FSC Vice Chairman Kim So-young gave a briefing on May 30 and announced the opening of the online one-stop loan transfer system from May 31. Establishing an online one-stop loan transfer system has been a key policy agenda of this administration to help alleviate people’s interest payment burdens and promote digital transformation in the financial sector and competition between banks. Beginning on May 31, consumers will be able to use their smartphone apps (MyData-enabled loan comparison platform app or major financial company apps) to search for loans offering better borrowing terms and make a switch from their existing credit loans issued by 53 financial institutions (19 banks, 18 savings banks, 7 credit card companies and 9 specialized credit finance businesses).