BSP Welcomes Lyka’s Application as Payment System Operator

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The Bangko Sentral ng Pilipinas said it sees the decision of the Hong Kong-based company Lyka / Things I Like Co. Ltd. as a positive development. to apply for registration as a payment system operator in the country. Lyka is a social media platform that allows people to earn GEMs (Electronic Mode Gift Cards) for posting, sharing or liking content on its app. The Bangko Sentral ng Pilipinas welcomes the announced decision of Lyka / Things I Like Company Ltd to seek registration as a payment system operator under Philippine laws and regulations. To date, the BSP does has not yet received the appropriate documents related to the request from Lyka / TIL, “BSP said in a statement over the weekend. “As the regulator of the Philippine payments system, the central bank will continue to promote policies that promote the well-being of consumers, merchants, banks and other participants in the country’s payments ecosystem,” he said. -he declares. Lyka has 10 million registered users nationwide and is endorsed by almost every celebrity and social media influencer. Lyka said last week that she would immediately open an office in the Philippines and register as a payment system operator as per the BSP order. He released the statement after the BSP rejected third-party Digital Spring Marketing and Advertising Inc.’s request to be registered as a Lyka OPS. “Lyka’s management respects the conclusions of Bangko Sentral ng Pilipinas that registration as a payment system operator should be done by Lyka itself and not through a local third party, Digital Spring Marketing and Advertising Inc., ”Lyka said. “In line with this recent development, Lyka Global will register as an OPS as indicated by BSP and will immediately open its own office in the country,” Lyka said. Lyka also said he would end his partnership with Digital Spring because “we are facing the challenge of operating on our own in the Philippines.” He assured that all contracts concluded by Digital Spring would be transferred to the new company and that all signed obligations and agreements would be honored. In line with Lyka’s growing list of wholly owned subsidiaries in the United States, South Korea, Malaysia and Indonesia, she said she would hire the “crème de la crème” of operations and management. business to oversee his Filipino company. Lyka said she has started looking for a country leader and the best support team for an internal Filipino branch. “Lyka will continue to cooperate closely with BSP and other regulators to continue advancing truly innovative Lyka Gems, the world’s first cashless and transparent social media gift card,” he said. He said adding an internal entity at a social media center like the Philippines can only bring Lyka closer to her vision of becoming a global app conglomerate. Previously, the BSP had upheld the cease and desist order issued against Digital Spring on July 23, 2021, reiterating that the Lyka / Things I Like Company Ltd. payment system. and not Digital Spring should register as a payment system operator with the BSP. BSP Deputy Governor Mamerto Tangonan said applying to register Digital Spring, instead of Lyka herself, was tantamount to saying that the airline’s ticket office could apply for a flight license on behalf of a pilot. Lyka launched in Southeast Asia in 2019, but was previously known as the Things I Like app before its apparent rebranding. Tangonan said BSP provides secure, convenient and cost-effective digital payment services to the public for their payment needs. In the process, BSP oversees payment system operators to protect consumers, merchants, banks and other participants in the payment system. For its continued protection, the public is reminded to only use the payment services of a registered OPS. An OPS can be collection service providers, bill payment service providers, and entities such as payment gateways and merchant acquirers that allow sellers of goods and services to accept payments, in cash. or in digital form. The BSP reminded entities operating a payment system to comply with the requirements of the NPSA and BSP Circular No. 1049. Circular No. 1049 sets out the rules and regulations for the registration of payment system operators. Registering an OPS allows the BSP to monitor the payment system it operates to ensure that it is operating in a safe, efficient and reliable manner on its own, in accordance with the central bank’s objectives of protecting consumers and financial stability.

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