PayMongo receives demand to investigate board chairman

Fresh complaints have surfaced at Philippine-based PayMongo, this time against Luis Sia, the fintech firm’s board chair, co-founder, and former chief commercial officer.

An anonymous person claiming to be a PayMongo employee filed the complaint via email, which was dated January 4 and addressed to the firm’s board of directors. It came weeks before the company announced the appointment of a new CEO and president: Jojo Malolos, co-founder and chairman of digital bank GoTyme.

PayMongo CEO and president Jojo Malolos / Photo credit: PayMongo

Malolos has held various chief executive posts at the Gokongwei Group, including the local conglomerate’s JG Digital Equity Ventures and Data Analytics Ventures units. He now faces the possibility of starting an investigation into a fraternity brother and fellow alumni. Not only are Malolos and Sia members of Beta Epsilon at the University of the Philippines (UP), both are also graduates of the prestigious institution.

“As concerned employees of the company, we are worried and disappointed that Luis Sia continues to be involved in the board of PayMongo,” the email said. Tech in Asia has viewed the contents of the document.

The complainant also cited instances of inappropriate behavior by Sia, including his romantic involvement with an employee. Without any action taken, PayMongo would be “sending the wrong message” that Sia’s improper behavior is “acceptable in the workplace,” the person wrote.

In September 2022, Tech in Asia reported that Sia had been asked to resign from his post after a romantic relationship with a direct report affected his work performance. Sia denied those claims.

As CEO, Malolos will have to tackle pressing issues including falling payment volumes and missed revenue targets at PayMongo.

As Tech in Asia previously reported, employees at the fintech firm have also used drugs at office parties on occasion. At the time, Sia told Tech in Asia that PayMongo adheres strictly to a “drug-free workplace policy and program.”

See also: Fallout at PayMongo: alleged harassment by CEO, founder departures, growth woes

Frat bros

Both Sia and Malolos belong to Beta Epsilon, UP’s first college-based fraternity. This “brotherhood of engineers” was founded in 1929.

Malolos graduated with a degree in civil engineering in 1985 and an MBA from the same university in 1994. Sia, meanwhile, is an alumni from the 2016 batch.

In a public Facebook group, Beta Epsilon members frequently share news about prominent fellow alumni in a variety of fields, from those who are in public office to executives in multinational corporations.