Together Funding, Industry's First to Pass FSC-Designated Audit... "Listing After OnTu Act Registration"

Photo by Together Funding

[Asia Economy Reporter Song Seung-seop] P2P finance platform Together Apps (Together Funding) announced on the 7th that it has completed the designated audit through Samil Accounting Corporation, the auditor designated by the Financial Supervisory Service.

This designated audit was conducted applying the Korean International Financial Reporting Standards (K-IFRS). Together Funding is the first P2P finance company to apply the K-IFRS accounting standards.

A representative from Together Funding explained, "Although the Online Investment-Linked Finance Business Act does not mandate K-IFRS, we switched to K-IFRS accounting standards to provide transparent and credible information to investors."

Together Funding applied for auditor designation to the Financial Supervisory Service in August last year. Samil Accounting Corporation, the largest accounting firm in Korea, was designated, and after a four-month interim inspection, the final process was completed last month.

Typically, the Financial Supervisory Service's designated audit is called the "final gateway" before an initial public offering (IPO). Together Funding intends to attempt listing based on the audit report. In March, it had already selected Mirae Asset Daewoo and Daishin Securities as joint lead managers for the listing.

Kim Hang-joo, CEO of Together Funding, emphasized, "It seems that the preparations for listing have reached the final stage," adding, "After completing the registration for the Online Investment-Linked Finance Business (OnTu Business) by the first half of the year, we will be able to emerge as a leading P2P finance company."

This content was produced with the assistance of AI translation services.