But last Thursday, Securities and Exchange Commission (SEC) in the Philippines has ordered Robocash Finance Corp. to stop its financing operation.
The SEC said Robocash has been running several branches without the necessary permit.
The Corporate Governance and Finance Department of the SEC has conducted on-site audits in March and July this year and found that Robocash operated several branches without the certificate of authority — a requisite under the implementing rules and regulation of the Financing Company Act of 1998.
Robocash told the SEC that it has secured certificates of authority for its 32 other branches and their failure to secure CA’s for their other branches are not intentional.
“It is even more appalling that despite being aware of the requirement of the law, Respondent (Robocash) knowingly and willingly committed repeated violations thereof,” the SEC said in a statement.
Robocash is a loan provider from Russia that expanded into Southeast Asia by entering the Philippines in 2017. It partnered with a local firm, Golden Legacy Financing Corp., for its local operations.
The SEC has revoked the primary registration of 2,081 lending and financing companies without the necessary certificates of authority.
Illegal online lenders are also part of the SEC’s crackdown, having issued cease and desist orders against 48 companies to date.
