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Finance

Small business credit scores to factor in sales, trading areas; 16 banks to apply 2.2 trillion won

A new credit scoring system for small business loan screening will start operating from late August, evaluating future growth potential using data such as sales, local trading areas, employment and online activity in addition to the owner’s past financial history. The scope will expand from 7 banks and 1.8 trillion won to 16 banks and 2.2 trillion won. Authorities also plan to use the model for a dedicated loan product and future guarantee reviews.

Finance

Toss joins hands with Togethers to roll out Facepay at 5,000 marts nationwide

Viva Republica, operator of Toss, will roll out its facial payment service Facepay at about 5,000 small and midsized marts nationwide in partnership with POS solution provider Togethers. Toss said it signed a business agreement with Togethers on July 24 in Seoul. The companies plan to apply Toss Pay payments at stores using Togethers\' TogetherPOS system and sequentially install Toss Front terminals that support facial payments.

Finance

Toss Securities launches pension savings account

Toss Securities will launch a pension savings account as its first tax-saving product, it said on Thursday. Users can contribute up to 18 million won a year, with tax deductions available for up to 6 million won. Combined with an individual retirement pension plan, deductions can reach 9 million won. The deduction rate varies by income. Korean residents aged 19 and older can open the account, including those with existing pension savings accounts elsewhere.