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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

Small business sales up 4.5 percent but margins fall for second straight quarter; delinquencies rise

South Korean small business sales rose 4.53 percent in the second quarter from a year earlier, but profit margins fell for a second straight quarter as expenses increased faster, a report by Korea Credit Data showed. Average revenue per business was 47.11 million won, while average spending rose 5.83 percent to 35.22 million won. Delinquent amounts on sole proprietors’ loans rose 4.3 percent from the previous quarter to 15.2 trillion won.

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.