The Bangko Sentral ng Pilipinas announced today the stop operations of Lyka.
Lyka, a social media platform as an operator of payment system (OPS) because of its pending registration with the BSP. “It has come to our knowledge that Lyka, a social media platform launched in the Philippines by a Hong Kong-based company, allows its users to purchase, exchange, and use gift cards in electronic mode or gems payment for goods and services,” said BSP Governor Benjamin Diokno.
They also added that they are inviting Lyka to register with the BSP in order to return to their normal operations.
“The Monetary Board has ascertained that these activities make Lyka an OPS and is thus required to register with the BSP”, he added.
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The registration will make sure that the Lyka OPS that it is safe, efficient and reliable. It is pursuant to Republic Act Mo. 11127 or the National Payment Systems Act.
According to Diokno, Lyka already expressed willingness to register but the BSP are still to receive application.