Alphabet Inc.’s Google will tighten approval for personal loan apps made available in the Philippines to fight illegal and abusive lending practices, the SEC said.
Alphabet Inc.’s Google will tighten approval for personal loan apps made available in the Philippines to fight illegal and abusive lending practices, the nation’s Securities and Exchange Commission said.
From May 11, the technology company will require more documents and proof that developers are licensed to operate an online lender or to perform crowdfunding activities, the SEC said in a statement Tuesday. Those who can’t comply will be removed from Google Play Store, the company’s digital distribution service widely used by Android phone owners, it said.
The Southeast Asian nation is increasing efforts to curb online loan sharks after the pandemic boosted financial technology. The SEC stopped granting permits for lending apps in November last year and shut 72 platforms. Its central bank also put a cap on interest rates and fees by apps.
The Philippines will be the third country where Google will implement stricter requirements for personal loan apps, after India and Indonesia, the SEC said.