Press Releases - Financial Services Commission

Press Releases

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Oct 30, 2019

Open Banking Launched in Banking Sector

The open banking system will be pilot-launched in the banking sector on October 30. During the pilot-run period, the government will conduct a comprehensive assessment of the system and make adjustments if necessary before opening the system to fintech firms on December 18.At first, open banking will be offered by 10 banks, and gradually expanded to the other 8 banks as well as fintech businesses.BACKGROUNDThe government recognized that financial payment services and data sectors have a significant potential for innovation, and announced on February 25 this year its plan to establish an open banking system, which would allow fintech firms’ access to banks’ payment network through open API initiatives.KEY FEATURESLower transaction fees and enhanced user convenience► The current fee of KRW400 to 500 per transaction will be lowered to about KRW40 to 50 for large service providers, and KRW20 to 30 for small- and medium-sized firms. ► Bank customers can choose any mobile banking application to manage all their accounts in a single application without having to use separate applications for different banks.Ensuring security and protection for consumers► Fintech firms attempting to participate in the open banking system are subject to a security check by the Financial Security Institute.► The storage capacity of the current operating system will be upgraded from 4TB to 60TB before the system becomes open to fintech firms, and a 24-hour Fraud Detective System will closely monitor fraudulent activities and automatically shut down suspicious transactions.EXPECTATIONThe government expects that open banking will boost innovation and competitiveness in the financial sectors by introducing a comprehensive financial service platform, allowing fintech businesses to adopt open banking, and improving user experience for consumers.The lowered entry barrier for fintech firms will lead to the provision and development of better services tailored to the needs of consumers at
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Oct 29, 2019

Government to Strengthen Financial Cooperation with ASEAN and India

FSC Vice Chairman Sohn Byungdoo met with envoys from the Association of Southeast Asian Nations member countries and India on October 28, and held talks on ways to further develop the financial industry in the region and increase cooperation.At the meeting, Vice Chairman Sohn Byungdoo said that the FSC will increase cooperation with financial authorities in the ASEAN countries, support establishment and operation of foreign financial firms in Korea, and work to boost cooperation on financial infrastructure development.Vice Chairman Sohn added that he hoped that Korea’s financial infrastructure and its advanced fintech industry will serve as a catalyst for improving financial inclusiveness and further integration of the ASEAN region.The meeting was held prior to the upcoming commemorative summit between Korea and ASEAN, which will be held on November 25-26 in Busan. The government expects that the next month’s special summit will serve as an opportunity to deepen relations between Korea and ASEAN, and pave the way for realizing President Moon Jae-in’s New Southern Policy.
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Oct 18, 2019

FSC Tightens Regulation on Violation of Short-selling Rules

The FSC introduced a revised measure to strengthen regulation on the violation of short-selling rules on October 17.As a follow-up measure to improve the stock trading system, the proposed revision to the operational rules on capital market investigation establishes a new standard to impose penalties for illegal short-selling activities.Currently, illegal short-sellers are fined KRW 60 million multiplied by differential penalty ratio depending on the gravity of the consequence and the intent of such violations. The proposed revision raises the current imposition ratio by 5 to 15 percentage points.The government also established a regulatory basis to impose an additional penalty of up to 50 percent if the violation is found to have been involved in unfair transactions.The revision will take effect in the first quarter of 2020 following the notice period between October 17 and November 26.
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Oct 15, 2019

FSC Receives Three Applications for Internet-only Bank License

The FSC announced that Toss Bank consortium, Soso Smart Bank and Familia Smart Bank have submitted their applications for preliminary license to operate internet-only bank. The FSC will approve preliminary license for internet-only banks in December this year. The Financial Supervisory Service will conduct a review of applications from October to December.
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Sep 26, 2019

