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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Toss Bank said it will cancel yen exchange transactions executed at an erroneous rate after a system glitch caused the Japanese yen to be displayed at about half its actual value.
In a notice on March 11, the bank said that during an internal system check on March 10, the yen exchange rate was mistakenly displayed at roughly half the market rate between 7:29 p.m. and 7:36 p.m..
During that period, the app showed an exchange rate of about 472 won per 100 yen, while the actual market rate was around 934 won per 100 yen.
As a result, some users were able to purchase yen at the incorrect rate, either through pre-set automatic buy orders or by quickly accessing the app after receiving alerts about the sudden price drop.
Toss Bank said that all transactions executed during the affected period will be corrected or canceled in accordance with electronic financial transaction regulations.
The bank temporarily suspended yen exchange services after identifying the issue. The estimated financial impact from the incident is believed to be around 10 billion won ($7.5 million).
The Financial Supervisory Service (FSS) has launched an on-site inspection at Toss Bank to investigate the cause of the error and assess the scale of the transactions.
Toss Bank said it will strengthen system monitoring and improve its exchange rate announcement process to prevent similar incidents from recurring.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
