A Total of 28 P2P Companies Registered as On-Trade Businesses... "P2P Companies Not Applying for Registration May Face Closure"
21 Companies Newly Registered as Online Lending Operators
Total of 28 Companies Registered Including 8 Previously Registered
[Asia Economy Reporter Park Sun-mi] The number of P2P (peer-to-peer) companies officially registered as online investment-linked finance operators (On-tu operators) has increased to a total of 28.
On the 27th, the Financial Services Commission announced that 21 companies, including Mowooda and Together Apps, have completed registration as On-tu operators, bringing the total number of companies joining the regulatory system to 28. According to the On-tu Operator Act, which was enforced on August 27 last year, P2P companies must obtain approval from the Financial Services Commission and register as On-tu operators by this date.
The financial authorities plan to promptly finalize the review results by examining whether companies that have submitted registration applications, other than the 28 registered so far, meet the registration requirements. Among the 40 P2P companies that have applied for On-tu operator registration, some are still under review due to reasons such as supplementing registration requirements. Until registration is completed, these companies must suspend new business operations and can only continue user protection tasks such as recovering and repaying existing investors' funds.
The Financial Services Commission urged users to be cautious as there is a possibility that P2P companies that have not applied for On-tu operator registration may close down. The Commission is guiding companies to pre-contract with law firms and debt collection agencies to handle residual tasks and perform debt collection in case a P2P company shuts down.
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Additionally, plans are being considered to refinance existing loans of unregistered P2P companies into loans of registered On-tu operators, and to dispatch supervisors such as Financial Supervisory Service staff on a permanent basis to companies with a large number of investors to protect users.
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