SC Jeil Bank Launches Toss Microloan... Limit 500,000 KRW · Term 1 Month

[Asia Economy Reporter Kim Min-young] SC First Bank and Viva Republica, the operator of the mobile financial service Toss, launched a small short-term credit loan product called ‘SC First Toss Small Loan’ on the 24th.

This product utilizes the designated agent system introduced by the Financial Services Commission and is the first entrusted screening loan product released in the banking sector.

Through the designated agent system, financial companies can entrust their core tasks such as deposit and loan screening to fintech (finance + technology) companies, and fintech companies can develop innovative financial services based on this, allowing financial companies and fintech companies to pilot the service for up to two years. Toss was designated as a designated agent by the Financial Services Commission in March last year and has been preparing new financial services together with SC First Bank.

The SC First Toss Small Loan operates by SC First Bank entrusting customer screening tasks to Toss, and loans are executed for customers who pass Toss’s screening process. Since Toss’s independently developed credit evaluation model is used for loan screening, the process from application to execution is quick and simple, taking about 3 minutes. It will operate within a total of 5 billion KRW during the two-year pilot service period. Customers can use up to 500,000 KRW in increments of 100,000 KRW per person, and the loan period is one month. Customers wishing to apply for a loan can do so by accessing the Toss app.

Toss’s credit evaluation model is based on the user’s history of using Toss financial services such as accounts, cards, and insurance registered with Toss. Therefore, it is expected to help financial consumers such as university students, housewives, and young professionals who do not have existing financial sector transaction records or rich credit information and find it difficult to use bank loans.

An SC First Bank official said, “We hope that this newly launched product will be the starting point for creating a successful collaboration case between financial companies and fintech companies,” and added, “We will continue to lead new financial trends by providing innovative financial services through organic cooperation with fintech companies.”

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