FSC Proposes Measures To Promote Venture Capital

FSC Chairman Eun Sung-soo unveiled measures to boost venture capital investment in innovative business at a meeting with executives from securities, asset management and venture capital companies. The measures include the introduction of a Business Development Company (BDC) and diversification of fundraising channels with exclusive private offerings for professional investors and small-scale public offerings. The FSC will announce finalized measures in October and submit a proposal to amend the Financial Services Investment and Capital Markets Act (FSCMA) to the National Assembly in the fourth quarter of 2019.Proposed Measures► INTRODUCTION OF BUSINESS DEVELOPMENT COMPANY (BDC):▪ Business Development Company (BDC) is a collective investment vehicle which raises funds from investors to be listed on the KRX and then invest in unlisted companies.▪ The BCD is required to invest more than 60% of its total assets in unlisted, KONEX-listed, KOSDAQ-listed companies (whose market capitalization of less than KRW200 billion) or SME venture investment funds.▪ Securities, asset management and venture capital companies that meet certain requirements1 will be granted a license to operate a BDC.▪ A minimum capital of KRW20 billion is required to establish a BDC. The operator of a BDC is required to hold 5% or more of its total equity investment.▪ The BDC is allowed to leverage up to 100% of its net assets, increase capital and provide management advisory services.► DIVERSIFICATION OF FUNDRAISING CHANNELS:▪ Private offering channels will be expanded with a new track exclusive for professional investors, which allows to attract subscribers through public recommendation and general advertisement.▪ The maximum amount of fundraising via a small public offering, currently KRW1 billion, will be increased to KRW3 billion in Tier 1 and KRW10 billion in Tier 2. For Tier 2, additional investor protection measures will be required (e.g. investment cap for general investors, r
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Sep 16, 2019

Electronic Securities System Launched

Korea’s electronic securities system was launched on September 16, 2019.1 Under the new system, securities of listed stocks and bonds are required to be issued and circulated electronically.“It will open a new era for digitization of securities, making a historic transition to a paperless system in 45 years since the securities depository system was adopted in 1974,” FSC Chairman Eun Sung-soo said at an event celebrating the official launch of the electronic securities system.Korea’s stock and bond markets have been growing with the development of the Korean economy. The daily transaction of listed stocks amounts to KRW11 trillion, or1.4 billion shares, while the amount of bond trading is KRW8 trillion per day.2 The current securities depository system facilitated the circulation of securities, contributing to the growth of securities transaction and the development of Korea’s capital markets. However, the current system fell short of eliminating inefficiencies in the issuance of securities and the exercise of rights as it still requires the presence of physical securities.The Electronic Securities Act was established in 2016 to eliminate such inefficiencies and promote transparency in securities transaction. The electronic securities system will shorten procedures for the issuance of securities, making it easier for companies to raise funds in capital markets. It will also help investors exercise their rights, better informed of distribution of divided or capital increase. The electronic system will make it possible to build up big data on the issuance and circulation of securities, enabling fintech innovation using such data. Transparency in capital markets will be enhanced. Under the electronic securities system, information about the ownership and transfer of securities rights will be recorded electronically, which will eliminate risks of counterfeit or theft of securities or prevent tax evasion.Chairman Eun asked the Korea Securities Depository (KSD)
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Sep 05, 2019

FSC Reforms Large Shareholding Reporting Rules

The FSC plans to amend large shareholding reporting requirements under the so- called ‘the 5% rule’ in an effort to support institutional investors’ shareholder activities.BACKGROUNDThe 5% rule is intended to ensure fairness and transparency in the securities market by disclosing information about concentration of shareholdings in listed companies. Under the 5% rule1, a person who holds 5% or more of the equity securities of a listed company or who thereafter changes its holdings by 1% or more in the company must file a report with the FSC and the KRX within five days from the date of such changes. The reporting deadline is extended for institutional investors whose shareholding purpose is not intended to exercise influence over the company’s management. They are also allowed to submit a simple report.As institutional investors increasingly engage in shareholder activities with the adoption of the stewardship code2, there are calls for reforms to the 5% rule. Growing shareholder activism in regard with a company’s dividend policy or corporate governance makes it difficult to draw a clear line between activities with the purpose of ‘exercising influence over the management’ and those without such purpose.Institutional investors are concerned that their shareholder activities might be led to unintended violation of the 5% rule, as the scope of “exercising influence over the management” under the current rule is defined broadly and ambiguously.Against this backdrop, amendments are intended to clarify the scope of shareholder activities to “exercise influence over the management” and apply differential reporting requirements according to shareholding purpose.AMENDMENT PROPOSAL1. CLARIFICATION ON THE SCOPE OF EXERCISING INFLUENCE OVER THE MANAGEMENTThe scope of shareholder activities intended to exercise influence over the management, subject to the requirement of a detailed report within five days, is to be clarified and narrowed. Followings are to
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Sep 04, 2019

