This is AI generated summarization, which may have errors. For context, always refer to the full article.<\/p>\n
\n\t\t\t\t\tFuse Lending, Inc. allegedly maliciously uses the former corporate name of Fuse Financing, Inc. to operate a lending business without ‘necessary license’ from the Securities and Exchange Commission\n\t\t\t<\/p>\n
MANILA, Philippines \u2013 For its shady operations related to lending, the Securities and Exchange Commission (SEC)<\/a> has issued a cease and desist order (CDO) against a lending company that used the former name of GCash\u2019s<\/a> financial arm.<\/p>\n The SEC, in an order dated July 31, commanded Fuse Lending, Inc., including its owners, operators, agents, and persons acting on their behalf, to stop any lending activity or transaction. <\/p>\n Fuse Lending, Inc., according to the SEC, allegedly maliciously used the former corporate name of Fuse Financing, Inc., GCash\u2019s official financing arm, to operate a lending business without \u201cnecessary license\u201d from the body.<\/p>\n It was Fuse Financing, Inc. (formerly Fuse Lending, Inc.) that flagged a suspicious website that allegedly used its former corporate name. The GCash arm said the operation of the alleged fraudulent website poses a risk to the public and threatens Fuse Financing\u2019s legitimate operations.<\/p>\n Based on the SEC Financing and Lending Companies Department\u2019s (FinLend) probe, Fuse Lending was not registered as a corporation, partnership, or one person corporation. It also has not secured a secondary license to operate a lending company from the SEC, according to FinLend\u2019s probe.<\/p>\n \u201cGiven [Fuse Lending\u2019s] continued operation of the lending website, the Commission finds [that] the issuance of a [CDO] is necessary not only to penalize the [company] but also to prevent fraud, injury, or harm to the public and financial consumers,\u201d the SEC order read.<\/p>\n Citing Republic Act (RA) No. 9474 or the Lending Company Regulation Act, the SEC said no lending company should operate without registration as a corporation and a valid certificate of authority from the commission.<\/p>\n The SEC added that RA No. 11765 or the Financial Products and Services Consumer Protection Act also authorizes the SEC to enforce actions, like the issuance of a CDO, against companies that violate the law \u201cand may cause grave or irreparable injury, or prejudice to financial consumers.\u201d \u2013 with reports from Jairo Bolledo\/Rappler.com<\/p>\n","protected":false},"excerpt":{"rendered":"This is AI generated summarization, which may have errors. For context, always refer to the full article. Fuse…\n","protected":false},"author":2,"featured_media":55109,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[2306,86,56,54,55],"class_list":["post-55108","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mobile","tag-mobile","tag-technology","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/55108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=55108"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/55108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/55109"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=55108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=55108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=55108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}