Toss operator Viva Republica's alternative credit scoring model for sole proprietors, "Soho Score", will be applied to Woori Finance Savings Bank's screening for unsecured credit loans to sole proprietors. It is the first time a savings bank under one of the four major financial holding groups has launched a loan product using Toss's Soho Score.

Toss said on Aug. 28 it launched "VitaWON BIZ", an unsecured credit loan exclusively for sole proprietors, in partnership with Woori Finance Savings Bank, applying Toss's Soho Score.

VitaWON BIZ is a non-face-to-face unsecured credit loan for sole proprietors sold exclusively on Toss. It combines Toss's alternative credit scoring model, Toss Soho Score, with Woori Finance Savings Bank's existing personal credit evaluation system for use in loan screening.

Toss Soho Score is a credit scoring model exclusively for sole proprietors jointly developed by Toss and Korea Credit Data (KoDATA). It reflects not only existing credit transaction history but also the sole proprietor's financial information and the flow of funds generated in the course of business operations.

The two companies plan to use Soho Score to expand financial access for mid- to low-credit sole proprietors who were difficult to assess under existing screening.

Sole proprietors assessed as top-grade under Soho Score can receive lower interest rates than under existing screening standards.

Lee Seok-tae (이석태), CEO of Woori Finance Savings Bank, said, "We will widen financial access for mid- to low-credit business owners through data-based screening and strengthen the savings bank's role in inclusive finance."

Kim Gyu-ha (김규하), vice president of Toss, said, "Toss Soho Score is an evaluation method that broadly looks at sole proprietors' business activities that existing assessments could not sufficiently capture," adding, "I hope it will serve as an opportunity to broaden the options for business owners who had fewer financial opportunities."