SEC revokes Digido license over illegal branches

The Securities and Exchange Commission (SEC) has revoked the financing license of Digido Finance Corp., operator of the online lending platforms UnaPay and UnaCash, for running four branches without proper authorization.

In an order dated 9 May and released to the press on Friday, the SEC’s Financing and Lending Companies Division (FinLenD) found that Digido Finance violated Section 6(A) of the Implementing Rules and Regulations of the Financing Company Act of 1998. 

The law prohibits financing companies from establishing or operating any branch, agency, extension office, or unit without a prior certificate of authority from the Commission.

As a result, FinLenD canceled both Digido Finance’s certificate of authority to operate and its primary registration.