JT Savings Bank Surpasses 100 Billion KRW in Loans to Innovative Financial Service Companies

[Asia Economy Reporter Song Seung-seop] JT Savings Bank announced on the 21st that loans through innovative financial service companies have surpassed 100 billion KRW.

Since August of last year, JT Savings Bank has partnered with various innovative financial service companies. Currently, it provides loan services in collaboration with Toss, KakaoPay, Syrup, and MyBank.

The average interest rate of loan products offered through these companies recorded 14.2% per annum (as of April). JT Savings Bank explained that this figure is 2.25 percentage points lower than the industry average of 16.45%.

Additionally, 85% of the users were identified as low-credit customers with credit scores below 700.

Choi Sung-wook, CEO of JT Savings Bank, emphasized, “We will enhance customer convenience and respond swiftly to the rapidly changing financial market trends. We will also expand partnerships with innovative financial service providers and strengthen the qualitative improvement of mobile services.”