SEC, GCash's Mynt, Fuse ink deal to promote responsible borrowing

They aim to boost financial literacy and help Filipinos spot illegal lenders and scams.

GCash

MOU targets illegal lending, scams

The Securities and Exchange Commission (SEC), Mynt, Inc., and Fuse Financing Inc. have formalized a partnership that aims to promote responsible borrowing in the country.

According to the SEC, the campaign will focus on responsible borrowing practices, understanding loan terms and conditions, evaluating repayment capacity, identifying legitimate lenders, and recognizing common red flags associated with illegal lending and financial scams.

The initiative also seeks to foster a culture of vigilance and responsibility among consumers by encouraging Filipinos to carefully review financial products, verify the legitimacy of financial service providers, understand the fine print of contracts, and report suspicious activities to the proper authorities.

While the SEC will continue to exercise its regulatory and enforcement powers against violators, we must also empower the public with knowledge, awareness, and critical thinking. An informed citizen is the first line of defense against fraud, said SEC Commissioner Rogelio V. Queved.

MOU establishes a framework for cooperation that includes the development of financial literacy content, support for consumer protection initiatives, information sharing related to public awareness campaigns, and collaborative efforts to combat unlawful financial activities through education and advocacy.

Meanwhile, Mynt and Fuse will leverage their digital platforms and extensive reach to help amplify financial education messages and encourage consumers to choose safe, transparent, and regulated financial services.

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Source: SEC