FSC Chairman Kim Joo-hyun presided over a meeting with officials from the FSS and the Korea Financial Telecommunications & Clearings Institute as well as with heads of major banks and platform businesses on May 12 to discuss the progress in the development of online one-stop loan transfer platform which is scheduled to be launched on May 31. Once it becomes available, borrowers will be able to switch their existing loans issued by 53 financial institutions at lower interest rates via online platforms. Financial institutions will be able to choose their partner platforms through which they will offer new loan products to consumers. During the meeting, Chairman Kim stressed the importance of the underlying purpose of developing online one-stop loan transfer platform, which is encouraging digital transformation and promoting competition in the financial industry and boosting convenience for consumers. Although online loan comparison services are currently available in other countries, launching an integrated platform service that makes transferring loans between financial institutions possible will be the first in the world.