The Bangko Sentral ng Pilipinas has recently ordered a halt to the operations of Lyka in the Philippines. The social media platform operates an online payment system (OPS). “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. The app was invited to register with the central bank of the Philippines to be able to resume its normal operations.
Later on, Lyka has posted a letter of support to BSP’s request. Lyka’s management stated that as of July 21, Digital Spring has already obtained an OPS Provisional Certificate of Registration from the BSP. Digital Spring Marketing and Advertising, Inc. is one of LYKA US and Hongkong’s partners in Southeast Asia that operates and markets LYKA in the Philippines.
“Rest assured that Digital Spring will continue to fulfill its obligations with its partner merchants in parallel to its ongoing compliance with the BSP’s requirements,” Lyka said. “We are confident that operations in the Philippines will continue to stay strong with the submission and continuous coordination of Digital Spring with the BSP and other regulatory bodies.”
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