In a July 10 order, the SEC’s Financing and Lending Companies Department directed the firm to shut down its website, jia.ph, for breaching rules that ban new online lending platforms under a moratorium imposed since November 2021.
Regulators said Jia also failed to disclose plans to issue large loans, ranging from $50,000 to $200,000 per client, despite submitting a business plan, violating disclosure rules.
The SEC said these lapses breached its memorandum circulars and the Financing Company Act, warranting both the temporary suspension of Jia’s authority to operate and a P10,000 penalty.
The order stressed that “the non-disclosure of these material changes in its operations warrants the suspension of its certificate of authority.” Jia is barred from conducting financing activities until the suspension is lifted and compliance is met.
—Edited by Miguel R. Camus
