The SEC has cancelled the license of Fynamics, which operates online lending platform Pondo Peso for its repeated failure to comply with reportorial requirements.
Citing data from credit reporting company TransUnion dated March 2021, Sen. Grace Poe said 44 percent of Filipinos have been targeted by digital fraud while fraud attempts against businesses have risen by 31 percent.
SEC chairman Emilio Aquino said the online applications were completed in just one day and as fast as less than two minutes under the Electronic Simplified Processing of Application for Registration of Company (eSPARC).
The SEC released for public comment the draft guidelines on November 19, following the imposition of a moratorium on the registration of new online lending platforms (OLPs) on November 5.
SEC chair Emilio Aquino said the agency is currently crafting new guidelines that will allow online lending and financing companies to better address the needs of borrowers and plug loopholes that give rise to abusive and predatory practices.
The Securities and Exchange Commission (SEC) has launched a new feature in its online company registration system that will allow applicants to complete the process in one day.
Kelvin Lester K. Lee, supervising commissioner of the SEC’s Philifintech Innovation Office (PIO), said regulators have a crucial role in managing the benefits and risks associated with fintech.
The PhiliFintech Innovation Office (PIO), under the SEC’s Corporate Governance and Finance Department (CGFD), will focus on the regulation of the use of fintech, or financial technology, in the Philippines.
The Securities and Exchange Commission (SEC) has revoked the Certificate of Authority (CA) of Familyhan Credit Corporation to operate as a lending company after it engaged in unfair debt collection practices.
The Securities and Exchange Commission (SEC) said it will revoke the licenses of lending and financing companies that continue to fail to register and disclose their online lending platforms (OLP).
