Hupan Lending Technology Inc. operates under several names. These include Cashme, Sukiloan, Pesopoly, and LoanTayo. The company received a Cease and Desist Order (CDO). This order was issued because Hupan was operating an unrecorded Online Lending Application (OLA) named “Magic Peso”.

Prompted by customer complaints, the SEC’s investigation found that Hupan owned and operated Magic Peso but had not registered it with the Commission. The SEC deemed this action a violation of Memorandum Circular No. 19 (requiring OLA disclosure) and Memorandum Circular No. 10 (moratorium on new OLPs).

Hupan and its related platforms must immediately stop all lending activities and remove online promotional materials.

Separately, Hi-Fin Lending Inc. faced significant consequences. Its Certificate of Incorporation and its Certificate of Authority to Operate as a Lending Company were revoked. This decision followed Hi-Fin’s failure to comply with an SEC order. This order, dated 08 June 2023, mandated the submission of a list of authorised Third-Party Service Providers (TPSPs).

Hi-Fin submitted a list in July 2024 but failed to include WeWill Tech Corp., a company later identified as one of its collection agents during a raid in January 2025.

The SEC found Hi-Fin liable for failing to update its TPSP list and providing inaccurate information, despite Hi-Fin’s argument that it had not yet contracted WeWill when it made the initial submission.

The SEC emphasised that accurate TPSP disclosure is crucial for regulatory oversight and consumer protection.

Featured image by Freepik.