After updating its screening process for online lending apps to help address the proliferation of predatory lending, Google will soon require advertisers offering cryptocurrency exchanges and wallets targeting the Philippine audience to present proof of their registration or license to operate in the country.
The cease-and-desist order was issued after the SEC found that the Astrazion Group has been operating an online multi-level marketing platform where it actively promotes the sale of its digital currency called AZNT Token for 10 cents per token.
In an order issued April 26, the SEC directed Golden Cash, Help Cash, and Grace Cash to stop conducting lending activities without the necessary authorization from the agency and to stop employing abusive collection practices.
The Philippines is one of three countries where Google will implement the additional requirements for developers of personal loan apps, the other two being India and Indonesia.
In an order issued March 22, the SEC directed PesoKwento, Pondo Cash, TBAG, Cash Sky, Loan Cash, and East Cash to immediately cease and desist from engaging in any lending activity until they have incorporated and secured the requisite authorization from the agency.
The Securities and Exchange Commission (SEC) said it has revoked the license of Cashtrees Lending Corporation for launching and operating unregistered online lending platforms (OLPs) amid a moratorium imposed by the commission.
The Securities and Exchange Commission (SEC) has ordered PawisngPinoyOnline Investment to stop soliciting investments from the public through a non-existent product distribution, real estate, and jewelry business.
The Securities and Exchange Commission (SEC) has allowed SeedIn Technology and Eastern Securities Development Corporation to act as crowdfunding intermediaries and operate crowdfunding portals, providing the country’s SMEs with more funding options.
The SEC said the act of “contacting the person in the borrower’s contact list other than those who were named as guarantors or co-makers shall constitute unfair debt collection practice.”
In a joint operation on Feb. 12, the combined forces of the Securities and Exchange Commission (SEC) and the Philippine National Police Anti-Cybercrime Group (PNP-ACG) implemented a warrant to search, seize, and examine computer data in Cashtrees Lending Corporation’s office in Pasig City.
