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Toss Bank. (Photo: Toss Bank) |
[Alpha Biz= Kim Jisun] Toss Bank said on March 16 that it will provide compensation to all customers affected by the recent “half-price yen” exchange incident, offering 10,000 won in cash as an apology.
The compensation will be deposited directly into customers’ bank accounts. For customers who are unable to receive the payment through their account, Toss Bank said it will provide gift vouchers of equivalent value through individual guidance.
The bank plans to notify affected users individually through app notifications and KakaoTalk alert messages.
According to Toss Bank and financial industry sources, a system error occurred in the bank’s yen (JPY) exchange rate quotation system between 7:29 p.m. and 7:36 p.m. on March 10. During that time, the exchange rate was displayed at around 472 won per 100 yen—about half of the previous day’s closing rate of 932.86 won.
The total amount exchanged at the erroneous half-price rate during the seven-minute period reached approximately 28.4 billion won. Toss Bank canceled those transactions the following day and recovered the exchanged yen.
The bank said the error occurred because its internal system—which calculates the quoted exchange rate based on exchange rate data received from multiple external institutions—failed to operate normally during that period.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
