KIBO to Operate 'Intensive Reporting Period for Unfair Third-Party Intervention'... National Police Agency Joins Crackdown

Reporting reward raised from KRW 400,000 to KRW 600,000

The Korea Technology Finance Corporation (KIBO) announced on November 11 that it will operate a “集中 Reporting Period for Unfair Third-Party Intervention” through December 8, aiming to eliminate unfair third-party intervention in the process of providing policy financing.

The reporting period will be held simultaneously by four policy-financing institutions under the Ministry of SMEs and Startups, following discussions at the seventh meeting of the “Task Force on Addressing Unfair Third-Party Intervention,” held on November 5. This is the second time the period has been conducted, following its launch in June. The Korean National Police Agency will also participate for the first time, stepping up inspections and enforcement against illegal brokers.

To encourage reports, KIBO has raised the quick small-report reward from KRW 400,000 to KRW 600,000 for the duration of the reporting period. The reward will be paid to people who submit specific details and credible evidence to the Illegal Broker Reporting Center. KIBO will also operate a voluntary disclosure immunity program to review whether to grant immunity to companies that report their own involvement in unfair third-party intervention.

KIBO also plans to improve its systems to prevent unfair third-party intervention. It will simplify the guarantee application process, including by minimizing the information customers must enter themselves, and make improvements so that customers who are not familiar with digital technology can also apply for guarantees easily.

“KIBO will continue to do its utmost to create a fair and transparent financial support environment so that companies can use policy financing without undue third-party intervention,” said Lee Jong-hyuk, executive director of KIBO.

This content was produced with the assistance of AI translation services.