Toss Bank apologised to customers over an incident in which it mistakenly posted the Japanese yen exchange rate at about half the actual level.

In a notice on Tuesday, Toss Bank said it sincerely apologised to customers who experienced inconvenience because of the incident.

Toss Bank said an error occurred from 7:29 p.m. on March 10 for about 7 minutes during which the Japanese yen (JPY) exchange rate was mistakenly posted at about half the normal rate.

It explained that the exchange rate was displayed differently from the normal 기준 due to unintended effects during inspection and improvement work to stabilise its foreign exchange system.

Toss Bank said it became aware of the issue through its abnormal-rate alert system and immediately took action, restoring its exchange rate posting system to normal within about 7 minutes.

Yen exchange deals concluded during the period will be corrected or cancelled in accordance with Article 8, Paragraph 3 of the Electronic Financial Transactions Act and Toss Bank's basic terms and conditions for electronic financial transactions.

A Toss Bank official said the bank took the matter very seriously and would strengthen system inspection procedures and improve the overall exchange rate posting process to prevent a recurrence.

The official added that the bank deeply apologised for the inconvenience to customers and would do its best to provide more stable and trusted financial services.