In a statement, the group assured that Digital Spring Marketing and Advertising Inc., the operator and marketing arm of Lyka in the Philippines, was committed to fulfilling its duties and obligations to regulatory authorities as well as to its partner merchants as it sought to register as an operator of payment system (OPS).
The Bangko Sentral ng Pilipinas has ordered the social media platform that allows users to earn gems (gift card in electronic mode) which can be used as payment for goods and services to cease operations pending its registration as an OPS.
Lyka pointed out that Digital Spring had already secured an OPS provisional certificate last July 21.
Aside from this, Lyka said Digital Spring “operates in conduction with EPlayment Corp., which is registered with the BSP.
“Lyka will fulfil its vision as a leading social media app on a global scale. Lyka has helped thousands of businesses and millions of Filipinos during the pandemic and it shall continue to do so. Lyka Mall, Lyka Grocery, Lyka Games and other services will continue to advance in order to fulfil the needs of our users in our pursuit to become an app conglomerate powered by Lyka GEMS, the first cashless and seamless social media gift card in the world,” the popular social media-based platform said.
“This is but a minor hiccup compared to the dent that we will put on the universe. Relax we got this,” Lyka added.