The Philippines’ Securities and Exchange Commission (SEC) said that to fight the illegal and abusive lending practices in the Philippines, Alphabet Inc.’s Google promises to provide stricter approval and review process for lending apps in the Play Store.
Google may require developers additional proof and documents to prove their license to operate as an online lender or to be a vessel for crowdfunding activities.
The developers who cannot comply with this requirement will be removed from Google Play Store.
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Since the global crisis has increased the trust and usage of financial technology (fintech) in Southeast Asian nations, these countries are looking to improve their efforts in order to restrain online loan sharks.
The SEC has shut down 72 platforms and has stopped releasing permits for lending applications. The Philippine central bank also put a cap on the interest rates, as well as fees in these applications.