Guidelines on Financial Companies' Investment in Fintech Business

The FSC announced Guidelines on Financial Companies’ Investment in Fintech Business to facilitate financial companies’ investment in fintech business.KEY PROVISIONSScope of investmentThe guidelines expand the scope of fintech business in which financial companies are allowed to invest by adopting a negative list approach and recent trend in technology and regulatory environment:▪ [NEW TECHNOLOGY] innovative technology business – e.g. artificial intelligence (AI), Internet of things (IoT); data business; and ICT technology business needed in the operation of financial business▪ [FINANCIAL INNOVATION ACT] innovative financial service provider accepted into the FSC’s regulatory sandbox or designated fintech firms to operate business commissioned by financial firms▪ [NEGATIVE LIST APPROACH] fintech business recognized by the FSC with its innovative digital technology and contribution to the financial sector and consumersProcedural periodTo expedite regulatory approval process, the guidelines require financial regulators to reply within 30 days whether such investment is approved or not.Ancillary businessCurrently, ancillary business that financial firms are allowed to operate is limited to one directly related to their primary business. The guidelines make it clear for financial companies to operate fintech business as ancillary business once they are allowed to invest in such fintech business.Immunity from penaltyIf financial firms make loss in fintech investment, they will be granted mitigation or immunity from penalty unless such loss was incurred intentionally or out of gross negligence.IMPLEMENTATION SCHEDULEThe guidelines are to be implemented from October 2019 on a temporary basis for two years on condition that relevant regulatory changes will be made in the meantime.
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Aug 13, 2019

Pool of Professional Investors to be Expanded

Amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act (FSCMA) were approved at a cabinet meeting on August 13, 2019.As part of the government’s capital market reform efforts, the amendments are to expand a pool of professional investors and open a new trading venue, called ‘K- OTC Pro,’ exclusive to professional investors to trade unlisted equity securities. The amendments are aimed at encouraging professional investors, well aware of investment-related risks and able to afford such risks, to play an active role in funding innovative start-ups and SMEs.MAJOR CHANGESI. POOL OF PROFESSIONAL INVESTORS TO BE EXPANDEDThe FSC eased requirements for individual investors to be registered as ‘professional investors’ and streamlined the registration procedures.Previously, ‘professional investors’ were required to satisfy two criteria at the same time: loss-absorbing ability and investment experience. The amendments divide tracks to be registered as ‘professional investors’ in two categories for (i) individual investors without financial expertise and (ii) individual investors with financial expertise.1(Track1) Individual investors without financial expertiseGeneral investors without financial expertise are still required to meet both criteria of loss-absorbing ability and investment experience. Instead, thresholds for each criterion are eased as follows:►(INVESTMENT EXPERIENCE)2 Investors are required to maintain a financial investment account with a minimum balance of KRW50 million for at least one year within the most recent five years.►(LOSS-ABSORBING ABILITY)3 Investors are required to meet a minimum annual1 With eased requirements for ‘professional investors,’ the number of ‘professional investors,’ currently about 1,950 as of end-2018, is expected to increase to approximately 370,000 to 390,000.2 Previously, a minimum balance of KRW500 million was required.3 Previously, a minimum annual income of
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Aug 08, 2019

Implementation Plan for Margin Requirements for Non-centrally Cleared OTC Derivatives

The FSC announced its adjusted schedule to implement initial margin requirements for non-centrally cleared derivative transactions in accordance with internationally- agreed standards:► Initial margin requirements for financial institutions with derivatives of KRW70 trillion or more will be implemented from September 1, 2020 as scheduled, while the implementation for those with derivatives of less than KRW70 trillion will be delayed until September 1, 2021.► The FSC will also propose a bill on margin requirements for non-centrally cleared OTC derivative transactions as the relevant guidelines by the Financial Supervisory Service (FSS) are due to expire in August 2020.Background Global discussionIn the aftermath of the global financial crisis of 2018, the G20 countries agreed to a series of reform proposals to enhance stability and transparency in OTC derivative markets.As part of such reform efforts, the Basel Committee on Banking Supervision (BCBS) and International Organization of Securities Commissions (IOSCO) published a final report on margin requirements for non-centrally cleared OTC derivatives in September 2013, aimed at reducing a systemic risk and promoting central clearing of OTC derivatives.In the detailed framework announced in March 2015, the BCBS and IOSCO set differential implementation schedules according to the amount of non-centrally cleared OTC derivatives in order to give enough time to prepare for the new regime of margin requirements.On July 23 this year, the BCBS and IOSCO announced a postponement of implementation of initial margin requirements for financial institutions with non- centrally cleared derivatives of less than €50 billion, originally scheduled to come into force in September 2020, until September 2021. The one-year postponement is intended to ease the impact of the new rules on smaller financial institutions and give financial supervisory authorities enough time to prepare for domestic implementation. Domestic progressKore
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Aug 06, 2019

