Toss Bank Stands Shoulder to Shoulder with Patagonia and Aesop... Obtains B Corp Certification

First Domestic Bank
Awarded to Companies Achieving Results for a Sustainable Society

Toss Bank announced on the 9th that it has obtained the B-corp certification, internationally accredited by B Lab. The B-corp certification is a global certification awarded to companies that have achieved results for a sustainable society. Global companies such as Patagonia, Nespresso, Ben & Jerry's, Aesop, and Aveda have received this certification. Toss Bank is the second in Asia and the first domestic bank to obtain the certification.

B-corp certification is granted by B Lab, a U.S. nonprofit organization established in 2006, after a rigorous verification process. It targets companies that pursue a balanced approach to financial value and social value. The certification is awarded after comprehensive verification of transparency, social responsibility, and socio-environmental performance.

According to B Lab, about 3,000 companies worldwide apply for certification each year, but only 40% actually become members of B-corp. As of April this year, over 7,900 companies across 161 industries in 93 countries worldwide have obtained B-corp certification.

Toss Bank achieved a high certification score of 95.6 points. To be certified, a score of 80 or above is required. The average score of most certified companies is known to be in the low 80s, so Toss Bank is evaluated as having received a high score relative to its growth scale.

B Lab viewed Toss Bank as a bank that creates change particularly through products and services for customers. It was evaluated as lowering the barriers to banking by reducing financial blind spots for low- and medium-credit borrowers and small business owners, and by improving accessibility for people with disabilities and foreigners.

Various welfare benefits for employees and governance based on a horizontal culture were also highly rated factors. The excellence of the working environment provided internally to employees and the transparently shared information were valued.

A Toss Bank official said, “Through a rigorous verification process lasting over a year, Toss Bank has proven and been fairly evaluated for its ongoing innovation and inclusion,” adding, “We will continue to uphold these values and take the lead in creating an inclusive, fair, and regenerative economic system.”