The Securities and Exchange Commission (SEC) has officially revoked the financing license and primary registration of Digido Finance Corp., operator of online lending platforms UnaPay and UnaCash, after the company was found to have opened and operated four branches without the necessary regulatory approval.
In an order dated May 9, the SEC’s Financing and Lending Companies Division (FinLenD) ruled that Digido Finance Corp. violated Section 6(A) of the Implementing Rules and Regulations of Republic Act No. 8556, also known as the Financing Company Act of 1998.
The law explicitly prohibits any financing company from establishing or operating a branch, agency, extension office, or similar unit without first securing a Certificate of Authority from the Commission.
Following the violation, FinLenD moved to revoke the Certificate of Authority previously granted to Digido Finance Corp., effectively cancelling its license to operate as a financing company.
The company’s primary SEC registration has also been revoked.
The SEC reiterates its commitment to maintaining a fair and transparent financial ecosystem and urges financing and lending companies to strictly comply with the regulatory requirements set forth under existing laws.
Featured image credit: Edited by Fintech News Philippines, based on image by rawpixel.com via Freepik
