In a bid to attract more foreign clients, Toss Bank, a Korean internet-only bank, introduced a new service on Monday to make it easier for foreigners to verify their identity. The new service extracts facial features from the photo on foreign resident registration cards and compares them to photographs in a database of the Ministry of Justice to verify the authenticity of the foreign resident registration. “Whe.
With interest rates remaining high, the financial soundness of three internet-only banks - K bank, KakaoBank and Toss Bank - has begun to deteriorate, as their delinquency rates continue to soar to highs. The fact that the banks provide a larger proportion of their credit loans to medium- and low-credit borrowers is even more concerning.
Toss Bank, one of Korea s three internet-based banks, launched a housing rental deposit loan product on Tuesday, aiming to innovate the country s cumbersome and complicated rent system.
Hong Min-taek, CEO of Toss Bank, the internet-only banking arm of fintech giant Viva Republica, said Tuesday that launching a house mortgage loan service is inevitable for the firm, but that it will wait for the right timing amid the government's efforts to curb household debt. Currently, Toss Bank is the only bank among the three internet-only banks, which also include KakaoBank and K-Bank, that does not offer .
In the second quarter of this year, internet-only banks did not meet their objective regarding loan ratios for individuals with medium to low credit scores. Although expanding loans to this demographic was originally a primary focus for these banks, they now face a dilemma as widening the loan base could compromise their financial stability.