The Securities and Exchange Commission (SEC) has revoked the license of Fynamics Lending Inc. for failing to comply with reportorial requirements.
Fynamics which operates the online lending platform Pondo Peso has recorded four violations of the implementing rules and regulation (IRR) of Republic Act No. 9474, also known as the Lending Company Regulation Act of 2007 (LCRA), for failing to submit its semi-annual financial reports.
“The CGFD (Corporate Governance and Finance Department) gave Fynamics a chance to explain why its CA should not be revoked through a show cause letter dated July 7, 2021, and through a hearing on Oct. 11, 2021. However, Fynamics failed to submit an explanation or appear in the hearing,” it added.
The SEC said Fynamics was also previously penalized twice for violation of the prohibition on unfair debt collection practices for lending companies.
