The Securities and Exchange Commission (SEC) has revoked the registration and lending license of Hi-Fin Lending Inc., operator of online platforms Peso Wallet and Credit Cash.
In an order dated May 13, the SEC’s Financing and Lending Companies Division (FinLenD) said Hi-Fin Lending did not follow a directive requiring the disclosure of third-party service providers (TPSPs). The company failed to include WeWill Tech Corp. in its list of TPSPs, which is required under Republic Act No. 11765, also known as the Financial Products and Services Consumer Protection Act.
The order cited Hi-Fin’s failure to comply with a previous directive dated June 8, 2023, which reminded all lending and financing firms to submit the full list of their TPSPs.
“We reiterate our warning to the public not to transact with unregistered online lending platforms and unlicensed lending companies,” said the SEC. “We will continue to go after entities that violate SEC rules and cause harm to borrowers.”
The SEC said the cancellation of Hi-Fin Lending’s certificate of authority and primary registration means it can no longer legally operate as a lending firm.
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