Financial Supervisory Service will begin an on-site inspection of Toss Bank.
The financial sector said on Tuesday that the watchdog will conduct an on-site inspection to verify the cause of the foreign exchange conversion error and the scale of damage.
The move follows an incident in which Toss Bank applied an exchange rate in the 472 won range per 100 yen for about 7 minutes from 7:29 p.m. the previous day when converting Japanese yen. The normal exchange rate was in the 934 won range per 100 yen, but yen transactions were possible at about half that level.
Toss Bank is believed to be estimating the resulting loss at about 10 billion won.
Financial authorities and Toss Bank are expected to discuss transaction cancellations and customer compensation steps after identifying the cause and the exact scale of transactions.
Ji-young Lee
ljy@d-today.co.kr