Korea has passed new legislation establishing a legal basis for the operation of P2P lending businesses and the regulatory oversight role of the FSC and FSS.
November 5, 2019Tencent Credit and Alibaba’s Sesame Credit hold more customer data than any of their online lending peers, but they are not providing the data to the national credit database.
September 20, 2019FSC chairman Eun Sung-soo told fintech executives that a 300 billion won fund will be set up to invest in the sector and regulations will be eased to promote fintech development.
September 19, 2019The move is part of a broader crackdown on irregular practices and risks in the P2P sector, and will provide greater protection to investors in online lending platforms.
September 6, 2019The panel has also proposed the development of a marketplace model for P2P lending, and the introduction of virtual banking in India.
September 4, 2019Cutting off payment and settlement services will restrict the funds flowing in and out of P2P lenders, part of a regulatory crackdown on the sector.
September 2, 2019Some managers of privately-offered funds are using capital intended for specific investments on themselves or to illegally operate P2P lending businesses.
August 25, 2019Licensed corporations and their controlling entities are asked to review the legality of the services they offer, and immediately discontinue “unauthorised or illicit activities”.
June 18, 2019While decentralised financial technologies do pose risks, they may increase competition and diversity in the financial system and reduce existing entities’ systemic importance.
June 8, 2019FSS first senior deputy governor Yoo Kwang-yeol in a closed door meeting told Korean financial institutions with units in Southeast Asian countries to offer more localised financial services.
April 22, 2019