Instant Pera

In a report by CNN Philippines, the order that was issued on September 12 covers the following online lending companies: Instant Pera, QuickPera, Lendmo Philippines, Binixo, CashBus, Cashcat, Cashuttle, Crazy Loan, Flash Cash, Happy2Peso, Hatulong, MeLoan, MoneyTree Quick Loan, Pera Express, Pera4u, Peramart, PesoLending, QuickPeso and Umbrella. The SEC said that the companies do not have the required certificate to operate as lending or financing companies and are not registered with the government agency as a corporation.

  Affected parties include non-resident digital platforms operating in the Philippines like Lazada, Netflix, and Spotify. In August, we previously reported that Google Pay doesn’t need to register as an Operator of Payment Systems (OPS) with the Bangko Sentral ng Pilipinas (BSP). This law allows Data Transmission Industry Participants (DTIPs) to build and operate networks without a legislative franchise.

Our coverage of Instant Pera includes: "SEC issues cease and desist order against 19 online lending companies"; "New Paramount offer challenges Netflix’s Warner Bros. deal"; "BIR collects over PHP 7 billion from digital services VAT". Each article provides unique insights and information.