Financial Supervisory Authorities Hold Preparatory Committee Meeting for P2P Association Establishment

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission and the Financial Supervisory Service announced on the 6th that the Preparatory Committee for the establishment of the Online Investment-Linked Finance (P2P Finance) Association discussed plans for the future establishment of the association.

The association plans to organize a structure consisting of full-time staff (5 members) and three working consultative bodies composed of member company business managers by June, and to establish regulations related to self-regulation.

Additionally, by July, they plan to prepare disclosure standards and systems, and by August, when the Online Investment-Linked Finance Business Act is enforced, they aim to establish mid- to long-term development plans. The P2P Association will be responsible for self-regulation, drafting and revising standard terms and conditions, preparing information disclosure standards, autonomous dispute mediation, and deposit management for compensation liability reserves.

The P2P Finance Act, which includes regulations on entry and business conduct in the P2P finance industry and consumer protection systems, will be enforced on August 27.

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