LYKA was set to “immediately” open its own office in the Philippines.
LYKA – The social media platform has decided to “immediately” open its own office in the Philippines as the Bangko Sentral ng Pilipinas (BSP) upheld its cease and desist order against the company.
LYKA’s decision, which will allow the company to “move closer” to users in the Philippines, was bared in a recent statement.
In a statement, LYKA said that it’s unfortunate that they may have to end their partnership with Digital Spring as they took on the challenge of operating in the Philippines on their own.
LYKA also noted that all contracts entered into by their local partner would be transferred to a new company and all obligations and signed agreements would be honored as well.
Based on a report, the group’s management has already started sourcing for a country head and support team for an internal Philippine arm.
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LYKA’s decision came as the Bangko Sentral ng Pilipinas didn’t accept the registration of Digital Spring Marketing and Advertising Inc as an operator of payment system (OPS).
Given this, LYKA Global / Things I Like Co. Ltd (TIL) will register as an OPS as directed by the Bangko Sentral ng Pilipinas.
Earlier, a ranking BSP official told Inquirer that the entire process of closing down the social media platform and asking it to register its operations was also meant to help regulator identify the company’s true beneficial owners.
“Think of a [payment systems operator] as a pilot who must personally obtain a flying license to prove that they possess the necessary skills and training to safely operate a passenger aircraft. Digital Spring applying for registration, instead of Lyka/TIL itself, is like saying the airline ticketing office can apply for a flying license on behalf of the pilot. It is the pilot who must apply for the license,” BSP Deputy Governor Mert Tangonan said.
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