The Securities and Exchange Commission declared final and executory the revocation of lending license of Fynamics Lending Inc. over its alleged repeated failure to comply with reportorial requirements.
The SEC Corporate Governance and Finance Department, in an order dated Jan. 5, upheld its earlier order revoking the certificate of authority of Fynamics, which operates online lending platform Pondo Peso, for its alleged fourth violation of the implementing rules and regulations of Republic Act No. 9474, or the Lending Company Regulation Act of 2007.
It said Fynamics failed to submit financial reports to the corporate regulator as provided under the IRR of LCRA. Rule 8(a) of IRR states that a lending company that has been duly registered and granted a CA should file with the SEC reports/manuals, including interim semi-annual financial statements, in accordance with a designated schedule.
The CGFD 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. Fynamics failed to submit an explanation or appear in the hearing, it said.