Vice Chairman Kwon Dae-young of the Financial Services Commission presided over a meeting on promoting the growth of online peer-to-peer (P2P) lending businesses with officials from related organizations and industry groups on September 22. At the meeting, officials discussed ways to expand the intermediary function of online P2P lending businesses to better serve the needs of individuals and small businesses with mid-to-low credit scores, seek improvements in the online P2P lending infrastructure to enhance convenience for borrowers, and strengthen the credibility of the online P2P lending sector. In his opening remarks, Vice Chairman Kwon spoke about the unique capacity of online P2P lending businesses to offer services that are differentiated from more traditional types of financial services. In this regard, Vice Chairman Kwon said that financial authorities will implement measures and provide incentives to encourage online P2P lending businesses to boost their supply of credit to individuals and small businesses with mid-to-low credit standing.