The Bangko Sentral ng Pilipinas (BSP) on Friday welcomed the reported decision of Lyka/Things I Like Company Ltd (TIL) to apply for registration as an Operator of Payment System under Philippine Laws and regulations.
This is in compliance with the provisions of Republic Act 11127 or the National Payment Systems Act (NPSA) and BSP Circular No. 1049
“As regulator of the Philippine payment system, the central bank shall continue to promote policies that foster the welfare of consumers, merchants, banks, and other participants in the country’s payments ecosystem,” BSP said.
As of date, the BSP has yet to receive the appropriate application-related documents from Lyka/TIL.
The action came after the BSP denied the request of a third party, Digital Spring, to be registered as an OPS of the Lyka/TIL.
In a statement, Lyka/TIL said it shall register as an OPS as directed by the BSP and will immediately put up its own office in the country. Lyka/TIL added that it will be terminating its partnership with Digital Spring Marketing and Advertising, Inc.
“It is unfortunate that we may have to end our partnership with Digital Spring as we take on the challenge of operating in the Philippines on our own. However, all contracts entered into by our local partner shall be transferred to the new company, and all of its obligations and signed agreements shall be honoured. We shall remain faithful to the Lyka platform that our users and merchants have loved to integrate in their daily lives,” Lyka/TIL said.
