Toss Bank Partners with Small and Medium Business Corporation to Introduce Dedicated Policy Fund Account

Lee Jaehyung, Vice President of Toss Bank (right), and Kim Ilho, Director of Corporate Finance at the Small and Medium Business Corporation, are posing for a commemorative photo at the business agreement ceremony for the introduction of a dedicated policy fund account and pre-verification platform linkage held at Toss Bank headquarters in Gangnam-gu, Seoul, on the 28th of last month. Provided by Toss Bank

Toss Bank announced on December 1 that it has signed a business agreement with the Small and Medium Business Corporation to ensure the sound execution and enhance the transparency of policy funds.

This agreement was promoted to prevent the misuse of policy funds in advance and to create a transparent execution environment. By connecting the pre-verification platform (Link-Up) operated by the Small and Medium Business Corporation to Toss Bank’s system, a management framework will be established to ensure that policy funds are used for their intended business purposes.

Through this agreement, Toss Bank will develop a dedicated policy fund account that enables real-time monitoring of fund flows and prevents fund misuse in advance. All processes involving the disbursement and transfer of funds through this account will be automatically verified and recorded, which is expected to further enhance the transparency of policy funds.

Additionally, Toss Bank plans to strengthen financial accessibility and the convenience of using policy finance for small and medium-sized enterprises by providing easy account opening and fund management features. Through this, the bank aims to establish a digital policy finance infrastructure that enables SMEs to execute policy funds quickly without cumbersome procedures such as document submission or branch visits.

Toss Bank and the Small and Medium Business Corporation will continue to promote digitalization and the expansion of public-private financial cooperation models throughout the entire process of policy fund management, using this agreement as a starting point.

A representative from Toss Bank stated, "We will continue to expand cooperation with public institutions to support the growth of small and medium-sized enterprises and achieve financial innovation together."

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