Manila Times
Upholding Truth. Empowering the Philippines
Saturday, Nov 01, 2025
The Nation's Story is Told with Honor
SEC Orders Shutdown of Magic Peso, Peso Wallet, and Credit Cash Lending Platforms
The Securities and Exchange Commission imposes penalties on two companies for violations of lending regulations.
The Securities and Exchange Commission (SEC) has issued orders to terminate the operations of several online lending platforms, specifically targeting Magic Peso, Peso Wallet, and Credit Cash.
This action affects Hupan Lending Technology Inc. and Hi-Fin Lending Inc., which are responsible for these platforms.
According to an order dated May 13, the SEC's Financing and Lending Companies Department (FinLenD) instructed Hupan Lending to immediately cease operations of Magic Peso and its associated online lending platforms, which include Cashme, Sukiloan, Pesopoly, and Loan Tayo.
The SEC based its decision on numerous complaints from borrowers reporting abusive collection practices associated with Magic Peso.
The Commission also determined that Magic Peso operated as an unregistered online lending application (OLA), placing consumers outside the protective measures of the Financial Products and Consumer Protection Act.
The SEC further noted that the ongoing operations of Magic Peso were in contravention of a moratorium on new online lending platforms, as mandated by SEC Memorandum Circular No. 10, Series of 2021. The Commission emphasized that taking this action was necessary to prevent potential fraud and protect public interests as well as financial consumers using the platform.
In a related development, the SEC revoked the lending license of Hi-Fin Lending, which manages Peso Wallet and Credit Cash, due to its failure to disclose WeWill Tech Corporation as one of its third-party service providers (TPSPs).
This decision was also reinforced by an earlier order from June 8, 2023, which required all financing and lending companies to submit comprehensive lists of their TPSPs as part of compliance with the Financial Products and Services Consumer Protection Act.
Additionally, a raid conducted by the National Bureau of Investigation and the Presidential Anti-Organized Crime Commission on January 31, 2025, targeted WeWill Tech Corp. in connection with complaints about harassment of customers on various online lending platforms.
The investigation revealed that WeWill had been acting as a collection agent for Hi-Fin Lending.
When questioned regarding the non-disclosure of WeWill as a TPSP, Hi-Fin Lending attributed the oversight to timing, stating that WeWill was only contracted as a TPSP after the submission of their list to the SEC.
The Commission clarified that it remains the responsibility of Hi-Fin to maintain up-to-date records and disclose pertinent information to the SEC.
As a result of these violations, FinLenD has rescinded Hi-Fin Lending Inc.'s certificate of authority to operate as a lending company and annulled its primary registration.
This action affects Hupan Lending Technology Inc. and Hi-Fin Lending Inc., which are responsible for these platforms.
According to an order dated May 13, the SEC's Financing and Lending Companies Department (FinLenD) instructed Hupan Lending to immediately cease operations of Magic Peso and its associated online lending platforms, which include Cashme, Sukiloan, Pesopoly, and Loan Tayo.
The SEC based its decision on numerous complaints from borrowers reporting abusive collection practices associated with Magic Peso.
The Commission also determined that Magic Peso operated as an unregistered online lending application (OLA), placing consumers outside the protective measures of the Financial Products and Consumer Protection Act.
The SEC further noted that the ongoing operations of Magic Peso were in contravention of a moratorium on new online lending platforms, as mandated by SEC Memorandum Circular No. 10, Series of 2021. The Commission emphasized that taking this action was necessary to prevent potential fraud and protect public interests as well as financial consumers using the platform.
In a related development, the SEC revoked the lending license of Hi-Fin Lending, which manages Peso Wallet and Credit Cash, due to its failure to disclose WeWill Tech Corporation as one of its third-party service providers (TPSPs).
This decision was also reinforced by an earlier order from June 8, 2023, which required all financing and lending companies to submit comprehensive lists of their TPSPs as part of compliance with the Financial Products and Services Consumer Protection Act.
Additionally, a raid conducted by the National Bureau of Investigation and the Presidential Anti-Organized Crime Commission on January 31, 2025, targeted WeWill Tech Corp. in connection with complaints about harassment of customers on various online lending platforms.
The investigation revealed that WeWill had been acting as a collection agent for Hi-Fin Lending.
When questioned regarding the non-disclosure of WeWill as a TPSP, Hi-Fin Lending attributed the oversight to timing, stating that WeWill was only contracted as a TPSP after the submission of their list to the SEC.
The Commission clarified that it remains the responsibility of Hi-Fin to maintain up-to-date records and disclose pertinent information to the SEC.
As a result of these violations, FinLenD has rescinded Hi-Fin Lending Inc.'s certificate of authority to operate as a lending company and annulled its primary registration.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
