Digido Finance Corp. has issued a response following the SEC decision to revoke its financing licence and primary registration. The company, which operates online lending platforms such as UnaPay and UnaCash, stated:
“Digido Finance Corp. categorically denies having opened or operated four (4) branches without obtaining the necessary certificate of authority”.
In its statement, Digido contends that the SEC’s order, dated May 9, 2025, was based on the setup of four exhibit booths back in 2021. Digido asserts that it “factually established to the Commission that [the company] only set up exhibit booths for marketing purposes”.
Digido stated that they did not intend the exhibit booths to be permanent offices or places of business.
The company acknowledges the SEC’s regulatory role but views the revocation order “as a deviation from earlier established facts”. Digido confirmed it has “filed a motion for reconsideration aimed at undoing this decision”.
Digido also stated its commitment to continuing its mission of serving financially underserved populations in the country.
The licence revocation order by the SEC stated that Digido had violated the Financing Company Act of 1998 by operating branches without the required Certificate of Authority.
A History of Regulatory Issues
This is not the first instance the company has faced such issues with the regulator. The SEC revoked its licence back in 2019 (the company operated under its former name, Robocash Finance Corp.) for similar reasons of operating multiple branches without the necessary authority.
Despite this 2019 revocation, by mid-2020, the Robocash Group was actively seeking USD $5 million in pre-IPO funding to launch a digital bank in the Philippines, to be named Una Bank. This move was part of its preparation for an IPO on the Australian Stock Exchange.
At the time, the SEC stated it “found no merit in the company’s defence” regarding the earlier branch violations and found it “appalling that despite being aware of the requirement of the law,” Robocash “knowingly and willingly committed repeated violations”.
The current revocation affects Digido’s primary registration and its licence to operate as a financing company, pending the outcome of its motion for reconsideration.
Featured image: Edited by Fintech News Philippines, based on image by Freepik.
