Together Funding Begins Collaboration with Korea Financial Telecommunications & Clearings Institute for Investment and Loan Information Sharing

[Asia Economy Reporter Song Seung-seop] P2P (peer-to-peer) finance company Together Funding has begun practical work after registering as an online investment-linked finance business.

According to the industry on the 22nd, Together Funding is conducting information linkage work related to investment and loans. The Korea Financial Telecommunications & Clearings Institute (KFTC) was selected as the central record management institution, and related work started in May. KFTC records borrowing and investment information of P2P companies and manages borrowing limits and investment limits on behalf of online investment-linked finance companies.

Together Funding will also link servers with KFTC for full-scale online investment-linked finance operations. They will link IP addresses with KFTC and share deposit institution information. The work is planned to be completed by the time the online investment-linked finance registration is finalized.

In addition, they plan to share overall P2P business information in the future, including the investment and loan status of investors and borrowers, limits, bond contract execution, and status. A Together Funding official said, “We will share measures to protect investment funds including overall P2P business with KFTC,” adding, “Since we have prepared to some extent for linkage work with the central record management institution even before submitting the online investment-linked finance registration application, the main practical procedures will proceed smoothly.”

Together Funding is also scheduled to attend a business briefing session hosted by KFTC on the 26th to discuss future plans.

Earlier, Together Funding submitted an online investment-linked finance registration application to the Financial Services Commission on the 6th. Currently, there are 14 companies known to have applied for online investment-linked finance registration, including Together Funding. No first registered company has appeared yet.

Kim Hang-joo, CEO of Together Funding, emphasized, “Information linkage with KFTC is something that online investment-linked finance registered companies must do,” and added, “We will complete information sharing work with the central record management institution by the time of registration application and do our best to ensure investors can use P2P finance with peace of mind.”

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