The Bangko Sentral ng Pilipinas is in discussions with the Hong Kong-based Lyka/Things I Like Co. Ltd. (TIL) over an application to register as an operator of payment system in the country, BSP Governor Benjamin Diokno told reporters Tuesday in an online briefing.
Lyka is a social media platform that allows people to earn GEMs (gift cards in electronic mode) for posting, sharing, or liking content on its app.
“To date, Things I Like Co. Ltd. remains unregistered with the BSP. However, we are in discussions with a representative of Lyka Philippines to ensure proper compliance with the National Payment Systems Act and BSP Circular 1049 so that the appropriate entity and true operator of the Lyka payment system registers in accordance wit the law and regulations,” Diokno said.
Lyka currently has 10 million registered users in the country and is endorsed by almost all celebrities and social media influencers.