Financial Services Commission Holds 'Inspection Meeting on Loan Product Brokerage of Online Loan Platforms'

[Asia Economy Reporter Kwangho Lee] The Financial Services Commission (FSC) announced on the 27th that it held the 'Inspection Meeting on Loan Product Brokerage of Online Loan Platforms' together with the Financial Supervisory Service, the Korea Credit Finance Association, and five online platform companies. During the meeting, the FSC provided proactive legal interpretations regarding the platforms' preliminary inquiries and reviewed their preparation status and future plans.

As a follow-up measure to the reduction of the maximum interest rate, the FSC has prepared the 'Improvement Plan for the Loan Business System' and plans to select excellent loan businesses in the microfinance sector, granting incentives such as loan brokerage through online loan platforms and bank borrowing.

Accordingly, five online platform companies?Finda, Pinset, Pinmart, TeamWink, and SK Planet?are preparing to register as loan brokerage businesses to mediate loan products from excellent microfinance loan businesses.

An FSC official stated, "Applications for designation as excellent microfinance loan businesses will be accepted until the 13th of next month, with selections and announcements expected by the end of August." The official added, "Online platform companies also plan to promptly proceed with loan brokerage registration and the development of related websites and mobile applications so that they can start brokering loan products from excellent microfinance loan businesses from September."

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