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Manila Bulletin devider Business devider The Stock Market devider SEC suspends Jia Financing for illegal website, undisclosed products

SEC suspends Jia Financing for illegal website, undisclosed products

Published Jul 28, 2025 02:03 pm
The Securities and Exchange Commission (SEC) has slapped a 60-day suspension on Jia Financing Inc. for operating an illegal website and for failure to disclose new loan products and services.
In a statement, the SEC said it has suspended the certificate of authority of Jia Financing operate as a financing company in an order dated July 10.
Under the order, the SEC Financing and Lending Companies Department (FinLend) ordered Jia Financing to take down its website, jia.ph, for being in violation of SEC Memorandum Circular No. 10, Series of 2021 (MC 10), which imposed a moratorium on new online lending platforms on Nov. 5, 2021.
Under MC 10, OLPs are defined as mobile lending applications, websites, and other fintech-enabled programs or systems where the products and services of lending and financing companies are made available.
FinLend also noted that while Jia Financing has submitted a business plan, it failed to disclose that it would operate the website and lend amounts ranging from $50,000 to $200,000 per client, in violation of SEC Memorandum Circular No. 3, Series of 2022 (MC 3).
MC 3 requires all lending companies and financing companies to submit a business plan indicating the company’s loan products and services as well as the applicable pricing parameter.
Failure to comply with the memorandum circulars constitute a violation of the implementing rules and regulations of Republic Act No. 8556, or the Financing Company Act.
“The non-disclosure of these material changes in its operations warrants the suspension of its certificate of authority,” the order read.
Accordingly, FinLenD imposed a penalty of ₱10,000 on the company and ordered the removal of its website.

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