The Bangko Sentral ng Pilipinas (BSP) is in talks with social media platform Lyka as it pursues its application as an operator of payment system (OPS) with the regulator.
BSP Governor Benjamin Diokno said in an online press briefing that Lyka Philippines continues to talk with the central bank as it complies with the provisions of Republic Act 11127 or the National Payment Systems Act (NPSA) and BSP Circular No. 1049.
“However, we are in discussions with a representative of Lyka Philippines to ensure proper compliance with the NPSA and BSP Circular No, 1049 so that the appropriate entity and true operator of the Lyka payment system registers in accordance with the law and regulations,” Diokno said.
Lyka, launched in the Philippines by Hong Kong-based Things I Like in 2019, allows its users to purchase, exchange, and use gift cards in electronic mode (GEMs) as payment for goods and services. It has 10 million registered users and is being endorsed by well-known celebrities and influencers in the country.
Last July 21, the BSP Monetary Board ordered the revocation of the OPS provisional certificate of registration awarded to its marketing and advertising arm.The order also directed Digital Spring Marketing and Advertising Inc. to cease-and-desist (CDO) from performing cash-in service, merchant accreditation and settlement process, on behalf of Lyka or Things I Like.
The regulator continues to promote and efficient payment system and stable financial ecosystem through the issuance of the governance policy for OPS.
