The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as KIBO) announced that it will establish a comprehensive response plan to eradicate unfair third-party intervention in the policy financing process in cooperation with the Ministry of SMEs and Startups, and will begin full-scale implementation on the 13th.
Since late last year, the Ministry of SMEs and Startups has operated a task force to address unfair third-party intervention in policy financing. This task force, comprised of affiliated policy financing institutions, the Financial Services Commission, the Financial Supervisory Service, the National Police Agency, and other relevant organizations, aims to enhance the reliability of the policy financing system. Kibo has revised relevant internal regulations and initiated follow-up measures based on the results of the task force discussions.
The three key tasks being introduced this time are an investigation into the actual state of third-party undue intervention, a reporting reward system, and an immunity system for voluntary reporters.
To identify any undue interference in the application process for guarantees and technology assessments, KIBO is introducing a survey into its online application process. The results of the survey will serve as basic data for system improvement, and respondents' anonymity will be guaranteed.
To encourage reporting, a reward system will be implemented. Small rewards will be given priority for urgent cases, with rewards of up to 2 million won being awarded based on progress toward investigations and convictions.
A system of immunity for voluntary reporters is also in place. If a company involved in a guarantee brokerage voluntarily reports an incident of improper third-party intervention and does not fall under any criminal category under relevant laws, the burden will be alleviated by partially reducing the guarantee restriction and waiving installment repayment agreements.
In addition, to reduce concerns about the identity of the whistleblower being exposed, Kibo has established a separate anonymous reporting channel and has reorganized procedures to ensure that urgent cases can be selected through a fast-track program and quickly requested for investigation.
Through this measure, KIBO aims to proactively prevent undue third-party intervention and strengthen the reliability and fairness of policy financing. Kibo Executive Director Park Joo-sun stated that KIBO will continue its efforts to foster a fair policy financing environment, building on its collaboration with the Ministry of SMEs and Startups.
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