P2P Together Funding Submits P2P Registration Application to Financial Services Commission

[Asia Economy Reporter Song Seung-seop] P2P finance company Together Funding announced on the 7th that it has officially submitted an online investment-linked finance business (OnTu business) registration application to the Financial Services Commission. This comes about two months after conducting a preliminary interview with the Financial Supervisory Service for formal registration.

Together Funding recruited a full-time compliance officer with 15 years of experience to meet the registration criteria. The compliance officer plans to strengthen the internal control system and conduct internal training on relevant laws and regulations. Additionally, the company submitted an audit report with an 'unqualified' opinion from an accounting firm to the Financial Supervisory Service within the deadline.

Last month, the designated audit was completed through Samil Accounting Corporation, the auditor appointed by the Financial Supervisory Service. By transitioning the accounting standards to Korean International Financial Reporting Standards (K-IFRS), the company stated that it can provide detailed and highly credible accounting information.

A representative of Together Funding explained, "Although most of the preparations for the registration application were completed in line with the implementation of the OnTu business in August last year, the application was delayed due to the transition of accounting standards. As the first in the P2P industry to apply the K-IFRS accounting standards, we have submitted highly reliable financial status reports to the government authorities."

Automatic diversified investment, which was considered a major issue by the authorities, was also completely terminated in March. This measure aims to proactively address any additional issues that may arise after the application to receive prompt registration.

Kim Hang-joo, CEO of Together Funding, said, "I understand that investors were very concerned due to the delay in the OnTu business registration process. Once we establish ourselves as an official P2P finance company, an environment where investors can trust and invest will be created."

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