A couple of months have passed since the National Privacy Commission (NPC) and the Security and Exchange Commission (SEC) addressed the issue of several cases of online lending operators launching public shaming campaign against delinquent borrowers, from imposing imprisonment in the past to a more recent implementation of administrative fines for lender companies mishandling personal data or not having a Data Privacy Officer.
“Thanks to the involvement of the NPC, SEC and other government agencies, fewer 'sharks' are operating now. This is great news both for the Filipinos and for the good players of the industry because it creates legitimacy for the industry," declared Michael Bréjean, the Lenders Alliance’s PR and Sustainability Officer.
It is in this context that the newly created Lenders Alliance Inc. (led by Upeso, Happy Pera, Pondo Loan and FastCash) showed its commitment to its lenders by giving support and enforcing the new guidelines set up by NPC and SEC.
“We are delighted to announce that recent reports have shown a considerable drop on fresh complaints for harassment towards our clients in the past trimester," added Bréjean.
Lenders Alliance Inc.'s main objective is granting the best quality service and satisfaction to its clients in cooperation with government policies regarding data privacy.
“There is no doubt that the SEC, NPC and other government agencies are doing a remarkable job, giving reliability back to the online lender industry," Bréjean declared.
Besides ensuring compliance, the Lenders Alliance aims at re-establishing confidence and differentiating its members from sharks or opaque companies, under fire from all sorts of critics.
“We are on the right track. More than ever, the label of the Lenders Alliance is a certificate of trust. Our efforts paid off, and we are determined to continue to increase even more the level of our services.”
The open goal of the Lenders Alliance is to help the online financial industry to reach the highest European criteria, where loan sharks could not survive.