FSC Vice Chairman's Remarks on Domestic Financial Market Conditions

FSC Vice Chairman Sohn Byungdoo held a meeting with financial investment experts on August 6th to review the current conditions of Korea’s stock markets and discuss measures to mitigate short-term shocks.Vice Chairman’s remarksCurrent condition of domestic and global financial marketsKorea’s financial markets experienced volatility yesterday due to multiple domestic and external factors. Such trend is not confined to Korea, however, as global financial markets fluctuated as well due to multiple reasons such as: expectations that the U.S.- China trade dispute would be prolonged; concerns on sluggish global growth; and uncertainties regarding the U.S. rate cut. Domestically, Japan’s trade measures, major exporters’ worsened profit, and MSCI rebalancing posed additional impact.Moreover, China’s yuan weakened pass the psychological threshold of 7 RMB against the dollar, resulting to an increased volatility in won-dollar exchange rate. Announcement that the U.S. labeled China as a currency manipulator deepened concerns that the bilateral trade dispute would spillover to currency issues, resulting to a sharp drop in major stock markets such as Japan (↓2.7%) and Australia(↓3.0%).Measures to stabilize domestic financial marketsWorsened investor sentiment due to increased uncertainties is analyzed to have resulted in such stock market volatility.However, Korea’s financial markets are maintaining solid fundamentals1 after overcoming the 2008 global financial crisis and financial market turmoil in 2016 resulting from Brexit uncertainties.Moreover, there has been no overshoot in Korea’s stock markets even in times of global liquidity expansion. Korea’s stock markets are tend to be undervalued despite that price book-value ratio(PBR)2 is relatively low compared to global stock markets.1 Foreign exchange reserve($billion): (’97)20.4, (’08)239.7, (July,’19) 403.1Short-term external debt(%): (’97)286.1, (’08)84.0, (Mar,’19) 31.6CDS(5 yrs, bp): (end
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Aug 03, 2019

Government To Provide Financial Support For Companies Affected by Japan's Export Restrictions

FSC Chairman Choi Jong-ku convened an emergency meeting with officials from relevant organizations and banks to discuss financial support for companies that are affected by Japan’s decision to remove Korea from its ‘white list.’The government will put all-out efforts to minimize any possible impact of Japan’s export restrictions on the Korean economy and companies. As part of such efforts, the government will provide “swift and sufficient financial support” for companies that could be affected by Japan’s export restrictions.The measures include rolling over maturing loans, providing fresh loans of KRW6 trillion and financing long-term investments in the material, component and equipment industries.► State-run financial institutions1 will offer a one-year extension of maturity for outstanding loans and guarantees. The measure is intended to reduce debt repayment burden for companies that import items subject to Japan’s tightened export controls.► State-run financial institutions will provide fresh loans of KRW6 trillion to help stabilize affected business operations and diversify their supply chains.► State-run financial institutions will finance long-term investments in manufacturing facilities, RD and to strengthen competitiveness of Korea’s material, component and equipment industriesThe FSC launched an emergency response taskforce with the FSS and relevant organizations. The taskforce is responsible for monitoring business situations and providing financial support in a timely manner.At the same time, the FSC will keep closely monitoring financial market conditions and take necessary actions, if needed, to secure financial stability.
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Jul 25, 2019

Sixth Batch of Financial Service Providers Designated as 'Innovative Financial Services' for FSC's Regulatory Sandbox

