Financial Supervisory Service to Conduct Spot Checks on Toss... Strengthening Big Tech Inspections

[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The Financial Supervisory Service (FSS) has initiated an unscheduled inspection of the mobile financial platform Toss as part of its efforts to strengthen inspections of big tech companies.

According to the financial sector on the 29th, the FSS began the unscheduled inspection of Toss the day before.

This is part of this year's initiative to enhance inspections of big tech companies. The inspection is not due to any particular incident or complaint.

The reason the inspection is termed an "unscheduled inspection" is because Toss is an electronic financial business operator, not a financial company. Electronic financial business operators are not subject to regular inspections. Regular inspections target traditional financial companies such as banks, holding companies, financial investment firms, and insurance companies.

Through this, the FSS plans to focus on Toss's overall operations and consumer protection.

In particular, it is expected to concentrate on consumer protection. Previously, Toss faced controversy for not following user consent procedures during the pilot service provision of personal credit information management business (MyData).

The FSS also announced in its inspection operation plan for this year that it would focus on preventing consumer damage arising from the expansion of financial businesses by "big tech" companies.

At that time, the FSS stated that it would conduct on-site inspections targeting large electronic financial business operators with high risks by analyzing risk factors such as transaction scale and entry into new businesses.

In addition to Toss's operator Viva Republica, Naver Financial and Kakao Pay were also mentioned as candidates.

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