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Manila Bulletin devider Business devider The Stock Market devider SEC shuts down Fuse Lending, suspends Sumulong Financing over violations

SEC shuts down Fuse Lending, suspends Sumulong Financing over violations

Published Aug 11, 2025 12:00 am
The Securities and Exchange Commission (SEC) has ordered Fuse Lending Inc. to stop its unlicensed lending operations while suspending Sumulong Financing for failing to get approval for its business plan.
The Commission said it has issued a cease and desist order (CDO) against Fuse Lending for its malicious use of the former corporate name of Fuse Financing, Inc. to operate a lending business without the necessary license from the Commission.
In an order dated July 31, the SEC Financing and Lending Companies Department (FinLend) directed Fuse Lending, including its owners, operators, agents, and any and all persons claiming and acting on their behalf, to immediately cease and desist from promoting and facilitating any lending activity or transaction.
The issuance of the CDO stemmed from a report by Fuse Financing, Inc., the official financing arm of mobile payment services GCash, which flagged a suspicious website that allegedly uses its former corporate name.
“We would like to advise that FUSE FINANCING INC. is the sole legitimate lending arm of GCash. It is NOT connected to the fraudulent group ‘Fuse Lending,’ recently halted by the SEC,” the lending firm said.

“Fuse Financing Inc. is FULLY operational and SEC-registered. Its products and services are only accessible through the GCash App. We remain committed to full legal compliance, transparency, and the highest standards of integrity in all operations,” it added.
Fuse Financing Inc. formally updated its registration and license on Jan. 30, 2025.
But upon investigation, FinLend found that Fuse Lending is not registered as a corporation, partnership, or one-person corporation, and has not secured a secondary license to operate a lending company from the Commission.
“Given [Fuse Lending’s] continued operation of the lending website, the Commission finds [that] the issuance of a [CDO] is necessary not only to penalize the [company] but also to prevent fraud, injury, or harm to the public and financial consumers,” the order read.
Meanwhile, the SEC has suspended the certificate of authority of Sumulong Financing Inc., doing business under the names GoPeso, Fast Peso, and Fundly, to operate as a financing company for 60 days.
In an order dated Aug. 1, the SEC Financing and Lending Companies Department (FinLend) directed Sumulong Financing to stop the operations of its online lending platform (OLP), Fundly, for failing to secure the requisite approval of its amended business plan.
The operation of the OLP constitutes a violation of SEC Memorandum Circular No. 3, Series of 2022, which requires the prior approval of the Commission before a material change to a financing company’s business plan may be implemented.
“[T]he application to amend the business plan [of Sumulong Financing] is still under evaluation…and [the company] understands that it has not yet obtained the Commission’s approval. Therefore, the operation of the OLP ‘Fundly’ is a clear violation of MC [3],” the order read.
FinLend further found the company to have violated SEC Memorandum Circular No. 5, Series of 2023, which requires the inclusion of the contact information of the financial service provider’s internal complaints handling unit in its official communications materials.
In addition to the suspension of its financing license, FinLenD also imposed a penalty of ₱10,000 on the company.

Related Tags

Securities and Exchange Commission Fuse Lending Inc. Sumulong Financing Inc.
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