Financial Authorities to Hold P2P Finance Industry Registration Briefing on the 1st of Next Month

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission and the Financial Supervisory Service announced on the 25th that they will hold two online investment-linked (P2P) finance business registration briefings on the afternoon of the 1st of next month at the Korea Federation of Banks in Jung-gu, Seoul.

The first briefing session will be for existing intermediation lenders who have applied to attend the briefing, and the second session will be for newly established companies or those wishing to register for the P2P finance business in the future.

Companies wishing to attend the second briefing session should send their company name and contact information by email (p2p@fss.or.kr) to the Financial Supervisory Service by the 28th of this month.

To prevent the spread of the novel coronavirus infection (COVID-19), the number of attendees per session is limited to 100 people.

To register for the P2P finance business, companies must meet the requirements set by the Online Investment-Linked Finance Business Act, which will be enforced in August.

If a company has been conducting business equivalent to these regulations through registration under the existing Loan Business Act, it must complete registration by August next year.