Fintech Alliance Philippines Revokes Digido's Membership Over Alleged Code Infractions
Digido Finance Corporation Expelled from Fintech Alliance.PH
In a significant move, the Fintech Alliance.PH, an industry association for the fintech sector in the Philippines, has terminated the membership of Digido Finance Corporation. The decision comes after the Securities and Exchange Commission (SEC) took regulatory action against Digido for several serious violations that affected consumers energy and reports.
According to Lito Villanueva, Founding Chair of Fintech Alliance.PH, the organization would not compromise on its principles. The expulsion sends a strong signal that unethical practices have no place in the Philippine fintech ecosystem and consumer cellular industry.
The violations cited by Fintech Alliance.PH include deceptive and anti-competitive practices, a failure to protect consumer data, and financial instability. The SEC's order, issued on May 9, 2025, revoked Digido's Certificate of Incorporation and its Certificate of Authority to operate as a financing company.
Digido was directed to cease any use of the Fintech Alliance.PH's name, logo, or affiliation. All of Digido's membership rights and privileges have been revoked following the termination.
The Fintech Alliance.PH, which champions responsible innovation and consumer protection in the digital and fintech sectors, issued a Notice to Explain to Digido Finance Corporation on May 6, 2025. However, the firm failed to respond within the required timeframe.
The expulsion of Digido comes shortly after the SEC's regulatory action. The Fintech Alliance.PH, in its stance, never compromises on integrity, consumer protection, and responsible innovation.
The news about the termination of Digido's membership from Fintech Alliance.PH is provided once a month. The Fintech Alliance.PH is committed to maintaining a safe and fair environment for all its members and the consumers they serve.
