FSC Standing Commissioner Kwon Dae-young held a meeting with P2P (peer-to-peer) lending businesses and relevant institutions on November 23 to review recent trends in the industry and discuss ways to promote sound development of the P2P lending industry in the future. In his opening remarks, Standing Commissioner Kwon talked about the importance of P2P lending, especially in times of difficult economic situations, as P2P lending firms supply mid-interest rate loans to lower-income individuals and SMEs. In order to promote sound development of the P2P lending industry, Standing Commissioner Kwon said that there needs to be policy efforts to help alleviate their difficulties such as the tough borrowing conditions in the wake of interest rate hikes and declining investor confidence.