Under the law, P2P lenders must meet new capital requirements and be registered with the FSC. Consumer protection is also enhanced.
August 27, 2020Private lenders can charge a maximum four times the one-year loan prime rate. Based on the current rate, the maximum lending rate is 15.4%, compared to 24% previously.
August 24, 2020The key changes will strengthen disclosure rules, prohibit unfair sales activities, restrict sales of high-risk investment products, and impose limits on loans and investments.
July 21, 2020The BOT will seek to use sandbox testing to ensure P2P lending platform providers adopted appropriate risk management and user protection practices.
June 9, 2020P2P lending caps are being lowered to protect investors against potential defaults and delinquencies caused by the Covid-19 crisis.
April 1, 2020The FSC is seeking comment on a draft enforcement decree setting out entry requirements, operating rules and investor protection measures for the P2P lending sector.
January 29, 2020The RBI has set a 5mn rupee cap on the aggregate exposure a lender can have to borrowers on P2P lending platforms, and a 1mn rupee cap for lenders with a net worth under 5mn rupees.
December 28, 2019Korea 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, 2019