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Finance

Toss becomes first big tech financial conglomerate, enters group supervision

Toss has entered South Korea’s group supervision framework after being designated a financial conglomerate, the first such case among big tech financial groups. The designation adds group-wide oversight of capital adequacy, intra-group transactions and risk transfer on top of sector-by-sector rules for affiliates such as Toss Bank and Toss Securities. Authorities will assess the group every three years, apply capital rules at group level and tighten internal transaction procedures, while key requirements are deferred for six months.

Finance

Toss, SBI Savings Bank launch mid-rate loans for middle-to-low credit borrowers

Viva Republica, operator of Toss, will introduce mid-rate credit loans for middle-to-low credit borrowers with SBI Savings Bank using alternative credit assessment. Toss said it signed a business agreement with SBI Savings Bank on July 16 in Seoul to expand inclusive finance. The product, SBI Inclusive Loan with Toss, is set to launch on July 27 and will be available only through the Toss app, with annual interest rates of 7.9 to 13.5 percent.

Finance

Toss Card Lounge visitors up 11-fold a year after launch

Viva Republica\'s PC-based card comparison and recommendation service, Card Lounge, has recorded an 11-fold increase in monthly visitors a year after its launch, Toss said on Wednesday. Visitors in June were about 11 times those in the first month after launch in July last year. The number of users who compared cards rose about threefold, while completed card applications increased about 10-fold.