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...
Loans from big banks or universal and commercial banks (UK/Bs), excluding investments in the central bank’s reverse repurchase (RRP), grew by a faster 12.1 percent in June from May’s 11.3-percent expansion. According to the latest data from the Bangko Sentral ng Pilipinas (BSP) released on...
Senate Majority Leader Joel Villanueva has called on the Bangko Sentral ng Pilipinas (BSP) to intensify its regulatory efforts against online lending applications, which have been linked to the growing incidence of cybercrimes and the rise of online gambling in the country. In a recent statement,...
The Securities and Exchange Commission (SEC) continues to crack down on erring lending firms and has recently fined LHL Online Lending Inc., doing business under the names and styles of Pautang Online and Pautang Peso, for providing misleading information in its loan agreements. In an order dated...
The Securities and Exchange Commission (SEC) has slapped a ₱1-million penalty on Link Credit Lending Investors Inc., doing business under the names and styles of iPeso and Pesoin, for engaging in unfair debt collection practices. In an order dated July 18, the SEC Financing and Lending Companies...
After issuing a cease-and-desist order last May, the Securities and Exchange Commission (SEC) has revoked the corporate registration and secondary license of Convenience Cash Lending Corp. (CCLC), doing business under the name and style of Zada Cash and Bloom Cash, for engaging in unfair debt...
The Securities and Exchange Commission (SEC) has filed criminal charges against the employees, officers, and owners of Creditable Lending Corp., the operator of online lending application Easypeso, for engaging in abusive collection practices. Through an inquest proceeding on July 17, the SEC,...
S&P Global reported that credit growth across emerging markets (EMs) in Asia has generally softened in the first six months of the year, except in the Philippines and Vietnam, where lending has notably picked up pace. According to debt watcher S&P Global, loans from major banks, including universal...
While loans from big banks or universal and commercial banks, excluding investments in the central bank’s reverse repurchase (RRP), expanded at a slightly faster rate of 11.3 percent from April’s 11.2 percent, it remains relatively slower than March’s 11.8-percent expansion rate. In a...
The Securities and Exchange Commission (SEC) has issued cease-and-desist orders (CDO) against Bravo Zulo Romeo Lending Corp. (BZR Lending) for unauthorized lending operations and Magic Peso for illegally operating an online lending platform and for unfair debt collection practices. In a June 24,...
The Securities and Exchange Commission (SEC) has ordered Convenience Cash Lending Corporation to stop operating its unregistered lending activities, including those under the names Zada Cash and Bloom Cash. In a cease and desist order (CDO) issued on May 27, the SEC Financing and Lending Companies...
Atome, a buy-now-pay-later provider operating in Southeast Asia, has secured a $75 million asset-backed financing deal from investment firm Lending Ark, supporting its push to expand financial access in the Philippines. The Lending Ark Asia provided the financing for a secured private debt fund,...
