The Securities and Exchange Commission (SEC) has ordered seven online lending operators to cease operations after they were found to be operating without proper registration.
The Securities and Exchange Commission (SEC) has intensified its campaign against erring online lending companies, filing criminal charges, issuing cease and desist orders, imposing hefty penalties, and revoking licenses in a string of enforcement actions throughout July.
The SEC said the public is being deceived by the manipulated videos and audio recordings of Gokongwei into investing in an electronic platform registered in Nicosia, Cyprus.
The regulations aim to oversee the marketing, issuance, and trading of crypto-assets, and the registration and operation of entities offering crypto-related services.
After revoking the registration and license of online lending operator Digido, the Securities and Exchange Commission (SEC) has ordered Hupan Lending Technology and Hi-Fin Lending to stop their operations.
In a statement, Digido said these unauthorized branches were merely “exhibit booths” that were not permanent and therefore “cannot be treated as branches under existing laws and regulations”.
To support the expansion of its six new digital tools, the agency officially inaugurated the SEC Data Center, an in-house facility that hosts its records, applications, and servers.
The number of new companies registered with the Securities and Exchange Commission (SEC) hit an all-time high in 2024, on the back of advanced digital platforms that continue to make doing business easier in the Philippines.
The Securities and Exchange Commission (SEC) has cancelled the lending license of Copperstone Lending, which operates online lending platforms (OLPs) Quickla, Pococash, Blue Peso, Peso Forrest, Moca Moca, Pesobuffet, and Load Cash, for its unfair debt collection practices and its failure to disclose the true and correct terms of loan contracts with borrowers.
