The board said Digido’s violations ranged from deceptive and anti-competitive practices to weak consumer data protection and financial instability.
“Membership in Fintech Alliance PH is both a privilege and a responsibility,” said Lito Villanueva, founding chair of Fintech Alliance PH.
“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.”
Expulsion effective immediately
The move follows Digido’s failure to respond to a notice to explain issued on May 6, days before Securities and Exchange Commission (SEC) ordered to revoke its certificate of incorporation and financing license.
Effective immediately, the firm loses all rights and privileges tied to its membership and is barred from using the Alliance’s name, logo, or affiliation.
Who’s Digido?
Digido, led by president Aleksei Kosenko, is the company behind the online lending platforms UnaPay and UnaCash.
The SEC revoked its corporate registration and financing license after finding it had opened four unlicensed branches in Cavite between July and September 2021.
Regulators said the booths, advertised on Facebook as offering loans of up to P10,000 in 10 minutes, amounted to full lending operations without the required certificate of authority.
Fintech Alliance.PH, the country’s biggest digital finance trade group, represents over 95 percent of retail fintech transactions and counts leading players such as GCash, Maya, PalawanPay, and GoTyme among its members.
—Edited by Miguel R. Camus
