MAKATI CITY – The Credit Information Corporation (CIC) supports the Securities and Exchange Commission’s (SEC) recent revocation of several online lending platforms (OLPs) operators’ licenses and registrations due to violations on laws and regulations.
Consequently, the CIC has suspended these companies’ access to the Credit Information System (CIS) as they no longer had the permit to engage in lending activities.
“The CIC stands with the SEC in protecting the rights and interests of Filipino consumers. These revocations send a strong message that financial system regulators will not tolerate noncompliance and abusive lending practices,” CIC President and Chief Executive Officer (PCEO) Ben Joshua A. Baltazar said.
Among the companies whose CIS access has been suspended are:
- Cash Mart Asia Lending Inc.
- Digido Finance Corp. (operator of UnaCash and UnaPay)
- Hi-Fin Lending Inc. (operator of Peso Wallet and Credit Cash)
- Hupan Lending Technology (operator of Magic Peso, Cashme, Sukiloan, Pesopoly, and Loan Tayo)
In addition, seven (7) of the 62 companies that lost their registration are specifically for violating SEC Memorandum Circular No. 03 series of 2022 which sets limits on interest rates and other fees charged by lending and financing companies, and their OLPs. These companies 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.
- Kayamo Atlas Lending Corp.
“We continue to strongly encourage financing and lending companies to use the CIS for data-driven credit decisioning. This helps them fairly assess borrowers’ creditworthiness and set appropriate interest rates which facilitates accurate risk management,” the PCEO ended.
The Credit Information Corporation (CIC), a government-owned and controlled corporation, was created by Republic Act No. 9510, otherwise known as the Credit Information System Act (CISA). The primary mandate of CIC is to establish a comprehensive and centralized credit information system for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit-related activities of all entities participating in the ecosystem.
