On May 14, Toss Bank announced that it has obtained a full license for financial investment business from regulatory authorities, making it the second internet-only bank, following Kakao Bank, to sell funds directly.
Previously, Toss Bank received preliminary approval for financial investment business in July of last year. After expanding its workforce and establishing IT systems, it applied for the full license in January.
The bank plans to develop a fund lineup centered on products that are easy and intuitive for investors to understand. It aims to offer a variety of products based on country and asset type to reflect customers' investment preferences and needs.
Toss Bank has been enhancing customers' financial product selection experience through its 'Money Management' service. Currently, it has partnerships with 11 companies, including Korea Investment & Securities, KB Securities, Samsung Securities, Mirae Asset Securities, Shinhan Investment Corp., Hana Securities, Kiwoom Securities, Meritz Securities, NH Investment & Securities, Hanwha Investment & Securities, and LS Securities. As of the end of last year, the cumulative amount linked to these financial products reached 23.7 trillion won.
A Toss Bank representative stated, "With this full license acquisition, we can now offer customers a broader range of financial choices. We will strive to connect our unique financial innovation experience to fund services, providing a customer-centric user experience and contributing to the formation of a healthy investment culture."
* This article has been translated by AI.
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