SEC cracks down on lending platform Peso Flow

MANILA — The Securities and Exchange Commission (SEC) has issued a cease-and-desist order against online lending platform Peso Flow.

In a statement, the SEC said Sofi Financing, the operator of the online lending platform Finbro.ph, complained that Peso Flow falsely represented itself as an affiliate of Sofi, which is an SEC-registered lending firm.

Peso Flow, meanwhile, is not authorized to engage in the financing business because it has not secured a certificate of authority from the securities regulator.

The SEC has ordered Peso Flow to take down its website, digital platform, mobile application, or social media account that promotes and offers its lending services.

It has also ordered persons and entities operating Peso Flow to immediately stop promoting and facilitating, directly or indirectly, any financing or lending activities without the required authority.

In 2025, the SEC cracked down on a number of online lending platforms over abusive collection practices.

Earlier this year, the SEC lifted a nearly five-year ban on new digital lending platforms but slapped strict capital requirements and a hard cap on operations to prevent predatory lending.

In October, the SEC said it is eyeing accreditation for third-party debt collection agencies.