BSP welcomed LYKA’s plan to apply as a payment system operator.
LYKA — The social media platform‘s plan to register as a payment system operator got a positive response from the Bangko Sentral ng Pilipinas (BSP).
In a statement released over the weekend, the Bangko Sentral ng Pilipinas said that the BSP welcomed the reported decision of LYKA / Things I Like Company Ltd (TIL) to apply for registration as an Operator of Payment System (OPS) under Philippine Laws and regulations.
According to the central bank, it has yet to receive the necessary application-related documentation from LYKA as of this date.
“As regulator of the Philippine payment system, the central bank shall continue to promote policies that foster the welfare of consumers, merchants, banks, and other participants in the country’s payments ecosystem,” the BSP underscored.
BSP’s statement came as the central bank didn’t accept the registration of Digital Spring Marketing and Advertising Inc as a payment system operator.
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LYKA had said that a part of the company’s intention to register as a payment service operator was to establish its own Philippine operations and staff it with the best people available.
According to a report on The Manila Times, users were also guaranteed by LYKA that “any duties and commitments made by DS to the, as well as their accreditation as a partner merchant, will be honored as quickly as possible”.
LYKA also said that its management had also started looking for a national head and the best support team for its operations in the Philippines in order to carry out the company’s ambitions for the country and to support its vision as a leading social media app on a global scale as well.
Also, LYKA promised to maintain working closely with the Bangko Sentral ng Pilipinas and other regulators in order to advance its “LYKA GEMs”.
“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,” LYKA said.
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