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Finance

Toss FacePay reaches 9 million users, offers 20 percent rewards through year-end

Toss will run a promotion through the end of this year to encourage wider use of its facial recognition payment service, FacePay. Operator Viva Republica said it will expand payment benefits for FacePay users. FacePay allows payments using facial recognition without taking out a wallet or mobile phone, and has 9 million users as of this month. Eligible customers can earn 20 percent rewards for 30 days, with daily and total caps, alongside separate offers at selected merchants.

Finance

Toss launches service to prevent minors from sending gambling funds, identifies about 400 risk accounts

Viva Republica, operator of South Korean fintech app Toss, has introduced a service designed to prevent minors from sending money to accounts suspected of illegal gambling. The service displays warning screens when a minor attempts a transfer and, for users under 14, notifies a pre-approved legal guardian of the attempted transaction. Toss said a two-month pre-verification in July and August identified about 400 high-risk accounts, all confirmed as gambling-related.

Finance

Internet-only banks and regional banks expand joint loans to business finance

Joint lending between internet-only banks and regional banks is expanding from personal credit loans to business finance. South Korea\'s Financial Services Commission designated a joint corporate loan service by Toss Bank and Gwangju Bank as an innovative financial service, the second such case after KakaoBank and Busan Bank. The model splits screening and funding between two banks and aims to process many steps digitally. Authorities are also revising rules on in-person work for internet-only banks.