84th IBFed Board Meeting Held in Korea Hosted by the Korea Federation of Banks
Lee Eunmi, CEO of Toss Bank:
"Building Global Consensus as an Innovative Model of Korean Internet Banking...
Continuing Sustainable Cooperation and Exchange"
Members of the board of the International Banking Federation (IBFed) visited Toss Bank to engage in discussions about the innovative nature of South Korea's internet banks.
On October 30, Toss Bank announced that 18 key figures, including Anthony Ostler, Chair of the IBFed Board and President & CEO of the Canadian Bankers Association, as well as representatives from the United States, Europe, Australia, South Africa, India, and China, visited Toss Bank's headquarters in Gangnam-gu, Seoul. Toss Bank was represented by CEO Lee Eunmi and Chief Strategy Officer Park Jinhyun, among others.
During the visit, Toss Bank highlighted the innovative qualities of South Korean internet banks. In particular, the bank introduced its ongoing journey of relentless innovation and borderless inclusion. In the rapidly changing digital financial environment, the importance of an inclusive financial system was emphasized, with Toss Bank's consumer-centric service model and technology-based risk management presented as a leading example.
Global leaders took note of Toss Bank's introduction of innovative products and services previously unavailable in the market, as well as its efforts to lower barriers and avoid discrimination against the financially marginalized. The bank's achievement of turning a profit within just three years, thereby laying the foundation for sustainable inclusive finance, was recognized as a significant accomplishment.
Anthony Ostler, Chair of the IBFed Board, commented, "It was impressive to see Toss Bank, despite being launched just four years ago, establish a solid foundation in key areas such as capital, technology, and organizational culture, while achieving innovation and growth. Today's visit to Toss Bank will be remembered as one of the most meaningful moments during my time in Korea, and Toss Bank's growth story will serve as an inspiration to our more than 18,000 member institutions worldwide."
The 84th IBFed Board Meeting, held in Korea, was organized by the Korea Federation of Banks. The main topics included global financial consumer protection and responses to financial fraud, directions for the sustainable development of banking businesses, and financial cooperation. The IBFed is a global banking industry consultative body established in 2004. It consists of full members from six regions-United States, Europe, Japan, Australia, South Africa, and Canada-and associate members from four regions: Korea, China, India, and Brazil.
Lee Eunmi, CEO of Toss Bank, stated, "Toss Bank aims not only for financial innovation but also for the continuous expansion of the boundaries of inclusion. I am confident that this model will become a new standard not only in Korea but also in the global financial market, and we will continue to contribute to the creation of a sustainable global financial ecosystem."
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