Benise Balaoing

Logo of the Securities and Exchange Commission (SEC)  in this photo taken on June 22, 2023. Jonathan Cellona, ABS-CBN News

Article (news)

SEC ANNIVERSARY

ABS-CBN News

MANILA -- The Securities and Exchange Commission (SEC) has issued a cease and desist order against Hupan Lending Technology Inc. for operating an online lending app called Magic Peso.The SEC said it investigated the said app after receiving complaints of abusive collection practices.It found that Magic Peso is not registered with them.The SEC&#x27;s order also covers Hupan Lending&#x27;s registered online loan apps Cashme, Sukiloan, Pesopoly, and Loan Tayo, and prevents them from operating.The agency said it was stopping the operations of the loan platforms to protect potential borrowers from abusive collection practices, high interest rates, and violation of its data privacy rights.Meanwhile, the SEC also said it revoked the corporate registration and lending license of Hi-Fin Lending Inc., which operates online lending platforms Peso Wallet and Credit Cash.This is because the company did not list WeWill Tech Corp. as one of its third-party debt collection service providers.The SEC noted that the National Bureau of Investigation (NBI) raided WeWill on January 31 for its alleged harassment of customers of online lending platforms. It was only then that state agents discovered that WeWill is also the collection agent of Hi-Fin.Hi-Fin argued that WeWill was only incorporated on July 31, 2024, and started its operationson August 15 of that year, which was why it was not on the list the service providers Hi-Fin submitted to the government on July 11, 2024.The SEC noted, however, that HiFin should have submitted an updated list of service providers to the government.SEC said consumers should be treated fairly, honestly, and professionally by both financial companies and third-party service providers.It stressed that its Memorandum Circular No. 5 issued in 2023 states that collections agents must be trained in acceptable debt collection practices in line with existing regulations.Last week, the SEC also revoked the corporate registration and financing license of online lending platform Digido for allegedly opening and <a href="https://www.abs-cbn.com/news/business/2025/5/23/sec-revokes-registration-license-of-digido-1811" rel="noopener noreferrer" target="_blank">operating</a> four branches without obtaining a certificate of authority.

SEC cracks down on lending platforms PesoWallet, Magic Peso

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SEC cracks down on lending platforms PesoWallet, Magic Peso

Benise Balaoing,

ABS-CBN News

Published May 26, 2025 03:16 PM PHT

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