At the same time, the SEC revoked the license and corporate registration of Hi-Fin Lending Inc. for failing to disclose its third-party service provider, WeWill Tech Corp., in violation of the Financial Products and Services Consumer Protection Act.
The SEC’s Financing and Lending Companies Department (FinLenD) issued both orders on May 13.
Hupan Lending was found to have violated the moratorium on new online lending platforms under SEC Memorandum Circular No. 10, Series of 2021. Its other platforms include Cashme, Sukiloan, Pesopoly, and Loan Tayo.
The SEC said the cease and desist order is necessary to protect consumers and prevent fraud.
Hi-Fin Lending, which operates Peso Wallet and Credit Cash, also failed to comply with a June 2023 order requiring lending firms to submit a list of third-party service providers.
The regulator said both actions are part of its efforts to enforce lending regulations, protect consumers, and clean up the online lending space.
