The Market Monitor Minding the Nation's Business
The Securities and Exchange Commission (SEC) has ordered online lending platform Peso Flow to cease operations after finding that it was not authorized to engage in financing activities and had allegedly misrepresented its affiliation with a registered lending company.
In a statement, the SEC said Sofi Financing, operator of the online lending platform Finbro.ph, lodged a complaint against Peso Flow for falsely claiming to be an affiliate of the company.
Sofi Financing is registered with the SEC, while Peso Flow has not obtained the certificate of authority required to operate as a financing company.
Under the cease-and-desist order, Peso Flow must take down its website, digital platform, mobile application and social media accounts used to promote and offer its lending services.
The SEC also directed the individuals and entities behind the platform to immediately stop promoting, facilitating or engaging, directly or indirectly, in financing and lending activities without the necessary authorization.
The latest enforcement action comes amid the regulator’s continuing efforts to address abusive practices in the online lending industry.
In 2025, the SEC cracked down on several online lending platforms over complaints involving abusive debt collection practices.
Earlier this year, the commission lifted a nearly five-year moratorium on the registration of new online lending platforms, but imposed stricter capital requirements and limits on operations to prevent predatory lending.
In October, the SEC also announced plans to pursue accreditation for third-party debt collection agencies as part of efforts to strengthen oversight of the lending industry.