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Richmond Mercurio - The Philippine Star
May 27, 2025 | 12:00am
This undated file photo shows a building of the Securities and Exchange Commission.
Businessworld / SEC.GOV.PH
MANILA, Philippines — The Securities and Exchange Commission (SEC) continues to crack the whip on more erring online lending platform operators.
The SEC issued a cease and desist order against Hupan Lending Technology Inc. for operating an unrecorded online lending platform (OLP). The commission also canceled the lending license of Hi-Fin Lending Inc. for failure to comply with the law.
The commission’s Financing and Lending Companies Department (FinLenD) has directed Hupan Lending to cease and desist from operating Magic Peso and its declared OLPs, Cashme, Sukiloan, Pesopoly and Loan Tayo.
According to the SEC, the continuous operation of Magic Peso violates the ongoing moratorium on new OLPs, as provided under SEC Memorandum Circular 10, Series of 2021.
The SEC said the issuance of a cease and desist order is necessary to prevent fraud, injury or harm to the public and financial consumers who are using Magic Peso.
“Cashme, Sukiloan, Pesopoly, Loan Tayo and Magic Peso and its owners, operators, promoters, representatives, agents and any persons acting for and on their behalf are directed to cease and desist from offering and advertising their lending business through the internet or any other media and to delete or remove any materials involving or covering the same,” the SEC said.
The lending license of Hi-Fin Lending, meanwhile, has been cancelled by the SEC for its failure to disclose WeWill Tech Corp. as one of its third party service providers (TPSPs).
A raid on the premises of WeWill Tech was conducted by the National Bureau of Investigation and Presidential Anti-Organized Crime Commission early this year for its alleged involvement in the harassment of customers of OLPs.
The SEC said that it was discovered during the raid that WeWill also serves as a collecting agent of Hi-Fin Lending, which operates OLPs Peso Wallet and Credit Cash.
In an order dated May 13, the SEC found that Hi-Fin Lending failed to comply with the order dated June 8, 2023, which requires all financing and lending companies to submit a list of their TPSPs, as required under the Financial Products and Services Consumer Protection Act.
“Thus, FinLenD finds the July 11, 2024 TPSP submission of Hi-Fin Lending to be inaccurate and false because of Hi-Fin Lending’s failure to update and include WeWill among its TPSPs,” the SEC said.
The SEC also revoked Hi-Fin Lending’s certificate of authority to operate as a lending company and its primary registration.
Last week, the SEC said it has also cancelled the financing license of Digido Finance Corp. which operates OLPs UnaPay and UnaCash, for opening and operating four branches without obtaining the necessary certificate of authority from the commission.
In an order dated May 9, the SEC FinLenD found that Digido Finance violated Section 6(A) of the implementing rules and regulations of the Financing Company Act of 1998 which prohibits financing company from establishing or operating a branch, agency, extension office or unit, without a prior certificate authority from the commission.
