South Korean Regulators to Audit Coupang Financial Unit's High-Interest Loan Products

Deep News01-08

South Korean government officials stated on Thursday that following a preliminary inspection, financial regulators will commence a formal audit next week into the high-interest loan products offered by the financial arm of e-commerce giant Coupang. Coupang Financial has faced criticism for leveraging its market dominance to charge merchants high loan interest rates, prompting the Financial Supervisory Service (FSS) to initiate an on-site investigation into the company starting early last month. According to a source familiar with the matter at the Korean financial authorities, the FSS notified Coupang Financial on Thursday that a formal audit will begin next week. The audit will concentrate on the company's loan program, which offers business loans of up to 50 million won with annual interest rates as high as 18.9%, based on a merchant's sales performance on the Coupang platform. It is understood that during the prior on-site inspection, the FSS identified suspected violations of regulations related to Coupang Financial. FSS Governor Lee Chan-jin previously stated that the company "arbitrarily imposed unacceptable interest rates" to secure "excessive profits."

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