover from Youth Leap account allowed
Applications for the second intake of Youth Future Savings will begin on Oct. 7, with an added option for existing Youth Leap account holders to switch. The Financial Services Commission and the Korea Inclusive Finance Agency will accept applications from Oct. 7 to 16. Screening runs from Oct. 19 to Nov. 13, and successful applicants can open accounts from Nov. 16 to 27. Eligibility and income criteria remain the same as the first intake.
Finance
Toss, PFCT team up to advance alternative credit scoring for lenders\' loan screening
Viva Republica, operator of Toss, will work with PFCT to develop lender-tailored credit scoring models using alternative credit information. The jointly developed models will be supplied to financial companies through PFCT’s lending tech solution and used in actual loan screening. Toss and PFCT said they signed a strategic memorandum of understanding to advance credit scoring models. Toss will provide data and consulting, while PFCT will apply and support the models via Airpack.
Finance
Toss, Woori Finance Savings Bank launch Soho Score loan for sole proprietors
Viva Republica, operator of Toss, will have its alternative credit scoring model for sole proprietors, Soho Score, applied to Woori Finance Savings Bank’s screening for unsecured credit loans to individual business owners. Toss said it launched a sole proprietor-only unsecured credit loan, VitaWON BIZ, using the model. Soho Score was jointly developed by Toss and Korea Credit Data. The companies aim to widen financial access for mid- to low-credit sole proprietors.
