독일의 핀테크(Fintech)의 現狀과 規制 - 대출형 크라우드(Crowdlending)에 대한 법적 쟁점을 중심으로 -

Over several years, the reliance on financial technology(Fintech) in the financial transaction has created market opportunities for investors, creditors and lenders. There is still no clear definition of the concept of a fintech or fintech industry or fintech companies. Combining the words “financial companies” and “technology”, fintech companies are commonly understood to be young start-ups or undertakings that provide specialized and in particular customer-oriented financial services using technology-based systems. Fintech is the term used to denote the various sectors of technology-enabled financial innovation. From the perspective of investors, creditors, and lenders, crowdfunding is most interesting type of Fintech. Crowdfuding is a type of financing which is usually raised over internet platforms, and a mechanism whereby a large number of investors of lenders provide funding for a business, usually via an internet platform. Crowdfunding exists in multiple forms, from donations to rewards to loans to equity investments: donation-based crowdfunding, reward-based crowdfunding, lending-based or loan-based crowdfunding(crowdlending), and equity-based crowdfunding. While Korean Capital Market Act stipulates the equity-based crowdfunding, there is no specific rules on crowdlending. Crowdlending refers to the brokering of a lean over an internet services platform between a customer(the borrower) and a credit institution(the lender). In Germany, legal issues are dealt concerning crowdlending, especially by the German financial regulator, Bundesanstalt für Finanzdienstleistungsaufsicht; BaFin. In Korea, some legal issues on the crowdlending are to be crystallized clearly by comparative analysis of the ones in Germany, where the issues relevant have been more hotly debated. This article focuses on the authorization requirements and the legal relationship among relevant persons; the brokerage between borrowers and investors, loan agreement between a credit institution and the borrower, and internet services platform and the intermediary.