KFTC to Start P2P Central Record Management Operations from May Next Year

[Asia Economy Reporter Park Sunmi] The Korea Financial Telecommunications and Clearings Institute (KFTC) will start operations related to the online investment-linked finance business (P2P) central record-keeping institution from May next year.

On the 4th, KFTC announced that based on its extensive experience in building and operating various financial settlement infrastructures, it will timely establish the core infrastructure system of the online investment-linked finance business, the central record-keeping institution system, and commence operations smoothly from May 1 next year.

The Financial Services Commission selected KFTC as the central record-keeping institution under the Act on Online Investment-Linked Finance Business and User Protection on the 21st of last month.

Accordingly, KFTC is preparing to build the central record-keeping institution system to alleviate the development burden on online investment-linked finance operators and maximize user convenience.

First, to reduce the burden on online investment-linked finance operators in connecting to the central record-keeping institution system, KFTC plans to provide limit management and record management services based on open API. Additionally, regarding the investment limit regulations to be enforced from May next year, KFTC plans to establish a portal site where investors can conveniently check their investment limits and investment details.

A KFTC official stated, "We plan to make thorough preparations for service operation so that the infrastructure can continuously develop as a contributor to the sound development of the online investment-linked finance business and user protection."