Toss Bank has obtained full approval to operate a financial investment business, moving into fund sales in the second half of the year.
Toss Bank said on May 14 it received full approval from the Financial Services Commission for investment dealing and brokerage related to collective investment securities.
The approval allows Toss Bank to sell publicly offered funds, and it plans to launch fund investment services for customers within the year.
Toss Bank plans to build its fund lineup around products that investors can understand easily and intuitively. It plans to prepare a range of products by country and asset class to reflect customers’ investment preferences and demand. Toss Bank also expects its move into the financial investment business to diversify its non-interest income base.
A Toss Bank official said, "Obtaining full approval has allowed us to provide customers with a broader range of financial options," adding, "We will provide services based on Toss Bank’s own user experience and contribute to fostering a sound investment culture."
Ji-young Lee
ljy@d-today.co.kr