Ryan Baird’s Lyka app halted, told to register with BSP
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Ryan Baird’s Lyka app halted, told to register with BSP

A social media app which has gained popularity from people eager to earn gems that can be used to pay goods and services, has found itself in hot water for failing to register with the Bangko Sentral ng Pilipinas as an operator of payment system (OPS).

Owned by Hong Kong-based Things I Like Company Ltd. of Silicon Valley veteran Ryan Baird, Lyka is a free social networking platform that rewards its users for engagement.

Every interaction (like, share, post) within the app could get you gems or “gift card in electronic mode.”

The BSP has temporarily suspended the operations of Lyka pending its registration as an OPS.

OPS is defined by the BSP as cash-in service providers, bills payment service providers, and entities such as payment gateways, platform providers, payment facilitators and merchant acquirers that enable sellers of goods and services to accept payments, in cash or digital form.

Lyka said it would comply with the BSP directive.

The central bank reminded the public to transact only with BSP-registered OPS which are listed on its website.

“In order to protect the public interest, the public is encouraged to immediately report unregistered OPS to the BSP through our Payment System Oversight Department,” said BSP Governor Benjamin Diokno.

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