BSP says yet to receive Lyka's application papers


Posted at Oct 15 2021 11:15 PM

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MANILA - The Bangko Sentral ng Pilipinas (BSP) on Friday welcomed the reported decision of social media platform Lyka to register as payments operator in the country.

"As of date, the BSP has yet to receive the appropriate application-related documents from Lyka/TIL," the central bank said in a statement.

"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."

Earlier this month, the BSP said it denied the request of Lyka's marketing arm Digital Spring Marketing and Advertising Inc to be the one registered as an Operator of Payment System (OPS) of the social media platform.

The cease-and-desist order that had been issued against both Lyka and Digital Spring "shall remain effective until Lyka/TIL properly registers as an OPS in accordance with law and regulations," the central bank had said. 

Lyka allows users to use gift cards in electronic modes or GEMs as payment for goods and services, which makes it a payment operator whose activities require prior license, the BSP said.

It was ordered by the BSP in July to suspend payments operations until it has completed its registration as an OPS.


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