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Finance

FSC to formalise online deposit comparison and recommendation, allowing platform broker registration

South Korea\'s Financial Services Commission will move online deposit comparison and recommendation services into the regulatory system by revising supervisory rules under the Financial Consumer Protection Act. Platforms will need to compare and recommend deposit products from at least three financial companies and list them in consumer-friendly order. The rules limit incentives per contract, cap brokering volumes by financial company and expand algorithm verification bodies. The revision will take effect three months after notice, with a six-month grace period for current pilot operators.

Finance

Online investment-linked finance gains momentum for mid-rate loans, expands base to sole proprietors

Online investment-linked finance platforms have expanded credit loans for mid- to low-credit borrowers through linked investments with savings banks and have now laid the groundwork to lend to sole proprietors after further regulatory changes. The measures raise caps on linked investments by financial firms and allow use of a small merchant credit scoring infrastructure. The Financial Services Commission also plans stronger disclosures and external verification to bolster investor protection.

Finance

FSC to expand mid-to-low credit lending by online investment-linked finance, raise investment limits

South Korea\'s financial authorities will raise investment limits and expand linked investment by financial companies to increase lending to mid-to-low credit borrowers through online investment-linked finance. The Financial Services Commission will double the proprietary-fund investment limit for qualifying platforms to 40 percent and lift financial-company linked investment to 50 percent. It will also raise the cap for retail investors to 50 million won and broaden eligible investments.