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Biz News Korea(Eng)
Korean government to tighten watch over P2P lending
- Collected
- 2017.02.09
- Distributed
- 2017.02.10
- Source
- Go Direct
The Financial Services Commission announced Wednesday that it was drawing up a new act stating stricter regulations in P2P lending by including it in the licensed financial industry.
The P2P lending service is a method of debt financing that allows individuals to borrow or lend money without going through an official financial institution. A P2P service provider operates by raising funds from investors then lending money to borrowers through a private lender, which is established by the P2P lender itself with 100 percent ownership, or a savings bank.
Currently, moneylenders with assets worth at least 12 billion won ($10 million) fall under the broad state regulation. Smaller lenders can run money business upon registering with local governments.
Under a new act that would go into effect in the second quarter, small lenders also would have to comply with state regulation and watch.
By Chung Ji-sung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]