Toss Bank, the country’s third internet-only bank, officially launched on Tuesday, kicking off heated competition with the existing K-Bank and Kakao Bank.

Toss Bank began sales of loan products, issuance of debit cards and other services to more than one million pre-registered customers through its Toss mobile app.

It revealed a minimum annual lending interest of two-point-76 percent, with a maximum loan amount of 270 million won. The bank, however, is expected to limit the amount to within 100 percent of annual income as recommended by financial regulators.

Toss Bank focuses on lending to people with medium and low credit scores by offering a single program for all loan seekers. It will seek to increase the ratio of loans to such people to 44 percent by late 2023.

The bank also introduced a credit line of a maximum 150 million won, a checking account that will offer an annual two-percent interest without preconditions, and a debit card that provides cash back of up to 46-thousand-500 won a month.