CLAP Inc. awarded by the SEC for helping financially empower Filipinos
In just a few months since launch, the Consumer Lending Association of the Philippines (CLAP) Inc. was awarded by the Securities Exchange Commission (SEC) as a Champion for Sustainability and Corporate Governance. The award was given during SEC’s 87th Anniversary and Appreciation Night held last November 2023. CLAP’s invaluable support to SEC was recognized, as well as their positive influence on the fintech industry.
CLAP’s mission is to work closely with government agencies such as the SEC, National Privacy Commission and the Credit Information Corporation, to significantly expand financial inclusiveness through ethical practices and gold standard service.
Some of the biggest and most reputable online lending platforms were invited to join as founding members including GCash (Fuse Lending), JuanHand (WeFund Lending Corp.), Skyro (Jungle Lending), Tala (Tala Financing), SeaMoney (Sea Group), and Tendopay (Templetech Finance).
Online lending apps have become a popular part of the financial ecosystem. These service platforms have given Filipinos quick access to cash loans without the hassles of regular loan applications. However, many borrowers have become victims of excessive charges, repayment scams and harassment perpetrated by fly by night lending platforms. CLAP aims to protect borrowers against these issues by increasing awareness on how to differentiate between the legitimate and predatory online lending platforms. CLAP will also launch Financial Literacy programs to help the public gain insights that lead to Financial Empowerment.
By continuing to work closely with the government and other stakeholders, CLAP can massively extend financial assistance to the underserved in a professional and pleasant manner thus further improving the positive reputation of the Fintech industry in the country.