 The Securities and Exchange Commission (SEC) has cancelled the financing license of Digido Finance Corp. which operates online lending platforms (OLPs) UnaPay and UnaCash, for opening and operating four branches without obtaining the necessary certificate of authority from the Commission. In an order dated May 9, the SEC Financing and Lending Companies Department (FinLenD) found that Digido Finance violated Section 6(A) of the Implementing Rules and Regulations of Republic Act No. 8556, or the Financing Company Act of 1998, which prohibits financing companies from establishing or operating a branch, agency, extension office, or unit, without a prior certificate of authority from the Commission.
Accordingly, FinLenD revoked Digido Finance’s certificate of authority to operate as a financing company and its primary registration. |
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