The Credit Information Corp. (CIC) said it supports the Securities and Exchange Commission’s (SEC) recent revocation of licenses and registrations of several online lending platform (OLP) operators found in violation of applicable laws and regulations.
Following the SEC’s action, the CIC suspended the affected companies’ access to the Credit Information System (CIS), citing their loss of authority to operate as lending entities.
“The CIC stands with the SEC in protecting the rights and interests of Filipino consumers. These revocations send a strong message that regulators will not tolerate noncompliance and abusive lending practices,” CIC president and chief executive Ben Joshua Baltazar said.
Seven of the 62 companies that lost their SEC registration were specifically penalized for violating memorandum circular No. 03, series of 2022, which imposes limits on interest rates and other fees charged by lending and financing firms and their OLPs.
These include Lucky Shell Fintech Lending Inc., QCash Finance Corp., Whale Tail Lending Services Inc., Air Fish Lending Corporation, Cash Mart Asia Lending Inc., Cashbee Lending Services Inc. and Kayamo Atlas Lending Corp.
Cash Mart Asia Lending Inc., Digido Finance Corp. (operator of UnaCash and UnaPay), Hi-Fin Lending Inc. (operator of Peso Wallet and Credit Cash), and Hupan Lending Technology (operator of Magic Peso, Cashme, Sukiloan, Pesopoly, and Loan Tayo) were among the companies whose CIS access has been suspended.
“We continue to strongly encourage lending and financing companies to use the CIS for data-driven credit decision-making. This enables fair assessment of borrowers’ creditworthiness and the application of appropriate interest rates, supporting responsible and accurate risk management,” Baltazar said.
