Together Funding Completes Integration Work with P2P Central Record Management Institution

[Asia Economy Reporter Kim Hyo-jin] P2P finance company Together Funding (Together Apps) announced on the 27th that it has completed the information linkage work with the Korea Financial Telecommunications & Clearings Institute (KFTC) for registration as an online investment-linked finance business. Together Funding has been carrying out the linkage work for about two months since applying for registration with the Financial Services Commission in May.

The KFTC was selected last October as the central record management institution that concentrates and manages transaction information such as P2P investments and borrowings, and started related operations in May this year. The KFTC records and manages borrowing information, investment information, and information about borrowers and investors of P2P companies, and performs tasks related to managing borrowing limits and investment limits on behalf of online investment-linked finance businesses.

Together Funding began server linkage preparations with the KFTC in May to connect information, including linking IP addresses and sharing deposit institution information. A representative from Together Funding stated, "Through linkage with the KFTC, after registration as an online investment-linked finance business, we plan to share the overall P2P operations including the status and limits of investments and loans of investors and borrowers, as well as bond contract execution and status."

Together Funding explained, "As the leading company based on current loan balance, there was a large amount of information to be linked with the KFTC," but added, "The information linkage process proceeded as planned by the KFTC after the application for registration."

Earlier, after submitting the registration application to the Financial Services Commission in May, Together Funding has been conducting follow-up tasks such as on-site inspections by the Financial Supervisory Service, vulnerability checks by the Financial Security Institute, and information linkage work with the KFTC. Currently, seven companies have been officially registered with the Financial Services Commission, and Together Funding is also expected to complete the registration process soon.

Kim Hang-joo, CEO of Together Funding, stated, "Information linkage with the KFTC is a matter that online investment-linked finance businesses must naturally undertake," and added, "Having completed the information linkage work with the KFTC, we will soon become a more trusted company among investors as an officially registered online investment-linked finance business."

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