SEC Lifts Moratorium on New Online Lending Platforms and Issues Updated Regulatory Framework

The Securities and Exchange Commission (SEC) has issued Memorandum Circular No. 20, Series of 2026, lifting, effective 1 August 2026, the moratorium on the disclosure and recording of new Online Lending Platforms (OLPs). The Circular introduces a comprehensive regulatory framework governing the operation of OLPs by Financing Companies (FC) and Lending Companies (LC), including prudential capital requirements, disclosure obligations, and market conduct standards.

The Circular applies to all FCs and LCs, including existing entities, newly registered companies, and those with pending registration applications. It adopts a Single Certificate of Authority (CA) policy under which each company is issued only one Certificate of Authority covering all of its financing or lending activities, regardless of the number of branches or operational channels. Under this framework, an OLP is treated solely as an operational channel rather than a separate licensed entity, and no separate Certificate of Authority is required for its operation.