Chairman Kim Joo-hyun of the Financial Services Commission presided over a meeting with users of the loan transfer service and officials from related organizations and financial companies to commemorate one-year anniversary of launching the loan transfer service and have discussions to seek further improvements on May 29. At the beginning of the meeting, FSC Chairman Kim Joo-hyun praised the successful introduction of loan transfer service—first for credit loans in May 2023 and then expanded to home-backed mortgage loans and jeonse  loans—during the first year of its operation. As a result, Chairman Kim said that about 200,000 individuals were able to use this program to switch their existing loans worth about KRW10 trillion in total for lower interest rates, and on average were able to save about KRW1.62 million a year in interest payments. To continue to meet consumer demands, Chairman Kim said that financial companies need to think beyond just offering lower interest rates and take steps to help improve consumer convenience in accessing and operating loan transfer service, for instance, by offering on-site application process for the elderly to make the program more accessible and inclusive for all.