Deputy Governor of the Bank of Thailand Visits Toss Bank

Ronaldo Nomnonda, the Deputy Governor of the Bank of Thailand, visited Toss Bank.

According to Toss Bank on the 26th, six officials from the Bank of Thailand, including the Deputy Governor, visited the Toss Bank headquarters in Gangnam-gu, Seoul, the previous afternoon to discuss the growth potential of internet-only banks.

At the meeting, Toss Bank explained its management performance, strategy, and vision since its launch. They particularly emphasized the scale of growth and innovation achievements that enabled a turnaround to profitability before reaching two years of operation. Hong Min-taek, CEO of Toss Bank, Kim Ji-woong, Chief Strategy Officer, and Park Jun-ha, Chief Technology Officer, attended.

The Bank of Thailand showed deep interest in Toss Bank’s product strategy and paid special attention to the proprietary credit evaluation model TSS (Toss Scoring System), which incorporates machine learning and deep learning. They also showed interest in the full internalization of IT infrastructure that contributed to maximizing the strengths of the non-face-to-face internet bank.

Toss Bank plans to strengthen its partnership with the Bank of Thailand based on this discussion.

Since its launch, Toss Bank has continued steady growth and innovation. At the end of July this year, Toss Bank achieved profitability for the first time and is forecasting its first quarterly profit in Q3. Toss Bank has 7.8 million customers and a corporate value of approximately 2.4 trillion KRW.