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SEC revokes license, registration of online lending firm Fast Coin

Citing continuous non-compliance and non-operation, the Securities and Exchange Commission (SEC) revoked the license and certificate of authority (CA) to operate of Fast Coin Lending Corp., an online lending company. SEC issued Fast Coin the CA in February 2020.

According to SEC, Fast Coin had been operating Cashcow Mobile Application even if it failed to submit the required disclosures to the Commission. The SEC also pointed out that Fast Coin was operating two more unregistered OLPs (online lending platforms) — Cashguard and Coco Peso. 

“SEC Memorandum Circular No. 19, Series of 2019, requires lending and financing companies to report their OLPs to the Commission prior to their launch and operation,” the Commission said in a statement. “Lending companies must also disclose in their advertisements and OLPs specific information, such as their corporate names, SEC Registration Numbers, and CAs.”

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The company was also found to have violated the Implementing Rules and Regulations (IRR) of Republic Act No. 9474, otherwise known as the Lending Company Regulation Act of 2007 (LCRA). The rules require companies ”to register their OLPs as business or trade names, and to report any OLP which they plan to develop, operate, or utilize no later than 10 days before their launch.”

“Considering the number, nature, gravity, and duration of [Fast Coin Lending’s] violations that warrant the revocation of its CA, this Department finds that the revocation of its primary license or Certificate of Incorporation is likewise appropriate,” SEC Corporate Governance and Finance Department (CGFD) dated Jan. 10, stated.

The revocation of Fast Coin Lending’s CA brings to 39 the total number of financing/lending companies with canceled licenses due to various violations of SEC rules and regulations.

To date, the SEC has also revoked the primary registration of a total of 2,084 lending companies for their failure to secure the requisite secondary license — a CA to Operate as a Lending/Financing Company— pursuant to the LCRA, and for other violations.