National Privacy Commission Orders Immediate Takedown of Four Online Lending Apps
The lending apps are now being probed for their alleged unauthorized and “excessive” use of borrowers’ personal data.
PH SEC Orders Lending Apps CashAB, CashOcean, KwikPeso, and Little Cash to Stop Operating
The Financing Act of 1998 punishes those without a license to engage in a financing business a fine of Php 10,000 – Php 100,000 or imprisonment of not more than 6 months or both.
BSP, SEC to Craft Policy to Regulate Online Lending Firms
The impact of technology turns to be far-reaching and wide. Facing the ethical potentials of technology, the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) are crafting policy to regulate online lending firms.