Swiss financial leaders seek insight into Korea's fintech market during Toss Bank visit

Toss Bank CEO Rhee Eun-mi, fifth from left, poses with the Swiss delegation after a meeting at the internet-only bank’s headquarters in Seoul, Wednesday. Courtesy of Toss Bank

Financial leaders from Switzerland visited Toss Bank's headquarters in Seoul to learn about the innovations and achievements of Korea's internet-only banks, Toss Bank said Thursday.

The online-only lender said the Swiss delegation, consisting of 18 members, was welcomed by Toss Bank employees, including CEO Rhee Eun-mi, Wednesday.

Composed of C-level executives from major Swiss cantonal banks, the group represents key leaders in the country's financial ecosystem. Switzerland has 26 cantonal banks, each established by its respective cantonal government to support the local economy and financial infrastructure.

Their visit to Toss Bank was organized by the Embassy of Switzerland in Korea, in partnership with Swisscom, a leading Swiss ICT company.

During the visit, Toss Bank shared its progress in digital innovation and efforts to expand customer accessibility since its launch in 2021. The presentation highlighted the bank's products and services, technology-driven risk management and inclusive approaches for financially underserved groups.

The delegation also inquired about the competitive structure of Korea’s financial market, the role of fintech companies and the country’s digital payment systems. There was particular interest in the regulatory framework in Korea, as well as the development and societal contributions of internet-only banks.

"The break-even time of 21 months, the 40 products a year on average — incredible," said Christian Dicke, head of large enterprises and corporate customers at Swisscom. "The way you delegate authority into your agile teams on the tribal or squad level in order to come up with all those innovative ideas — that is something we can take home and see how we can make our teams more agile, step by step."

Rhee said Toss Bank aims to share its advanced experiences in digital finance and contribute to building a sustainable global financial ecosystem through exchanges with the Swiss financial sector.

"The continuous innovation and progress in expanding customer accessibility that Toss Bank has achieved are not mere declarations. They are being demonstrated through ongoing transformations in the Korean financial market," Rhee added.