Fintech Alliance expels Digido Finance Corp.

• Photo from Fintech Alliance Philippines

By TechWatch PH Staff

The Fintech Alliance Philippines has officially expelled Digido Finance Corp. from its roster of members, underscoring the group’s commitment to ethical practices in the country’s fast-growing digital finance sector.

Alliance founding chair Lito Villanueva emphasized that membership is not just a privilege but also a responsibility.

“We will never compromise on integrity, consumer protection, and responsible innovation. The expulsion of Digido sends a strong signal that unethical practices have no place in the Philippine fintech ecosystem,” Villanueva said.

Why Digido was expelled

The decision comes after the Securities and Exchange Commission (SEC) revoked Digido’s financing license and primary registration in May 2025. Digido operates popular online lending platforms UnaPay and UnaCash.

The SEC found that the company had illegally established and operated four branches without securing the required certificate of authority—a direct violation of the Financing Company Act of 1998 (RA 8556).

Following the revocation, the SEC’s Financing and Lending Companies Department (FinLenD) ruled that Digido was in breach of Section 6(A) of the law’s implementing rules and regulations.

Digido, however, filed a motion for reconsideration, denying the SEC’s findings and disputing claims that it opened or operated unauthorized branches.