Interior ministry links resident data to Toss Bank for faster loans

The interior ministry said Wednesday it will begin providing online access to resident registration data for Toss Bank starting Thursday, marking the first time such information has been linked to an internet-only lender.

The move allows the bank to instantly verify tenant and household head details through its loan processing system, eliminating the need for customers to manually submit certificates of residence confirmation.

Consequently, the review period for jeonse deposit loans will shrink from five days to four.

While the ministry previously signed agreements with five major commercial banks (KB Kookmin, Shinhan, Hana, NH Nonghyup, and Woori) in July 2024 and expanded online linkage that October, this initiative extends the service to mobile-based financial institutions for the first time.

Jin Myung-ki, head of the Self-Governance Innovation Office at the ministry, said, "We plan to expand the online linkage service for resident registration data to include regional banks and other second-tier financial institutions to support safe loan screenings." He added that the government intends to actively utilize administrative data to enhance public convenience and safety.