Digido contests SEC order

MANILA, Philippines – Financial technology platform Digido Finance Corp. is contesting the decision of the Securities and Exchange Commission (SEC) to revoke its license to operate, denying the regulator’s claim that it had operated without proper authority.

In a statement on Monday, Digido said it had filed a motion for reconsideration before the SEC after the latter cancelled the company’s certificates of incorporation and authority to act as a financing entity.

The SEC, in an May 9 order, alleged that Digido opened and operated four branches in Cavite province without the requisite permits.

READ: SEC cancels Digido group’s license

In response, the company “categorically denies” the allegation, saying the said branches were only “temporary setup of four exhibition booths in 2021” for “marketing purposes.”

“While we respect and share [SEC’s] inherent thrust to promptly regulate financing and lending companies in the Philippines, the company respectfully views this order as a deviation from earlier established facts,” it added.