The Securities and Exchange Commission has convinced technology giant Google to adopt a more stringent approval process for online lending apps in the Philippines as part of the agency’s efforts to tackle illegal and abusive lending practices.
In a statement, the SEC said that, effective May 11, Google will require developers offering personal loans in the Philippines to submit a Personal Loan App Declaration, and submit necessary documentation before they could publish apps on Google Play Store.
In the event where the submitted license, registration or declaration is no longer valid under the applicable laws, the developers are required to promptly remove the app from Google Play Store.“We thank Google for supporting our efforts to combat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,” SEC Chairperson Emilio B. Aquino said.
The Philippines is only the third country where Google will implement the additional requirements for developers of personal loan apps in order to curb the proliferation of illegal and abusive lending activities online, the other two being India and Indonesia.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Google to tighten screening process for lending appsGoogle will tighten the approval process of money lending applications upon the recommendation of the Securities and Exchange Commission (SEC), the regulator said on Tuesday.
Read more »
Chel Diokno slams misogynist attacks on Robredo daughter, calls on Google to remove linksHuman rights lawyer Chel Diokno on Monday asked Google to immediately remove links to online content falsely associating Vice President Leni Robredo&39;s eldest daughter Aika to pornography.
Read more »
Google to tighten screening process for lending appsGoogle will tighten the approval process of money lending applications upon the recommendation of the Securities and Exchange Commission (SEC), the regulator said on Tuesday.
Read more »
Gilding the lily - BusinessWorld OnlineROLEX is unveiling the latest lines in its Oyster Perpetual Collection, lending looks of luxury to the utilitarian watches, originally developed for divers. READ:
Read more »