Standard Chartered Bank Korea to elevate ties with Toss

Standard Chartered Bank Korea CEO Park Jong-bok delivers an opening remark during a New Year's meeting with staff at its headquarters in Seoul, Monday. Courtesy of Standard Chartered Bank Korea

By Lee Min-hyung

Standard Chartered (SC) Bank Korea CEO Park Jong-bok has expressed willingness to expand partnerships with Toss ― a mobile money transfer app operated by Viva Republica ― and other fintech players, as part of its major management strategy in 2020.

"We are going to enhance international competitiveness along with fintech companies by enabling them to create more opportunities and innovate the ecosystem," he told reporters while participating in a New Year's meeting with finance leaders, Jan. 3.

Viva Republica, a Seoul-based fintech startup, is set to open an internet-only bank, Toss Bank, in 2021 after receiving a preliminary license to operate the bank in December. SC Bank Korea participates in the Toss Bank consortium for its full-fledged operation.

"(In 2020), we will enhance ties with Toss for the joint internet-only bank project," Park added.

Standard Chartered (SC) Bank Korea CEO Park Jong-bok, front row fourth from left, poses with the lender's employees who were awarded for their achievements in 2019, at the bank's headquarters in central Seoul, Monday. The award ceremony was held on the sidelines of a "town hall meeting" Park held with executives and employees the same day. / Courtesy of SC Bank Korea

On Monday, the chief of SC Bank Korea also underlined the need for the bank to embrace a paradigm shift in the banking industry during the bank's New Year's meeting with 500 employees.

"We need to reconsider the perception in the banking industry amid rapid changes in the financial environment and looming challenges," he said.

"Five years ago, we started the 'New Bank, New Start' campaign and brought some positive changes," he said. Park added the bank should get back to the basics from the viewpoint of customers at a time of toughening challenges.

During the meeting, the bank also held an awards ceremony for its staff. Nine officials and four teams won awards in recognition for their achievements in 2019.

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