Bankmall announced that it has signed a strategic business consignment contract with Daon Fintech Co., Ltd., a real estate specialized platform company.
On the 27th, the Financial Services Commission announced a legislative notice for the revision of the Enforcement Decree and supervisory regulations of the 'Banking Act.' The revision includes applying the same total volume regulations to internet banks as those applied to commercial banks. Although total household loan volume regulations are being strengthened, incentives are being provided for mid-interest rate loans to alleviate the financial burden on middle- and low-credit borrowers, which is expected to intensify competition.
Internet-only banks have announced plans to expand the proportion of credit loans to middle- and low-credit borrowers to 44% by 2023, but in reality, mortgage loans subject to real estate regulations still make it difficult for financially marginalized consumers to cross the threshold of regulated financial institutions.
Therefore, the online investment-linked finance industry (OnTu industry), newly incorporated into the regulated financial sector, is gaining attention. P2P finance, positioning itself as '1.5 finance,' is emerging as an alternative to complement the limitations for financially marginalized groups such as middle- and low-credit borrowers and consumers who need mortgage loans but cannot obtain them due to real estate regulations.
In response to this situation, Bankmall, a mortgage loan comparison platform, is aggressively forming business partnerships with financial companies. After launching a new platform in January this year, by February 8, it signed business consignment contracts with 10 financial institutions from the first and second financial sectors, including SC First Bank, Hanwha Life, and SBI Savings Bank, and even included P2P mortgage loans for financially marginalized consumers who could not secure their desired loan limits due to real estate regulations.
Bankmall is taking an aggressive approach aiming to sign business consignment contracts with about 20 financial institutions in the first half of the year. Excluding innovative financial service providers offering credit loan comparison services, it has the most financial institutions participating among platforms providing mortgage loan interest rate comparison services and is leading the mortgage loan comparison market.
A Bankmall representative stated, “Bankmall, influential in the mortgage loan interest rate comparison market, and Daon Fintech, a P2P finance company that has advanced into the regulated financial sector, will strive for financially marginalized groups who need mortgage loans,” and added, “Both companies, subject to the Financial Consumer Protection Act and the OnTu Act with the same purpose of protecting financial consumers, will take the lead in establishing a sound financial culture.”
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