[2021 National Audit] Jung Eun-bo, Financial Supervisory Service Chief, "Regret Delay in Responding to Merge Point"

Q&A on Financial Supervisory Service Audit by the National Assembly's Legislation and Judiciary Committee

Jeong Eun-bo, Governor of the Financial Supervisory Service, attended the National Assembly's inspection of the Financial Supervisory Service held by the National Assembly's Political Affairs Committee on the 7th and is reporting on the work./Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jin-ho Kim] Jeong Eun-bo, Governor of the Financial Supervisory Service (FSS), expressed regret on the 7th over the delayed response to the Merge Point incident, which caused a large-scale refund crisis.

Governor Jeong made this remark during the FSS audit by the National Assembly's Political Affairs Committee, responding to Democratic Party lawmaker Yoon Kwan-seok's criticism that the FSS responded passively to the Merge Point incident.

Lawmaker Yoon said, "This was the first occurrence of an incident similar to Merge Point, and since it was not subject to registration, legal review took time," adding, "I regret the delay in response."

He continued, "Merge Point refused to register as a business, leading to a report to investigative authorities, and efforts were made to identify accounts to minimize damages."

Governor Jeong stated, "We are currently conducting a full survey of electronic financial transaction companies that could be subject to registration and are taking comprehensive measures centered on the Office for Government Policy Coordination." According to the Electronic Financial Transactions Act, there are currently 58 companies suspected of selling gift certificates or engaging in prepaid transactions without registration.

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