The Securities and Exchange Commission (SEC) has formed a strategic alliance with Mynt and Fuse Financing to elevate local financial literacy.

The regulatory body signed a memorandum of understanding with the digital financial firms on June 29 at the W Global Center in Taguig.

This collaborative SEC initiative aims to promote responsible credit practices alongside Mynt while strengthening overall consumer protection.

The partnership will focus on shielding digital wallet users from unlawful online activities and predatory lending schemes.

The organisations plan to jointly develop multimedia educational materials that carry official regulatory approval.

These public awareness campaigns will roll out across various digital platforms to reach millions of users nationwide.

The educational content will teach consumers how to evaluate repayment capacities and understand complex loan terms.

The programme will also train the public to spot common red flags associated with illegal financial scams.

Commissioner Rogelio V. Quevedo emphasised that proactive consumer education serves as the primary defence against digital fraud.

He noted that the regulator will continue to exercise its enforcement powers while empowering citizens with critical thinking skills.

Fuse Financing President Tony Isidro stated that borrowing money should serve as a safe and dignified path to achieve personal goals.

The digital lending firm wants to help Filipinos confidently select transparent and regulated credit options.

The commission continues to urge the public to transact only with legitimate entities and carefully review all service contracts.

Featured image: Edited by Fintech News Philippines based on an image via SEC Philippines Press Release.