Business Technology, Finance Technology & Information Technology
Operators of payment systems are being encouraged to register with the BSP
Lyka, a social networking site that offers payment services, has been ordered by the Bangko Sentral ng Pilipinas (BSP) to cease operations until it has registered with the central bank.
BSP Governor Benjamin Diokno said in a video briefing on Friday that a Hong Kong-based company’s mobile application “allows its users to buy, trade, and utilize gems (gift cards in electronic form) as payments for goods and services,” a service regulated by the central bank.
“The Monetary Board has determined that Lyka is an OPS (operator of the payment service) as a result of these actions and that it must register with the BSP,” he added.
Lyka executives, according to Diokno, have notified authorities that they are willing to register the business with the BSP.
OPS is obliged to register with the central bank by Republic Act (RA) 11127, also known as the National Payments System Act.
In addition, in accordance with RA 11127, BSP Circular 1049 outlines the norms and regulations governing the registration of OPS.
The list of registered OPS may be seen on the central bank’s website, according to Diokno.
To safeguard the people’s welfare, he urged the public to report unregistered operators.
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This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.
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