Solarbridge, HN Fincore, Titan Invest Registered as On-To-Up Operators... Total 41 Companies
[Asia Economy Reporter Song Hwajeong] The Financial Services Commission announced on the 26th that three companies, Solarbridge, HN Fincore, and Titan Invest, have met the registration requirements under the "Online Investment-Linked Finance Business and User Protection Act" (hereinafter referred to as the OnTu Act) and have been registered as online investment-linked finance businesses. The total number of companies registered as online investment-linked finance businesses has increased to 41.
The Financial Services Commission plans to promptly finalize the review results for companies that have submitted registration applications and will continue to implement measures to prevent user damages for companies that may potentially close down.
A Financial Services Commission official stated, "With the registration of OnTu businesses subject to the OnTu Act, users of P2P finance (person-to-person finance) will be more thoroughly protected, and it is expected to contribute to enhancing the credibility and sound development of the P2P finance industry in the future."
Additionally, the Financial Services Commission urged P2P finance users to be aware that principal guarantees are not provided and to refrain from investing in companies that excessively provide rewards or handle excessive loans to the same borrower.
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The Financial Services Commission is implementing various measures to protect users. In the event that a P2P company closes, it requires prior contracts with law firms and debt collection agencies to handle remaining tasks and perform debt collection activities. Furthermore, to prevent misuse of user investment and repayment funds by P2P companies, it controls the computerized management status with the cooperation of fund management companies. For companies with large loan balances and investor bases, it dispatches supervisors such as Financial Supervisory Service staff to regularly inspect the status of investment fund refunds.
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