Accordingly, Naver Financial must understand consumer information when selling loan products, recommend suitable products, and notify them when subscribing to inappropriate products. Violating this will result in a penalty of up to 50% of income.
This is the first time that Naver, which had entered the financial industry through a’bypass strategy’ such as a partnership with financial companies, has entered the target of the Financial Consumer Protection Act.
According to the financial authorities and the financial sector on the 13th, Naver Financial registered as a loan recruitment corporation for Woori Bank on the 22nd of last month. Naver Financial will be in charge of loan consultation and document submission on behalf of Woori Bank. Naver Financial plans to expand small business loans to several financial companies as the’one-company exclusiveism (a system in which loaners handle only one loan product from one financial company)’ has been resolved for online loan recruiters.
The supervisory authority said that Naver Financial is subject to the same regulations as financial companies in accordance with the Financial Consumer Protection Act that went into effect on March 25.
The same is true of Kakao Pay, which provides a’loan comparison service’ by registering as a loan recruiter. Until now, Big Tech has been criticized for being out of regulation while working like a financial company.
However, now Naver and Kakao must adhere to the’Six Sales Principles’ when selling products like financial companies. Naver and Kakao must also be registered as financial product sales agents and brokers by September 25 to continue the loan recruitment business. The requirements for online business registration also included the criteria for’algorithm’.
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