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LYKA in talks with BSP - Diokno

According to Governor Benjamin Diokno, the social networking platform LYKA is in talks with the Bangko Sentral ng Pilipinas (BSP).

In a press conference, he said, "We are in discussions with a representative of LYKA Philippines to ensure proper compliance with the National Payment Systems Act and BSP Circular No. 1049 so that the appropriate entity and true operator of the Lyka payment system registers in accordance with the law and regulations."

LYKA has stated that one of its goals is to register as a payment system operator so that it can develop its own Philippine operations and hire the best personnel available.

Users were also assured that all duties and commitments made by DS to the, as well as their accreditation as a partner merchant, will be respected as soon as possible by the social media platform.
'Like our wholly owned subsidiaries in the United States, South Korea, Malaysia, and Indonesia, LYKA Philippines will hire the best of the best in terms of business operations and management,' LYKA said.

According to the platform, LYKA management has began looking for a national head and the best support team for its Philippine operations in order to carry out the company's aspirations for the country and to support its vision of being a major social media app on a global scale.

It also stated that it would continue to collaborate closely with the central bank and other regulators in order to progress the really innovative LYKA GEMs, the world's first cashless and seamless social media gift card.

Adding an internal organization in a social media hotspot like the Philippines can only help LYKA get closer to its goal of becoming a worldwide app conglomerate,' the company stated.

We look forward to the issuance of the license so that our partner merchants can accept Lyka GEMs again." Lyka, which operates in the Philippines and is backed by a Hong Kong company, allows users to purchase, exchange and use "gift cards in electronic mode", or GEMs, as payment for goods and services, according to the regulatory body.