The Philippine Securities and Exchange Commission (SEC) suspended Jia Financing Inc.’s certificate of authority to operate as a financing company for 60 days after finding it operated an illegal website and failed to disclose new loan products and services. An order dated 10 July by the SEC Financing and Lending Companies Department directed Jia Financing to take down jia.ph for violating SEC Memorandum Circular No. 10, Series of 2021, which imposed a moratorium on new online lending platforms from 5 November 2021. The department also found the company’s business plan did not disclose its operation of the website and its plan to lend USD50,000 to USD200,000 per client, contrary to SEC Memorandum Circular No. 3, Series of 2022, which requires lending and financing companies to submit a business plan detailing loan products and services and applicable pricing parameters. A PHP10,000 penalty was imposed and the website’s removal was ordered.
Philippine Securities and Exchange Commission 2025-07-28
Philippine Securities and Exchange Commission suspends Jia Financing’s financing company licence for 60 days over illegal online lending website and disclosure breaches
The Philippine Securities and Exchange Commission (SEC) suspended Jia Financing Inc.'s certificate of authority for 60 days due to operating an illegal website and failing to disclose new loan products. The SEC ordered the removal of jia.ph for violating a moratorium on new online lending platforms and imposed a PHP10,000 penalty. Jia Financing's business plan also failed to disclose its lending operations, contravening SEC requirements.