Enhancing Online Lending Safety: CICC and JuanHand Unite for Consumer Protection

The Cybercrime Investigation and Coordinating Center (CICC) has partnered with JuanHand, the Philippines' leading online lending platform, to serve and protect underserved yet creditworthy borrowers.

This collaboration aims to create a secure online lending environment and combat cybercrime in the fintech sector.

On October 18, 2024, a Memorandum of Agreement (MOA) was signed at the National Cybercrime Hub in Taguig City. This agreement underscores a mutual commitment to address cybercrime and fraud within the fintech lending industry. CICC and JuanHand will establish a data-sharing mechanism to enhance operational and technical cooperation. This partnership will also focus on improving cyber capabilities and advancing digital initiatives in online lending.

Key representatives from both organizations attended the signing, including CICC Executive Director Undersecretary Alexander Ramos and JuanHand President and CEO Francisco “Coco” Mauricio. Ramos emphasized the need to protect borrowers from unregistered online platforms that exploit vulnerable consumers, stating, "We aim to guide borrowers toward legitimate services to prevent them from falling victim to predatory lending practices."

Coco Mauricio highlighted the importance of fostering a fair lending environment. He noted that addressing issues within the online lending landscape is essential for building consumer confidence. "Our goal is to ensure that the underserved feel safe and secure when accessing financial services, rather than turning to loan sharks," he said.

JuanHand offers microloans of up to 50,000 pesos, payable over nine months, with competitive interest rates below 0.49% per day. Registered with the Securities and Exchange Commission (SEC) and a founding member of the Consumer Lending Association of the Philippines (CLAP), JuanHand is committed to ethical lending practices. Its parent company, FinVolution Group, is listed on the New York Stock Exchange and operates in multiple countries, including China, Indonesia, and Mexico.

Mauricio concluded, "We aspire to be a trusted financial partner for all Filipinos, believing that financial literacy and inclusion empower individuals and contribute to national development."

Download the JuanHand app now from the iOS App Store or Google Play Store, or visit www.juanhand.com.