All financing and lending companies offering loans via Online Lending Platforms (OLP) must obtain a SEC Registration Number and the Certificate of Authority (CA) Number from the Philippines Securities and Exchanges Commission (PSEC).
The SEC Registration Number is a unique identifier assigned to a company that has registered with the SEC, and serves as proof that the company is authorized to do business in the Philippines. The CA Number, on the other hand, is a license that authorizes a company to engage in the lending business.
Having a SEC Registration Number and CA Number demonstrates that the online lending platform has met the regulatory requirements set by the SEC and is authorized to operate legally in the Philippines. This provides protection to borrowers as it ensures that the platform has followed proper procedures and regulations, and has been deemed to be operating in a manner that is fair and transparent.
By obtaining a SEC Registration Number and CA Number, online lending platforms also show their commitment to compliance and their dedication to providing a safe and secure environment for borrowers.