BSP upholds halt order vs social media app Lyka

Facebook photo of Lyka app

LYKA / Facebook via Interaksyon

MANILA, Philippines — The Bangko Sentral ng Pilipinas has denied a marketing firm’s request to be registered as the operator of Lyka’s payment system, upholding an earlier halt order against the social media platform.

In a statement on Friday, the central bank encouraged Lyka, owned and operated by Hong Kong-based Things I Like Company Limited (TIL), to register itself as an operator of payment system (OPS) instead of the firm’s marketing agency, Digital Spring Marketing and Advertising Inc.

The central bank's decision effectively sustained the July 23 cease-and-desist order it issued against Lyka. Digital Spring had asked the central bank to reconsider its decision and register the marketing firm as the OPS of the platform, but the regulator ultimately rejected the appeal.

Full Story: https://www.philstar.com/business/2021/10/08/2132727/bsp-upholds-halt-order-vs-social-media-app-lyka