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The Securities and Exchange Commission (SEC) has revoked the financing license and corporate registration of Digido Finance Corp., the operator behind popular online lending platforms UnaPay and UnaCash, for breaching regulatory provisions related to unauthorized branch operations.
According to an official order dated May 9, the SEC’s Financing and Lending Companies Division (FinLenD) found that Digido violated Section 6(A) of the Implementing Rules and Regulations of Republic Act No. 8556, the Financing Company Act of 1998. The section expressly prohibits financing companies from establishing or operating branches, extension offices, or agencies without first securing a Certificate of Authority from the Commission.
Investigations revealed that Digido Finance Corp. had opened and operated four branches without prior regulatory approval. As a result, FinLenD moved decisively to revoke the Certificate of Authority previously granted to the company, effectively terminating its legal ability to operate as a financing entity. The SEC also proceeded to cancel the company’s primary registration, removing its status as a recognized corporate entity under the Commission’s registry.
The SEC emphasized that the revocation serves as a firm reminder to players in the digital finance and lending sector of the importance of strict adherence to regulatory frameworks, particularly as digital lending continues to scale in reach and impact.
“This action underscores our continued commitment to upholding integrity, accountability, and transparency within the financial system,” the Commission stated. “We urge all financing and lending companies to comply fully with applicable laws to promote a stable and fair financial ecosystem.”
Digido’s license revocation marks a broader regulatory push to ensure responsible conduct among fintech and online lending operators, particularly amid growing concerns over unauthorized practices and consumer protection.
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