SEC issues advisory on unregistered ‘Salmon’ and ‘Mabilis’ lending apps

THE SECURITIES and Exchange Commission (SEC) has issued an advisory against two unauthorized platforms, cautioning the public that they are allegedly offering credit or loan services without the required registration or license.

In a March 2 advisory, the regulator said records showed that platforms named “Salmon Credit/Salmon Credit Cash Loan App” and “Mabilis Credit/Mabilis Credit-Quick Cash Loan” are not listed under any authorized financing or lending company.

“Accordingly, the public is hereby advised to exercise extreme caution in dealing with any entity, website, mobile application, social media page, or digital platform using the [said names] that purports to offer lending or financing services,” the advisory read.

The SEC said that only entities registered with the commission and holding a valid certificate of authority may engage in lending or financing under Republic Act (RA) No. 9474 and RA 8556.

Operating an online lending app without proper SEC registration is illegal, and violators may face administrative sanctions and criminal prosecution.

Impersonating legitimate entities or misusing corporate names also violates the Financial Products and Services Consumer Protection Act, Electronic Commerce Act (RA 8792), and Cybercrime Prevention Act (RA 10175), covering offenses such as fraud and identity misuse.

The commission further clarified that the legitimate “Salmon” online lending platform is exclusively owned and operated by Sunprime Finance Inc. under Salmon Group Ltd., the authorized entity for all official Salmon operations, services, and representations.

“The public is strongly urged to verify first with the SEC whether a financing or lending company and its online lending platform are duly registered and authorized before transacting. The official list of recorded OLPs may be accessed through the SEC website,” it added.

BusinessWorld could not reach the flagged entities for comment, as no public contact information or company profiles were available. — Alexandria Grace C. Magno