Manila, Philippines – Popular buy now, pay later (BNPL) platform Atome is aware that loan apps in the Philippines are impersonating their brand, MARKETECH APAC can confirm when reached out to for a statement.
“We are aware of fake apps impersonating Atome in the Philippines. We are working with the SEC, major app stores (Google Play and Apple App Store), and legal channels to urgently remove them, take action, and protect consumers from confusion and potential risks,” an Atome spokesperson told MARKETECH APAC.
Earlier today, the country’s Securities and Exchange Commission (SEC) released a statement warning the public of the mobile application “Atome Loan: Online Lending App” operated by Backoffice Associates Philippines is not registered and not authorised to operate as a financing or lending company.
It also noted that said app is using the “Atome” name and logo without authority. As of this writing, the app remains listed on the Apple App Store.
“The public is strongly advised to avoid transacting with these entities. Dealing with unauthorised lending platforms may expose you to serious risks such as hidden charges, misuse of personal data, abusive collection practices, and possible fraud,” the commission said.
For context, operations of Atome in the Philippines is done by Neuroncredit Financing Company Inc., registered with SEC since 2018–according to public records.
The Philippines is a significant market for Atome, as it recently launched a US$48m loan channelling partnership with Maya Bank to expand credit access locally. It also has partnerships with SEAOIL and Jollibee.
