BUSINESS
Advocates Philippines
Philippine Fintech Group Ousts Digido Over Ethics And Data Violations
FILE
The Philippines’ premier association for financial technology companies, Fintech Alliance.PH, has taken a firm stand against misconduct, officially revoking the membership of online lending firm Digido Finance Corporation. The move, announced today, comes after an internal review uncovered significant violations of the organization’s Code of Ethics.
The decision was not made lightly. According to Fintech Alliance.PH, their investigation confirmed serious breaches by Digido, including deceptive and anti-competitive practices, as well as a concerning failure to safeguard consumer data. The group also cited the company's financial instability as a contributing factor.
This expulsion follows closely on the heels of regulatory action by the Securities and Exchange Commission (SEC). Just last month, on May 9, 2025, the SEC issued an order revoking Digido’s Certificate of Incorporation and its license to operate as a financing company.
Lito Villanueva, Founding Chair of Fintech Alliance.PH, emphasized the group's commitment to its core values. "We will never compromise on integrity, consumer protection, and responsible innovation," Villanueva stated. "The expulsion of Digido sends a strong signal that unethical practices have no place in the Philippine fintech ecosystem."
The Alliance noted that it had given Digido an opportunity to respond to the allegations, issuing a "Notice to Explain" on May 6, 2025. However, the firm reportedly failed to reply within the designated period.
With its membership terminated, Digido has lost all associated rights and privileges. The company has also been formally directed to stop using the Fintech Alliance.PH name, logo, or any reference to its former affiliation.
Fintech Alliance.PH is a leading trade association dedicated to promoting responsible innovation and protecting consumers within the country's fast-growing digital and financial technology sector.
The decision was not made lightly. According to Fintech Alliance.PH, their investigation confirmed serious breaches by Digido, including deceptive and anti-competitive practices, as well as a concerning failure to safeguard consumer data. The group also cited the company's financial instability as a contributing factor.
This expulsion follows closely on the heels of regulatory action by the Securities and Exchange Commission (SEC). Just last month, on May 9, 2025, the SEC issued an order revoking Digido’s Certificate of Incorporation and its license to operate as a financing company.
Lito Villanueva, Founding Chair of Fintech Alliance.PH, emphasized the group's commitment to its core values. "We will never compromise on integrity, consumer protection, and responsible innovation," Villanueva stated. "The expulsion of Digido sends a strong signal that unethical practices have no place in the Philippine fintech ecosystem."
The Alliance noted that it had given Digido an opportunity to respond to the allegations, issuing a "Notice to Explain" on May 6, 2025. However, the firm reportedly failed to reply within the designated period.
With its membership terminated, Digido has lost all associated rights and privileges. The company has also been formally directed to stop using the Fintech Alliance.PH name, logo, or any reference to its former affiliation.
Fintech Alliance.PH is a leading trade association dedicated to promoting responsible innovation and protecting consumers within the country's fast-growing digital and financial technology sector.
Sep 19, 2025
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