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Manila Bulletin devider Business devider The Stock Market devider SEC stops operations of 7 unregistered online lending platforms

SEC stops operations of 7 unregistered online lending platforms

Published Aug 25, 2025 03:40 pm
The Securities and Exchange Commission (SEC) has ordered seven online platforms to stop lending-related operations since they are not registered with the Commission.
In separate cease and desist orders (CDOs) dated Aug. 15, the SEC Financing and Lending Companies Department (FinLend) directed Cash Konek, Pesosuki, Yescom Lending-Quick Cash Loan, Peso101-Fast Loans PH, Peso Cow-Mabilis Pera Loan, Swiftloan: Loan App Philippines, and Pera Loan: Fast Cash PH to stop promoting or facilitating lending-related transactions without the necessary registration and approval from the Commission.
The orders also cover the companies’ owners, operators, promoters, representatives, agents, and any and all persons claiming or acting on their behalf.
“The operations of the companies’ unrecorded online lending platforms (OLPs) constitute a violation of SEC Memorandum Circular (MC) No. 19, Series of 2019, which requires financing and lending firms to disclose their OLPs.
“Likewise, their operations violated the moratorium on the registration of new OLPs imposed on Nov. 5, 2021, as per MC 10, Series of 2021,” the SEC said.
The Financial Products and Services Consumer Protection Act authorizes the SEC to impose enforcement actions, such as a CDO, against financial service providers for noncompliance with the provisions of the law, its implementing rules and regulations (IRR), and other applicable laws.
The companies’ operations of unregistered and undisclosed OLPs circumvent the Commission’s regulatory and supervisory authority, thereby exposing the general public to potential risks, such as abusive and unfair debt collection practices, unjust interest rates, and violation of data privacy rights, according to FinLend.
“In light of the [companies’] continued unauthorized operation of [their OLPs], the Commission finds it necessary to issue [these CDOs] in order to prevent further harm or prejudice to the public, and to safeguard the integrity of the regulatory framework governing lending companies,” the orders read.

Related Tags

Cash Konek Pesosuki Yescom Lending-Quick Cash Loan Peso101-Fast Loans PH Peso Cow-Mabilis Pera Loan Swiftloan:Loan App Philippines Pera Loan: Fast Cash PH Securities and Exchange Commission
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