SWIFTLOAN:LOAN APP PHILIPPINES

Securities ana Exchange Commission

INE

BACONG PILIPINAS

FINANCING AND LENDING COMPANIES DEPARTMENT

IN THE MATTER OF SWIFTLOANLOAN APP PHILIPPINES Respondent. FOR: VIOLATION OF SEC MEMORANDUM OF 2021, AND FINANCIAL PRODUCTS AND FLCD CDO Case No. CIRCULAR NO. 19, SERIES OF 2019, SERVICES CONSUMER PROTECTION ACT Series of 2025. MEMORANDUM CIRCULAR NO.1O,SERIES 3

CEASEANDDESISTORDER

(the "Respondent"). ("Commission" or "SEC") concerning the alleged operation of an unrecorded Online Lending Platform This refers to the information received by the Securities and Exchange Commission ("OLP") named SWIFTLOAN LOAN APP PHILIPPINES

ANTECEDENTS

disclosure was filed in accordance with Memorandum Circular No. 19, Series of 2019 ("MC 19"), which requires the reporting of any OLPs. A review of the Respondent's records on file with the Commission reveals that no

Respondent has been operating the OLP without proper disclosure, in violation of the following: Additionally, verified information received by the Commission confirms that the

MC 19 - Disclosure Requirements on Advertisements and Reporting of Online Lending Platforms;

Platforms; Moratorium on the Registration of New Online Lending Memorandum Circular No. 10, Series of 2021 ("MC 10")

Products and Services Consumer Protection Act ("FCPA") Republic Act No. 11765, otherwise known as the Financial

ISSUE

violations of MC 19, MC 10, and the FCPA? Whether a Cease and Desist Order (CDO) should be issued against the Respondent for its

RULING

Order against the Respondent is warranted and necessary. After due consideration, the Commission finds that the issuance of a Cease and Desist

of the above-cited regulations. By operating an unregistered and undisclosed online lending The Respondent's failure to disclose the operation of its OLP constitutes a clear violation

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SWIFTLOANLOAN APP PHILIPPINES Page2.ofs

RECease and Desist Or

platform, the Respondent effectively circumvents the Commission's regulatory and supervisory authority. Consequently, the general public particularly borrowers are exposed to potential risks, including:

Abusive and unfair debt collection practices;

Unjust interest rates;

Violation of data privacy rights.

No. 5, Series of 2023, the Commission is empowered to issue a CDO without the necessity of a prior hearing if, in its judgment, the act or practice, unless restrained, constitutes fraud, violates the FCPA or its Implementing Rules and Regulations (IRR), or may unjustly cause grave or irreparable injury to financial consumers. Pursuant to Section 6(d)(4) of the FCPA, as implemented by SEC Memorandum Circular

"RULE 6

Powers of the SEC

FCPA, its IRR, and other applicable laws. Section 1. Powers of the Commission - The Commission shall, in the implementation of these Rules and the provisions of the FCPA, have the authority to impose enforcement actions against financial service providers for noncompliance with the

Such enforcement actions may include:

service provider without the necessity of a prior hearing if, in the Commission's judgment, the act or practice, unless the SEC FCPA IRR, or may unjustly cause grave or irreparable injury or prejudice to financial consumers. A CDO is immediately executory upon service or publication on the Commission's website." (Emphasis supplied) restrained, amounts to fraud or a violation of the FCPA and/or "Issuance of a cease and desist order ('CDO') to a financial

lending companies. finds it necessary to issue this Cease and Desist Order in order to prevent further harm or prejudice to the public, and to safeguard the integrity of the regulatory framework governing In light of the Respondent's continued unauthorized operation of its OLP, the Commission

owners, operators, promoters, representatives, agents, and any and all persons claiming or acting on its behalf,are hereby DIRECTED TO IMMEDIATELY CEASE AND DESIST from engaging in, conducting, promoting, or facilitating any lending-related activities or through any similar or related platforms or applications, whether online or offline, without the necessary registration and approval from the Commission WHEREFORE, premises considered, SWIFTLOAN:LOAN APP PHILIPPINES including its

"SWIFTLOANLOAN APP PHILIPPINES" In view thereof, the public is hereby strongly advised NOT to transact with

publication on the Commission's official website. Let this Order be served immediately and be deemed executory upon service or

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SWIFTLOAN:LOAN APP PHILIPPINES RE: Cease and Desist Order X-- Page 3 of 3 -x

SO ORDERED. I August 20 25, Makati City.

FILBERT CATALINO FFLORES III,MNSA,CESO IV Director

mnvo

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