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.
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