BSP orders Lyka to stop operations

The Bangko Sentral ng Pilipinas (BSP) has just issued an order to Lyka to suspend its operations as an OPS or Operator of Payment System.

However, BSP has invited the entity to register under the Republic Act No. 11127 or the National Payment Systems Act (NPSA). Lyka also expressed their willingness to register with the BSP as an OPS.

The BSP reminds entities operating a payment system to comply with the requirement under the NPSA and BSP Circular No. 1049 to register with the BSP. Circular No. 1049 provides for the Rules and Regulations on the Registration of Operators of Payment System. Registration of an OPS allows the BSP to have oversight of the payment system it operates to ensure that it functions safely, efficiently, and reliably by itself, consistent with the central bank’s objectives of consumer protection and financial stability.

Lyka is a social media platform that launched in the Philippines and it allows you to purchase, exchange and use gifts cards in GEMS as payments for goods and services.