The Securities and Exchange Commission (SEC) has ordered three firms -- Peso Tree, Pesoalo, and Pinoy Cash Loan -- to stop offering loans to the public through their online platforms because they lacked the necessary licenses.
The National Privacy Commission (NPC) said it has imposed a ban on the processing of personal data against operators of 26 online lending applications, as part of the agency’s continuing crackdown on online lenders that resort to public shaming of borrowers.
In an Order for Summary Hearing published in three newspapers of general circulation, the NPC is ordering the board of directors behind the lending apps to appear before the agency to attend a summary hearing, submit their Responsive Comment, and present their defense.
There's an estimated 124 fintech lenders in the Philippines comprising of 75 mobile apps, 40 Web-based, and five brick-and-mortar with tech platform. But less than half of these firms are registered with the government.
The National Privacy Commission (NPC) has found three online lending firms -- Fast Cash Global Lending, Unipeso Lending Company, and Fynamics Lending -- liable for violations of the Data Privacy Act.
Over 400 complaints of alleged harassment and shaming by various mobile online lending operators have swamped the National Privacy Commission (NPC) recently, with borrowers crying foul over perceived reputational harm and abuse of their data privacy rights.
