Payment system operator urged to register with BSP – PNA

BSP
Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) has ordered Lyka, a social media platform that provides payments service, to stop operations unless it has registered with the central bank.
In a virtual briefing on Friday, BSP Governor Benjamin Diokno said the mobile application launched by a Hong Kong-based company “allows its users to purchase, exchange, and use gems (gift cards in electronic mode) as payments for goods and services” –a service regulated by the central bank.
“The Monetary Board has asserted that these activities make Lyka an OPS (operator of payment service), and is thus required to register with the BSP,” he said.
Diokno said Lyka executives have informed authorities of their willingness to register the company with the BSP.
OPS is required under Republic Act (RA) 11127, otherwise known as the National Payments System Act, to register with the central bank.
Also, BSP Circular 1049 discusses the rules and regulations on the registration of OPS in line with RA 11127.
Diokno said the list of registered OPS can be accessed at the central bank website.
He encouraged the public to report unregistered operators to protect the public’s welfare. – PNA