The South Korea chief of multinational bank Standard Chartered talked-up increased opportunities with mobile wallet provider Toss ahead of the launch of the pair’s internet-only bank, The Korea Times reported.
Discussing the company’s strategy at a banking industry event, Standard Chartered Bank Korea CEO Park Jon-bok said it aimed to enhance its international competitiveness by partnering with financial technology companies to “innovate the ecosystem”.
He added that during 2020 it intended to further enhance a partnership with one of the country’s leading mobile wallet brands Toss, a company operated by Viva Republica and backed by global giants including PayPal.
In December 2019 Toss and Standard Chartered gained provisional approval from South Korea’s Financial Services Commission to launch Toss Bank, an internet-only consumer banking proposition.
The initial green light from regulators came nine months after rival bank Shinhan Financial Group reneged on a deal with Viva Republica to develop the service.Subscribe to our daily newsletter Back