FSC Chairman Choi Jong-ku convened an emergency meeting with officials from relevant organizations and banks to discuss financial support for companies that are affected by Japan’s decision to remove Korea from its ‘white list.’The government will put all-out efforts to minimize any possible impact of Japan’s export restrictions on the Korean economy and companies. As part of such efforts, the government will provide “swift and sufficient financial support” for companies that could be affected by Japan’s export restrictions.The measures include rolling over maturing loans, providing fresh loans of KRW6 trillion and financing long-term investments in the material, component and equipment industries.► State-run financial institutions1 will offer a one-year extension of maturity for outstanding loans and guarantees. The measure is intended to reduce debt repayment burden for companies that import items subject to Japan’s tightened export controls.► State-run financial institutions will provide fresh loans of KRW6 trillion to help stabilize affected business operations and diversify their supply chains.► State-run financial institutions will finance long-term investments in manufacturing facilities, RD and to strengthen competitiveness of Korea’s material, component and equipment industriesThe FSC launched an emergency response taskforce with the FSS and relevant organizations. The taskforce is responsible for monitoring business situations and providing financial support in a timely manner.At the same time, the FSC will keep closely monitoring financial market conditions and take necessary actions, if needed, to secure financial stability.
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Jul 24, 2019

FSC Approves Kakao's Holding of 34% Stake in KakaoBank

The FSC approved a resolution at its regular meeting on July 24, 2019 that allows Kakao to hold a 34% stake in KakaoBank.※ Under the Special Act on Internet-only Banks, non-financial companies including ICT firms are permitted to hold shares a maximum 34% of shares with voting rights.The FSC judged Kakao qualifies for owning a 34% stake in a digital bank, satisfying all the criteria under the Special Act including financial soundness, social creditworthiness and its business proportion in the ICT sector.
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Jul 18, 2019

Special Judicial Police launched for Investigation of Unfair Trading Activities in Capital Markets

A special judicial police squad for investigation of unfair trading activities in capital markets was launched on July 18, 2019. The newly-created squad comprises 16 special judicial police officers - one FSC public official and 15 FSS employees, designated by the chief prosecutor of the Seoul Southern District Prosecutors Office on the recommendation by the FSC Chairman. The special judicial police will handle capital markets unfair trading cases under the command of Seoul Southern District Prosecutors Office, among those referred to the Prosecutors Office as fast-track cases designated by the Chairman of the Securities and Futures Commission (SFC). In order to ensure due process, the designated special judicial police officer should follow prosecutors directions in their overall duties including compulsory investigations. Upon the closure of an investigation, the Prosecutors Office will inform SFC Chairman of investigation results. * Please refer to the attached PDF for details.
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Jul 18, 2019

FSC Chairman's Remarks on Financial Market Conditions amid Concerns over Japan's Export Curbs

FSC Chairman Choi Jong-ku briefed the press on recent financial market conditions amid rising concerns over any possible effect of Japan’s export curbs on Korea’s financial market. The briefing came as some local media reports voiced concerns that Japan’s export restrictions may escalate into retaliatory measures in the financial sector.Chairman Choi reaffirmed that even if such a scenario became a reality, albeit highly unlikely, the effect would be limited, citing the following reasons:(i) Japan does not represent a significant share of foreign capital in Korea’s financial market.- Japan accounts for 2.3% (KRW13 trillion) and 1.3% (KRW1.6 trillion) of foreign capital in Korea’s equity and bond markets respectively, as of end-June 2019.(ii) Korean banks are maintaining good credit standings so that they are capable of financing from other alternative sources in international financial markets.- Korean banks’ borrowings from Japan amount to USD9.26 billion (KRW10.6 trillion), which accounts for 6.6% of total foreign currency borrowings (as of end-June 2019).- Korean banks’ FX liquidity coverage ratio (LCR) is 111.2% as of June 2019, well above the minimum regulatory requirement of 80%.- Foreign currency surplus amounts to USD29.2 billion, which is higher than the amount of foreign currency borrowings (USD25.5 billion) maturing in three months.(iii) Korea’s foreign currency amounts to USD402 billion, which is the 9th biggest in the world (as of May 2019).The government will keep closely monitoring ongoing situations and remain vigilant with contingency plans in place against any possible scenario
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Jul 17, 2019

