Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Global banking leaders recognize Korea's fintech edge during Toss Bank visit
Anthony Ostler, chair of the International Banking Federation (IBFed), front row third from right, and Rhee Eun-mi, front row fourth from right, pose with IBFed board members and Toss Bank employees at the internet-only bank’s headquarters in Seoul, Wednesday. Courtesy of Toss Bank
By Lee Yeon-woo
Toss Bank said Thursday that board members of the International Banking Federation (IBFed) visited its headquarters Wednesday to discuss the innovation of Korea's internet-only banking sector.
Key figures from major banking associations — including Anthony Ostler, chair of the IBFed — took part in the visit. The delegation of 18 included representatives from the U.S., Europe, Australia, South Africa, India and China.
Their visit coincided with the 84th Board Meeting of the IBFed, hosted by the Korea Federation of Banks in Seoul.
Established in 2004, the IBFed is a global consultative body representing the banking industry. Its full members represent six regions — the U.S., Europe, Japan, Australia, South Africa and Canada — while Korea, China, India and Brazil are associate members.
Toss Bank CEO Rhee Eun-mi and Chief Strategy Officer Park Jin-hyun welcomed the visitors. The bank said it showcased the innovative spirit of Korea's internet-only banking industry, highlighting its customer-centric service model and technology-driven risk management.
"Toss Bank aims not only to drive financial innovation but also to continuously expand the boundaries of inclusion," Rhee said. "We are confident that this model will become a new standard not only in Korea but also in the global financial market, and we will continue to contribute to building a sustainable global financial ecosystem."
Global banking leaders said they took note of the bank's initiatives, such as introducing new services in the market and ensuring access for financially underserved communities. They also commended the bank's achievement in turning a profit within just three years of its launch.
"For all of us, it's just really a unique experience to see such a young bank doing so well. We have 18,000 member banks around the world, and the fact that you're one of them is actually really exciting," Ostler said. "I'm looking forward to tracking your team's progress going forward."