The central bank on Friday, Oct. 15, said Lyka/Things I Like Company Ltd (TIL) has not yet submitted any documents that will indicate its interest to apply as an operator of payment system (OPS) in the Philippines.
The BSP, however, said that it “welcomes” Lyka/TIL’s “reported decision to apply for registration as an OPS under Philippine Laws and regulations.” “As of date, the BSP has yet to receive the appropriate application-related documents from Lyka/TIL.”
Lyka/TIL, which operates a popular social media and e-commerce app, is based in Hong Kong. It was also said to be considering putting up its own representative office in the Philippines.
The BSP reminded the public Friday that as regulator of the Philippine payment system, it will “continue to promote policies that foster the welfare of consumers, merchants, banks, and other participants in the country’s payments ecosystem.”
Last October 8, the BSP said it has declined the request of Lyka/TIL local partner, Digital Spring Marketing and Advertising Inc. (Digital Spring), to be registered as an OPS.
Since July 23, a cease-and-desist order issued against both Digital Spring and Lyka/TIL has been in place.
Lyka/TIL is considered an OPS since its users can purchase, exchange, and use Gift Cards in Electronic Mode or GEMs as payment for goods and services.
An OPS may be cash-in service providers, bills payment service providers, and entities such as payment gateways and merchant acquirers that enable sellers of goods and services to accept payments, in cash or digital form.