Categories: CybersecurityInternet

Google implements more stringent screening for PH lending apps

Google is tightening its review and approval process for Philippine-based online lending apps to curb loan sharks, following a recommendation by the Securities and Exchange Commission (SEC).

The tech giant will now require app developers offering loans to submit a personal loan app declaration, and should have the necessary documents from the SEC before they can publish apps on the Google Play Store.

App developers should also have enough proof that they have the authority to perform lending-based crowdfunding activities like peer-to-peer lending, or act as a crowdfunding intermediary.

Once they fail to comply with the requirements, Google will remove their apps from its Play Store.

The SEC has been working with Google since 2019 to combat the proliferation of unregistered loan apps as some companies are found harassing and threatening borrowers, and implementing high interest rates that reach as high as over 500%.

“We thank Google for supporting our efforts to combat illegal and abusive lending, and thereby preserve the financing and lending industry’s integrity, and provide Filipinos secure and accessible financing options,” said SEC chairperson Emilio Aquino.

The SEC has so far revoked the registration of over 2,000 lending and financing firms that lack documents.

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Myra Santos Santos

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