Toss Bank and Gwangju Bank are expanding their collaboration from personal joint loans to corporate finance. The partnership aims to enhance loan accessibility for small and medium-sized enterprises (SMEs) by combining Toss Bank's online platform with Gwangju Bank's corporate finance assessment capabilities.
Toss Bank announced on the 27th that it has signed a memorandum of understanding (MOU) with Gwangju Bank to develop and operate a 'joint corporate loan' product.
This agreement follows the Financial Services Commission's designation of joint corporate loans as an innovative financial service on the 7th. The two banks previously launched the 'Together Loan,' a personal joint loan product, in 2024, marking the first of its kind in the financial sector, and are now broadening their cooperation to corporate finance.
Under the joint corporate loan scheme, SMEs can apply for loans through the Toss Bank platform, with both banks conducting separate assessments before jointly determining the loan limits and interest rates. The funds will then be supplied according to a pre-agreed ratio.
The partnership plans to transition the traditional in-person loan application process to a non-face-to-face model, simplifying the required documentation.
In addition to product development, launch, and operational management, the two banks will collaborate on consumer protection and human resource exchanges. They also plan to establish a cooperative system to prevent customer harm and resolve disputes that may arise during the joint loan process.
Eun-mi Lee, CEO of Toss Bank, stated, "We are expanding the synergy demonstrated through the Together Loan into the corporate finance sector. We aim to enhance accessibility to non-face-to-face corporate loans and establish a model for mutual growth that supports the development of SMEs."
Il-sun Jeong, CEO of Gwangju Bank, remarked, "This is a win-win model that combines the corporate finance assessment expertise of a regional bank with the non-face-to-face platform technology of an internet-only bank. We will strive to revitalize the local economy and practice inclusive finance."
* This article has been translated by AI.
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