The Cybercrime Investigation and Coordinating Center (CICC) has partnered with JuanHand, an online lending platform, to enhance the safety of digital lending in the Philippines. The two organizations signed a Memorandum of Agreement (MOA) in October, at the National Cybercrime Hub in Taguig City, formalizing their commitment to combat cybercrime and fraud within the financial technology (fintech) lending industry.
“Many Filipinos fall victim to unregulated platforms that harass borrowers and charge excessive fees,” said Undersecretary Alexander Ramos, executive director, CICC. “We want people to feel confident about borrowing from legitimate sources, not from unscrupulous lenders who trap them in unmanageable debt.”
Under the agreement, CICC and JuanHand will collaborate on data sharing, operational strategies, and digitalization efforts to build a secure online lending environment. Both entities aim to improve the online lending experience for underserved yet creditworthy Filipinos.
“We don’t want borrowers to turn to predatory lenders or loan sharks due to fear or distrust in online lending,” said Coco Mauricio, president and CEO of JuanHand. “A safe and fair lending environment is essential to increase consumer confidence.”
JuanHand is operated by WeFund Lending Corp. and regulated by the Securities and Exchange Commission.