Financial Services Commission Registers Trigger Partners as Online Investment Business Operator... Total 42 Companies

[Asia Economy Reporter Song Hwajeong] The Financial Services Commission announced on the 16th that Trigger Partners has met the registration requirements under the "Online Investment-Linked Finance Business and User Protection Act" (hereinafter referred to as the OnTu Act) and has been registered as an online investment-linked finance business operator. Accordingly, the total number of companies registered as online investment-linked finance business operators has increased to 42.

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 damage for companies that may potentially close down.

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 pay rewards or handle excessive loans to the same borrower.

A Financial Services Commission official stated, "We are currently conducting registration reviews for the 42 companies registered so far, existing companies that have submitted registration applications, and newly established companies seeking to enter the OnTu business. We will promptly finalize the review results after examining whether the registration requirements are met."

For existing companies that have not yet registered as OnTu operators, new business activities must be suspended until registration; however, user protection tasks such as recovering and repaying funds to existing investors will be maintained. Once the registration requirements are met and the company is registered as an OnTu operator, new business activities can resume.

The Financial Services Commission is also implementing various measures to protect OnTu business users. In the event of a P2P company closure, prior contracts are made with law firms and debt collection agencies to handle residual tasks and debt collection. To prevent misuse of user investment and repayment funds by P2P companies, cooperation with fund management companies is secured to monitor computerized management practices. Furthermore, for companies with large loan balances and investor bases, the Financial Supervisory Service dispatches permanent supervisors to inspect the status of investment fund refunds and other matters.

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