FSC to Resume Procedures to Approve Additional Digital Banks in Korea

The FSC announced its plan to resume a new round of procedures for granting preliminary approval for additional digital banks in Korea.Earlier this year, the FSC intended to approve one or two additional digital banks under the Special Act on Online-only Banks, which allows non-financial companies to own a 34% stake in an online-only bank. However, the FSC granted no preliminary approval to either of the two applicants – Kiwoom and Toss – in last May as both fell short of the evaluation committee’s standards.Against the backdrop, the FSC decided to resume a new round of procedures to live up to the purpose of the special legislation on online-only banks and continue a momentum of policy initiatives for Korea’s innovation-led growth.As initially announced, the number of new digital banks will be one or two, given the level of competition in the banking sector and the examples of other major economies.PROCEDURAL IMPROVEMENTSHowever, in order to ensure more effective evaluation, some operational changes will be made in procedures from application to operation of the evaluation committee.► The FSS will provide applicants with consultation over the whole process of application to help them better informed.► If necessary, the chairman of the evaluation committee will be attending FSC meetings to explain evaluation criteria so that FSC commissioners could have in- depth discussions and reviews on the committee’s evaluation results.► Applicants will be given enough opportunities to express their opinions during the evaluation committee’s evaluation process.SCHEDULE► Application period: 10th October ~15th October, 2019► Announcement of preliminary approval: within 60 days upon the date of application► Announcement of official approval: within one month upon the date of application for official approval
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Jun 26, 2019

FSC to Ease Listing Rules for Tech Start-ups & Scale-ups

The FSC approved amendment proposals by the KRX to ease listing regulations on Kospi and Kosdaq to facilitate IPOs of innovative tech start-ups and scale-ups.I. Listing review standards to be tailored to sector-specific factors (KOSDAQ)Despite a series of deregulatory measures to facilitate IPOs of innovative start-ups, standards for listing review are still mainly focused on current business and market status, making it difficult for tech start-ups with growth potential to list on KOSDAQ.Against this backdrop, differential standards for listing review will apply across sectors to better reflect sector-specific conditions, particularly high-tech and bio-tech sectors in the fourth industrial revolution. The focus of listing review will be on innovativeness and potential value of technology.(i) Industry 4.0 sectors► subject: 152 strategic items in 20 sectorsdesignated by the Ministry of SMEs Startups► qualitative review standards to be focused on innovativeness(ii) biotech sector► subject: bio-tech companies to be listed via special tracksbased on their technology innovativeness and growth potential► technology evaluation criteria to be further detailedII. Rules to designate administrative issues to be eased for biotech companies (KOSDAQ)Currently, bio-tech companies listed on KOSDAQ via a special track for tech companies are designated as administrative issues if such company’s total revenue is below KRW 3 billion in 5 years after listing. To meet such revenue requirement, biotech companies are often forced to reduce RD activities, consequently undercutting their growth potential.Against this backdrop, the revenue requirement will be eased for biotech companies suffering from temporary drop in revenue. Even if a biotech company’s revenue in the latest business year falls short of KRW3 billion, it will not be designated as an administrative issue if its total revenue in the recent three years is KRW9 billion or more.Biotech companies which qualify for cert
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Jun 26, 2019

FSC Identifies D-SIBs for 2020

The FSC identified five bank holding companies as domestic systemically important bank holding groups, and their subsidiary banks as domestic systemically important banks (D-SIBs) for 2020: Shinhan Financial Group (Shinhan Bank), Hana Financial Group (Hana Bank), KB Financial Group (Kookmin Bank), NH Financial Group (NongHyup Bank), Jeju Bank and Woori Financial Group (Woori Bank). Woori Financial Group is newly added to the list for 2020.Those identified as D-SIBs will be required to set aside an additional capital surcharge of 1% in 2020.* Please refer to the attached file for details.
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Jun 26, 2019

Fifth Batch of Financial Service Providers Designated as 'Innovative Financial Services' for FSC's Regulatory Sandbox

The FSC designated additional five financial service providers as ‘innovative financial services’ to be accepted into financial regulatory sandbox. As of June 26, 37 services are approved to be tested in the financial regulatory sandbox.Overview of designated innovative financial services1. An online shopping platform on which a consumer can purchase mobile prepaid coupon at a discounted rate to pay insurance fee for NongHyup Direct Insurance products. (NongHyup Property Casualty Insurance)2,3. A blockchain-based decentralized identifier (DID) service that simplifies ID verification procedures when a consumer opens an account through non-face-to- face ID verification. (Iconloop, Fount)4,5. A loan brokerage service that provides accurate information and comparison of different loan products offered by various financial firms. (MoneyLaps, Rainist)
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