Google tightens Philippines apps review to curb loan sharks


MANILA (Bloomberg): 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 (April 12). 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 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.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Philippines , Google , apps , loan , sharks

   

Next In Aseanplus News

Indonesia coal mine explosion kills 10
Asean news headlines as at 9pm on Friday (Dec 9)
Singapore's Mark Lee wins 'Best Comedy' at Asian Creative Academy Awards
Thai businesses target three major markets to boost exports next year
Lao police seize almost 140 million amphetamine pills in 11 months
HK singer Steven Cheung’s wife hints at divorce again: 'I've reached my limit!'
Sarawak hails revised charges for vehicles exiting and entering Brunei
Soccer-World Cup memorabilia proves a big draw for football fans in Qatar
Anwar and his team - full list
New unity govt must show it’s able to uphold Malay interests to stem support for Perikatan, say analysts

Others Also Read