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Gov't urged to increase ceiling for individual investment in P2P lenders

All Headlines 09:45 January 18, 2018

SEOUL, Jan. 18 (Yonhap) -- A business lobby of peer to peer (P2P) finance firms said Thursday it has asked financial regulators to raise the annual ceiling on individual investment in P2P lenders.

P2P lending refers to a new type of loan extension to individuals or businesses through social network services or the Internet and covers a wide range of services, including loans to startups and self-employed businessmen.

The Korea P2P Finance Association has asked the Financial Services Commission (FSC) to increase the limit to 100 million won (US$93,632) per year from the current 10 million won, an association official said.

The association's proposal also includes raising the ceiling to 400 million won for those who have more than 100 million won in earned income or more than 20 million won in income from interests and dividends annually.

It also calls on real estate project financing firms to announce in public the valuation of mortgage property and progress on construction projects.

The proposal was made as the FSC has been working on a new P2P lending guideline, which expires next month.

"We've coordinated our position with the FSC since December and conveyed our proposal to the FSC on Jan. 11," the official said.

Gov't urged to increase ceiling for individual investment in P2P lenders - 1

hdh@yna.co.kr
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