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Finance

P2P finance industry calls for fair standards for big platform entry

South Korea\'s online investment-linked finance industry said it is using the parliamentary audit as an opportunity to stress fair competition principles and responsibilities as large financial platforms enter the market. The Online Investment-Linked Finance Association said big firms\' expansion does not necessarily increase funding for mid- to low-credit borrowers and called for standards to support consumer protection and fair competition. It also urged safeguards against conflicts of interest when platforms both broker loans and supply products.

Finance

Toss online investment-linked financing push faces scrutiny over conflict of interest

Concerns mounted at a parliamentary audit over fintech platform Toss\' plan to enter online investment-linked finance, with lawmakers warning of potential conflicts of interest and market distortion. They said a large financial platform could affect a market developed by smaller fintech firms, especially if Toss supplies loan products while running a loan comparison platform. Lawmakers urged regulators to review rules and governance issues. The Financial Services Commission chairman said he would revisit the concerns.

Finance

Pinda appoints Ahn Joong-hyun as first chief product officer

Pinda has appointed Ahn Joong-hyun (안중현), a former vice president at Nexthurs, as its first chief product officer, the company said on Wednesday. Ahn has about 20 years of experience in the finance and IT industries, spanning commerce, internet-only banks, financial platforms and blockchain. Pinda plans to use financial data accumulated through its loan comparison service and AI to enhance services from product search to execution and management.