Toss Bank-Gwangju Bank 'Corporate Joint Loan' Designated as an Innovative Financial Service by the Financial Services Commission

Toss Bank said on October 15 that its "Corporate Joint Loan," developed with Gwangju Bank, had been newly designated an innovative financial service at a regular meeting of the Financial Services Commission.

The Corporate Joint Loan is a business lending product under which a corporate customer applies for a loan through Toss Bank, the two banks each assess the application, and they jointly provide the funds according to an agreed ratio.

Corporate customers can apply for a loan from a bank in the mainstream banking sector through a digital channel and receive an appropriate interest rate and loan limit after undergoing assessments using both banks' credit evaluation models.

Toss Bank headquarters in Gangnam-gu, Seoul. Photo by Kang Jinhyeong aymsdream@

In addition, by sharing the funds for the loans, the two banks can spread the risk. This is expected to enable them to provide mainstream bank loans to small and medium-sized enterprises that one bank alone might have found difficult to serve.

The collaboration will also allow the two banks to complement each other's sales capabilities. Gwangju Bank can attract corporate customers nationwide through Toss Bank's platform, while Toss Bank can strengthen its lending competitiveness by drawing on Gwangju Bank's corporate lending capabilities.

A Toss Bank official said, "The Corporate Joint Loan is a meaningful innovative product that enables the two banks to assess applications together and share the funding, helping small and medium-sized business customers conveniently secure the funds they need. Now that it has been designated an innovative financial service, we will work closely with the relevant institutions to prepare to offer corporate customers a new business lending experience."

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