The decision follows an internal review that found serious violations of the Alliance's Code of Ethics, including deceptive practices and failure to protect consumer data.
The decision followed an internal review which, according to the Alliance, confirmed several serious violations of its Code of Ethics.
The specific violations cited by the industry association include deceptive and anti-competitive practices, a failure to protect consumer data, and financial instability. The expulsion comes shortly after a regulatory action by the Securities and Exchange Commission (SEC).
On 9 May 2025, the SEC issued an order revoking Digido’s Certificate of Incorporation and its Certificate of Authority to operate as a financing company.
Lito Villanueva, Founding Chair of Fintech Alliance.PH stated that the organisation would not compromise on its principles.
Lito Villanueva
“We will never compromise on integrity, consumer protection, and responsible innovation,” Villanueva said. “The expulsion of Digido sends a strong signal that unethical practices have no place in the Philippine fintech ecosystem.”
According to the Alliance, it had issued a Notice to Explain to Digido on 6 May 2025, but the firm failed to respond within the required timeframe.
Following the termination, all of Digido’s membership rights and privileges have been revoked, and the company has been directed to cease any use of the Alliance’s name, logo, or affiliation.
The Fintech Alliance.PH is a trade association for digital and fintech companies in the Philippines that champions responsible innovation and consumer protection in the sector.
