Coupang Financial under scrutiny over high-interest loans to third-party sellers

Coupang Financial, the financial arm of Coupang, is facing mounting scrutiny after Financial Supervisory Service (FSS) Gov. Lee Chan-jin publicly criticized the company, Monday, saying its high-interest loans to third-party sellers with rates nearing 19 percent annually are “difficult to justify." The financial watchdog is examining whether Coupang Financial violated relevant laws, focusing on the structure of the controversial loan product and compliance with disclosure requirements. The FSS has completed an on-site review and is now discussing whether to launch a full-scale inspection. “This case could be viewed as unfair practices from a business ethics perspective,” Lee told reporters. “The company appears to have arbitrarily applied an interest rate calculation that is difficult to justify, ultimately giving the impression of excessive profit-taking.” He added that his agency is “moving toward a formal inspection after conducting a detailed on-site review.” Coupang has been mired in multiple controversies, including a data breach and allegations that it covered up deatWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times