Uncovering Repayment Ability Beyond Credit Scores... Koryo Savings Bank Introduces Toss Score

Toss, Koryo Savings Bank, and PFCT (PFCTechnologies) announced on August 11 that they will collaborate to promote inclusive finance for customers with mid- to low credit scores.

At the agreement ceremony held on the 10th at the headquarters of Koryo Savings Bank in Dong-gu, Busan, (from left) Hyunho Shin, Vice President of Financial Business at Toss, Jeongki Kim, CEO of Koryo Savings Bank, and Suhwan Lee, CEO of PFCT, are taking a commemorative photo. Toss

The three companies have signed a strategic alliance agreement to advance Koryo Savings Bank’s credit evaluation system by utilizing Toss’s alternative credit assessment tool, Toss Score. Key representatives from the three companies—including Kim Jeongki, CEO of Koryo Savings Bank; Shin Hyunho, Vice President of the Finance Division at Toss; and Lee Suhwan, CEO of PFCT—attended the agreement ceremony held the previous day at the Koryo Savings Bank head office in Dong-gu, Busan.

The three companies will each play a distinct role in the collaboration. Toss will develop a customized credit evaluation model tailored for Koryo Savings Bank, using alternative data and the Toss Score. PFCT will integrate this model into its own real-time credit strategy operating solution, 'AirPack Studio,' updating it as a framework optimized for the utilization of alternative data. Koryo Savings Bank will apply this system in its actual loan review process to extend credit.

Koryo Savings Bank plans to gradually introduce Toss Score in the second half of this year, expanding its scope of application. Beginning with this agreement, the three companies intend to continue working together to improve financial accessibility for mid- to low-credit customers.

Shin Hyunho, Vice President of the Finance Division at Toss, said, "The alternative data accumulated on the Toss platform sheds new light on customers' repayment ability that traditional assessments might miss. We hope that even customers with limited credit history or low credit scores, who have faced disadvantages with loan requirements, will be able to have their repayment ability reassessed using Toss’s alternative data and borrow at interest rates tailored to their circumstances."

This content was produced with the assistance of AI translation services.