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Lyka heeds BSP ruling

Management of Lyka respects the finding of the (BSP) that the registration as OPS should be accomplished by Lyka itself and not through a local third-party

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Courtesy of LYKA

Operator of Payment System (OPS) Lyka/Things I Like Company Ltd (TIL) said it will heed the Bangko Sentral ng Pilipinas’ (BSP) rule that they must register first before resuming operations.

This, following the BSP’s recent issuance of a cease and desist order against Lyka/TIL and its requested OPS, Digital Spring Marketing and Advertising Incorporation.

“The management of Lyka respects the finding of the (BSP) that the registration as OPS should be accomplished by Lyka itself and not through a local third-party,” Lyka said in a statement on Friday.

“Lyka Global shall register as an OPS as directed by the BSP and will immediately put up its own office in the country,” it added.

According to Lyka, it had commenced sourcing for a country head and the best support team for its Philippine operations.

In its letter to its partner merchants, Lyka said that it will continue to closely cooperate with the BSP and other regulators in order to advance Lyka GEM, the first cashless and seamless social media gift card in the world.

Goal is global
“The addition of an internal entity in a social media hub like the Philippines can only bring Lyka a step closer to its vision of becoming a global app conglomerate,” it said.

While at it, Lyka will end its partnership with Digital Spring, transferring all contracts entered by the latter into the new company, honoring all its obligations and signed agreements.

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