Ocean Funding and 3 Other Companies Registered as Online Investment Platforms... Total Number in the System Rises to 32

[Asia Economy Reporter Jin-ho Kim] Four online investment-linked finance operators (OnTu operators), including Ocean Funding and V Fintech, have completed registration with the Financial Services Commission and are officially conducting business.

The Financial Services Commission announced on the 8th that four companies?Ocean Funding, V Fintech, Daily Funding, and Loan Point?have completed registration under the OnTu Act. Accordingly, the number of P2P companies registered as OnTu operators has increased to 32.

To register as an OnTu operator, requirements include a minimum capital of 500 million KRW, adequate personnel and physical facilities, establishment of internal control systems and business plans, no sanctions against executives, social creditworthiness of major shareholders, and sound financial status of the applicant.

The Financial Services Commission explained, "With the registration of OnTu operators subject to the OnTu Act, P2P finance users will be more thoroughly protected," and added, "We expect this to contribute to enhancing industry credibility and healthy development in the future."

Meanwhile, as of May, a total of 40 P2P companies have submitted registration applications to the Financial Services Commission. With 32 companies registered as of this date, only 8 companies remain. The Financial Services Commission plans to promptly finalize the review results for these remaining companies as well.

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