#lending apps

As recommended by the Securities and Exchange Commission (SEC), Google will now require developers of apps offering lending services to submit a personal loan app declaration indicating that they have the necessary documents from SEC before they release apps on the Google Play Store, effective May 11, 2022. “In the declaration form, developers shall state that they are registered with and duly licensed by the SEC Philippines to operate an online lending platform, or to perform lending-based crowdfunding activities, such as peer-to-peer lending, or to act as a crowdfunding intermediary,” the SEC stated. This stricter requirement for the approval process of Philippine-based online lending apps aims to curb the activities of loan sharks. The commission has been coordinating with Google since 2019 and has taken down illegal lending apps and revoked over 2,000 certificates of registration of lending and financing companies due to a lack of supporting documents. The Philippines, along with Indonesia and India are countries where Google will impose more requirements for developers of personal loan apps. Four online lending apps (OLAs) were ordered to be taken down by the National Privacy Commission (NPC) for unauthorized use of personal data that resulted in harassment and public shaming of their borrowers. In a statement, NPC mentioned that the apps: JuanHand, Pesopop, CashJeep, and Lemon Loan, have been the subject of complaints of unauthorized use of personal data and violated the Data Privacy Act and other NPC issuances. Read more in our articles including "Google strengthens Play Store screening for lending apps in the Philippines" and "NPC orders immediate takedown of 4 lending apps".