The Online Investment Association has urged the establishment of institutional measures to ensure fair competition as major financial platforms like Toss enter the online investment sector.
On October 14, the association expressed its agreement with concerns raised by lawmakers during a National Assembly audit on October 8 regarding the direct entry of large corporations and financial platforms into the online investment market.
During the audit, Representative Choi Eun-seok of the People Power Party emphasized that the online investment market has been shaped over the past 12 years by the innovation and efforts of financial startups. He called for a comprehensive review of not only the entry of new players but also the market structure and governance of large operators.
Representative Min Byung-deok of the Democratic Party also raised concerns about potential conflicts of interest if a loan brokerage platform operates alongside online investment services. He noted the possibility that such platforms might prioritize their own products or manipulate algorithms to their advantage, likening this dual role to that of a referee and a player.
The Online Investment Association believes that institutional foundations must be established to prevent large operators from limiting consumer choice or undermining fair competition.
Hong Jae-moon, the association's president, stated, "The issues raised during this audit go beyond the entry of specific companies; they concern how to ensure consumer choice and market fairness in an environment where financial product brokerage and supply are combined. For financial innovation to lead to sustainable outcomes, principles must be established to prevent conflicts of interest and ensure fair competition."
* This article has been translated by AI.
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