Manila: Officials of the Securities and Exchange Commission (SEC), GCash's parent company Mynt Inc., and its lending arm Fuse Financing Inc. have signed a memorandum of understanding (MOU) aimed at promoting financial literacy and strengthening consumer protection.

According to Philippines News Agency, the SEC announced in a news release that the partnership will facilitate the development of 'SEC-approved multimedia educational materials and public awareness campaigns.' These materials will be distributed through digital platforms to reach millions of Filipino users nationwide. The campaign is set to emphasize 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 SEC highlighted that, in addition to enhancing public financial knowledge and consumer protection awareness, the MOU supports its mandate to preserve the integrity of the financial system. The signing of the agreement took place at the W Global Center in Bonifacio Global City, Taguig City. Present at the signing were SEC Commissioner Rogelio Quevedo, Mynt Chief Marketing Officer Neil Trinidad, Fuse Financing Inc. President and Chief Executive Officer Tony Isidro, and Mynt Chief Regulatory Officer Cef Sison.

SEC Commissioner Quevedo noted the importance of empowering the public with knowledge, awareness, and critical thinking, stating, "While the SEC will continue to exercise its regulatory and enforcement powers against violators, we must also empower the public." He emphasized that "an informed citizen is the first line of defense against fraud."