The Securities and Exchange Commission (SEC) said it has cancelled the lending license and corporate registration of Flying Bear Lending Corp., operating as Yopeso, Morepeso and Rapidpeso, over its failure to disclose its online lending platforms (OLPs) to the agency.
Department of Finance (DOF) secretary Benjamin Diokno has urged the Securities and Exchange Commission (SEC) to continue expanding the country’s capital market through digitalization to support economic growth.
Online news website Rappler said it will appeal the order of the Securities and Exchange Commission (SEC) affirming the revocation of its registration because of violation on foreign ownership in mass media.
The SEC’s Electronic Simplified Processing of Application for Registration of Company (eSPARC) will be enhanced to facilitate one-time payment of both SEC and BIR registration fees by the third quarter of 2022.
The combined forces of the SEC Enforcement and Investor Protection Department (EIPD) and PNP’s Anti-Cybercrime Group (ACG) arrested the officers of Decentra while in the act of soliciting investments from the public without the requisite license during a seminar or business presentation in a hotel in Quezon City.
The SEC’s online payment portal has since accepted payments for fees and penalties amounting toP202.32 million from a total of 29,565 transactions, as of June 8, 2022.
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.
