The Bangko Sentral ng Pilipinas ordered an operator of payment system (OPS) to suspend its operation and register with the BSP first, as provided under Republic Act 11127 or The National Payment Systems Act.
BSP on Friday identified the operator of payment system as Lyka, a social media platform launched in the Philippines by a Hong Kong-based company, which allows users to purchase, exchange and use gift cards in electronic mode or GEMs as payment for goods and services.
The Monetary Board said the activities made Lyka an OPS and is thus required to register with the BSP before it is allowed to continue with its activities.
“The operators of Lyka have already expressed their willingness to register with the BSP as an OPS,” the BSP said in a statement.
The BSP reminds entities operating a payment system to comply with the requirement under the NPSA and BSP Circular No. 1049 to register with the BSP. Circular No. 1049 provides the rules and regulations on the registration of operators of payment system.