Lyka, a social media platform that allows people to earn GEMs (gift cards in electronic mode) for posting, sharing or liking content on its app, said it plans to “immediately” put up an office in the Philippines and register as an operator of payment system in compliance with the order of the Bangko Sentral ng Pilipinas.
Lyka issued the statement over the weekend after the BSP on Friday denied the request of third-party Digital Spring Marketing and Advertising Inc. to be registered as an OPS of Lyka.
“The management of Lyka respects the findings of the Bangko Sentral ng Pilipinas that the registration as operator of payment system should be accomplished by Lyka itself and not through a local third party, Digital Spring Marketing and Advertising Inc.,” it said.
“In line with this recent development, Lyka Global shall register as an OPS as directed by BSP and will immediately put up its own office in the country,” it said.
Lyka also said it would end its partnership with Digital Spring as “we take on the challenge of operating in the Philippines on our own.”
