SEC permanently strips Pondo Peso operator of license

Fynamics failed to submit its 2020 second semester interim financial statements by the Feb. 15, 2021 deadline, which the SEC said was the fourth time the company had not complied with the submission of this report.

Fynamics likewise failed to respond to a show cause letter dated July 7, 2021. Representatives also did not appear in a hearing scheduled on Oct. 11, 2021. “Thus, in light of the company’s failure to respond to this department’s show cause letter and its continuous non-compliance with the reportorial requirements for lending companies, and considering that the company was sufficiently notified and given opportunities to explain its position, this department hereby finds that the revocation of the company’s CA is in order,” the CGFD said.

Citing an immediate need to curb “abusive” and “predatory” online lending practices, the SEC issued last November a moratorium on the registration of new online lending platforms. INQ

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