Financial Services Commission Selects Korea Financial Telecommunications & Clearings Institute as Control Tower for P2P Information Management

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 21st that it has selected the Korea Financial Telecommunications and Clearings Institute as the central record management institution to intensively manage online investment-linked (P2P) finance.

The Korea Financial Telecommunications and Clearings Institute plans to start operating the central record management institution on May 1st next year after building the related IT systems.

The central record management institution will perform roles such as ▲ centralized management of information related to P2P finance ▲ management of investment limits linked to P2P finance ▲ providing information on linked investments and linked loans to P2P finance companies, among others.

The financial authorities plan to efficiently manage P2P transaction information through the central record management institution and thoroughly supervise compliance with investment limits set by the Online Investment-Linked Finance Act (Ontu Act), thereby supporting the sound development of the P2P market.