 The Securities and Exchange Commission (SEC) has cancelled the lending license of Hi-Fin Lending Inc., which operates online lending platforms (OLPs) Peso Wallet and Credit Cash, for its failure to disclose WeWill Tech Corp. as one of its third party service providers (TPSPs). In an order dated May 13, the SEC Financing and Lending Companies Department (FinLenD) found that Hi-Fin Lending failed to comply with the order dated June 8, 2023, which requires all financing and lending companies to submit a list of their TPSPs, as required under Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act.
Accordingly, FinLenD revoked Hi-Fin Lending Inc.’s certificate of authority to operate as a lending company and its primary registration. |
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