Toss Bank Obtains Official Financial Investment License... Direct Fund Sales Planned Within the Year
A Diverse Range of Products by Country and Asset Class
Toss Bank has obtained the official license for financial investment business from the financial authorities to sell funds.
On May 14, Toss Bank announced that it had received final approval from the Financial Services Commission for the collective investment securities trading business, and plans to launch a fund investment service within this year.
Since acquiring the preliminary license for the financial investment business in July last year, Toss Bank has been preparing for the official license by expanding its workforce and building IT systems, and submitted its application for the final license this past January.
On May 7, the Financial Services Commission held a Securities and Futures Commission meeting and approved the agenda for the official licenses for financial investment trading and brokerage businesses.
Toss Bank launched its "Large-sum Asset Management" service in August 2022 and has since introduced investment products in cooperation with 11 securities firms. As of the end of last year, the cumulative amount linked to Large-sum Asset Management financial products reached 23.7 trillion won.
With the acquisition of this official license, Toss Bank expects to offer a more sophisticated asset management experience tailored to each customer's investment preferences, by adding investment fund services to its lineup.
Going forward, the bank plans to build its fund lineup around products with structures that are easy and intuitive for investors to understand. In particular, it aims to reflect customers' investment preferences and needs by preparing a diverse range of products by country and asset class.
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A Toss Bank representative said, "With this license, we are able to provide our customers with a broader range of financial choices. We will connect Toss Bank's unique financial innovation experience to our fund services, deliver a customer-centered user experience, and do our utmost to help foster a healthy investment culture."
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