The Financial Supervisory Service is discussing cooperation plans with Naver (NAVER) and Kakao to block illegal online private lending ads. Under the plan, once the Financial Supervisory Service (FSS) identifies and notifies them of illegal private lending ads, Naver and Kakao will directly block them.
According to the financial authorities on the 19th, after the Financial Supervisory Service (FSS) identifies illegal private lending ads through investigations and tips and informs Naver and Kakao, they are reviewing a plan under which those companies would verify and delete the ads. The FSS aims to block illegal private lending ads within seven days through this cooperation.
The reason the Financial Supervisory Service (FSS) is strengthening cooperation with Naver and Kakao is that the Broadcasting Media Communications Deliberation Committee, which has the authority to block illegal online ads, had until recently been effectively shut down for an extended period. As significant time was required to block illegal private lending ads by requesting action from the committee, the FSS chose to work directly with platform operators to swiftly remove the ads.
Launched at the end of September last year to replace the Korea Communications Standards Commission, the Broadcasting Media Communications Deliberation Committee has the authority to demand corrective measures such as deleting illegal information and blocking access. The committee consists of nine members: three designated by the president, three recommended by the National Assembly speaker, and three recommended by the National Assembly's Science. ICT. Broadcasting. and Communications Committee. The three presidential designees were filled late last year. Under current law, the committee decides agenda items with a majority of incumbent members present, but with only three members in place, it could not even convene. The nine-member committee was finally completed on the 11th of this month.
The FSS is estimated to detect more than 100 illegal private lending ads per day. However, as no meetings were held after the committee was formed, illegal private lending ads that the FSS requested to be blocked since June last year were reportedly not properly blocked. Even after the committee's lineup is completed, it is said to take more than 40 days to block illegal private lending ads.
Without going through the committee, it is not possible to block illegal private lending ads across all platforms. The FSS believes that cooperating with Naver and Kakao, the top players in Korea's internet market, will allow most ads to be blocked quickly. An FSS official said, "We are also considering expanding cooperation with other relevant agencies to block illegal private lending ads."