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SEC Cracks Whip on Errring Online Lending Platforms
May 27, 2025
|The Philippine Star
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.
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