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INTERVIEW What do Toss Bank, Patagonia, Nespresso have in common?
Toss Bank communications manager Kim Dong-yeon, left, and CSR manager Moon Yoo-jin / Courtesy of Toss Bank
By Jun Ji-hye
Manager explains why internet bank sought to obtain B Corp Certification
Kim Dong-yeon, communications manager at Toss Bank, led a project to acquire B Corp Certification, a global recognition awarded to companies that have made a demonstrable contribution toward building a sustainable society.
The Korean internet-only bank obtained the certification in May, becoming the first bank in the country and the second in Asia to do so.
In an interview with The Korea Times, Kim said B Corp is a certification for companies striving to create a better society, which aligns closely with the direction and values his firm pursues.
“Toss Bank was launched in October 2021 with the slogan ‘New Banking, New Bank,’ embodying the vision of becoming a completely new kind of bank,” he said.
“Traditionally, banks have been places where customers store their money, build their savings and borrow at reasonable rates when needed. However, we recognized that financial services from the customer’s perspective had been lacking. Therefore, we set out to offer the simplest products, so customers wouldn’t need to worry about their choices, and leverage technological innovation to become a bank that embraces a broader range of customers.”
Kim said these efforts have been reflected across Toss Bank’s products, all aimed at creating a better society centered around the customer.
Around 3,000 companies worldwide apply each year for B Corp Certification, awarded by global nonprofit network B Lab, but only 40 percent successfully become B Corp members.
Toss Bank headquarters in Seoul / Yonhap
Patagonia, an apparel company known for its "Don't buy this jacket" slogan, which discourages consumers from buying its products for the sake of the environment, is a prominent B Corp company. Other well-known global brands that are part of the B Corp community include global capsule coffee brand Nespresso, premium ice cream brand Ben & Jerry's and skin care brands Aesop and Aveda.
For Toss Bank, it took about 10 months to earn the certification, during which the firm was evaluated across five areas: governance, workers, community, environment and customers.
The company received a total score of 95.6 points. A minimum score of 80 is required to obtain the certification, and the average score for most certified companies is in the low 80s.
The average score for companies attempting certification is 50.9. Toss Bank was commended for achieving a high score relative to its growth scale.
"Toss Bank has been recognized for reducing financial exclusion for medium- to low-credit individuals and small business owners, as well as improving accessibility for people with disabilities and foreigners, thereby lowering the barriers to banking services," Kim said, adding that it was also recognized for its diverse employee benefits, horizontal governance structure and transparent sharing of information.
Moon Yoo-jin, Toss Bank's corporate social responsibility manager, said the firm will continue to drive meaningful changes.
"We will maintain our focus on social responsibility through customer-centered services," she said.
"Additionally, we plan to join the movement for a better society alongside various domestic and international companies that have achieved B Corp Certification. We will continue to engage with diverse members of the B Corp community to discuss and exchange ideas for creating a better society."