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Woori Financial Savings Bank Partners with Toss to Boost Loans for Small Businesses
🇰🇷 South Korea /Economy & Trade

Woori Financial Savings Bank Partners with Toss to Boost Loans for Small Businesses

From Dong-A Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • Woori Financial Savings Bank and Toss have partnered to enhance financial support for small business owners.
  • They launched 'Vita WON BIZ,' a new personal business credit loan available exclusively through the Toss app, offering up to 30 million won.
  • The partnership integrates Toss's alternative credit scoring model, 'Toss SoHo Score,' with Woori's system to improve credit assessments for individuals with limited financial history or lower credit scores.

Woori Financial Savings Bank is strengthening its commitment to supporting small business owners through a new partnership with the mobile financial platform Toss. The collaboration aims to expand financial access for entrepreneurs, particularly those with limited credit history or lower credit scores.

The centerpiece of this initiative is the launch of 'Vita WON BIZ,' a personal business credit loan available exclusively via the Toss app. This non-face-to-face loan product allows eligible individuals to borrow up to 30 million won. The key innovation lies in combining Woori Financial Savings Bank's existing credit assessment system with Toss's alternative credit scoring model, known as 'Toss SoHo Score.'

Through our collaboration with Toss, we have elevated our credit assessment capabilities for personal businesses, laying the groundwork to fulfill our social responsibilities as a savings bank representing the common people's finance and expand inclusive finance.

— Lee Seok-taeCEO of Woori Financial Savings Bank, commenting on the partnership's goals.

Developed jointly by Toss and Korea Data (KoDATA), the 'Toss SoHo Score' is designed to provide a more nuanced evaluation of personal business owners' creditworthiness. It integrates scattered financial information from various institutions to reflect actual sales and cash flow, offering a more comprehensive view of a borrower's repayment ability than traditional methods. This approach is expected to open doors for small business owners who have previously struggled to access institutional finance due to a lack of collateral or a short business history.

Lee Seok-tae, CEO of Woori Financial Savings Bank, expressed optimism about the partnership's potential. "Through our collaboration with Toss, we have elevated our credit assessment capabilities for personal businesses, laying the groundwork to fulfill our social responsibilities as a savings bank representing the common people's finance and expand inclusive finance," he stated. "We will continue to actively adopt innovative financial technologies to become a reliable financial partner growing alongside small business owners."

We will continue to actively adopt innovative financial technologies to become a reliable financial partner growing alongside small business owners.

— Lee Seok-taeCEO of Woori Financial Savings Bank, outlining future aspirations.
About this summary

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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