fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result
Home Featured

PH central bank orders social media platform Lyka to halt payments operations

Team AsiaTechDaily by Team AsiaTechDaily
26 July 2021
in Featured, Regulations
0
Lyka

Lyka

39
SHARES
Share on FacebookShare on Twitter
Bookmark (0)

Please login to bookmark

No account yet? Register

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has ordered social media platform Lyka to halt its operations as an Operator of Payment System (OPS) until it secures registration from the monetary regulatory.

Lyka is a startup launched in the Philippines by a Hong Kong-based company. The firm allows its users to purchase, exchange, and use Gift cards in Electronic Mode or GEMs as payment for goods and services.

“The Monetary Board has ascertained that these activities make Lyka an OPS and is thus required to register with the BSP, which is needed before it is allowed to continue with its OPS activities,” the BSP said in a statement.

The BSP reminds entities operating a payment system to comply with the requirement under the NPSA and BSP Circular No. 1049 to register with the BSP.

Circular No. 1049 provides for the Rules and Regulations on the Registration of Operators of Payment System. Registration of an OPS allows the BSP to have oversight of the payment system it operates to ensure that it functions safely, efficiently, and reliably by itself, consistent with the central bank’s objectives of consumer protection and financial stability.

Under Circular No. 1049, OPS that are required to register, but are found to be operating without registration, shall be directed to comply with the Circular’s registration requirements.

Those that fail to comply may be ordered to stop operations until immediate action is taken to register with the BSP.

“This is without prejudice to other enforcement actions that may be taken against the OPS and its directors/officer and/or employees in accordance with the BSP’s authority over payment systems under RA No. 7653, as amended (The New Central Bank Act) and the NPSA,” the central bank added.

The BSP also advises the public to transact only with BSP-registered OPS that are listed on the BSP’s website.

An OPS may be 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.

Tags: BSPLykapayments
Previous Post

Zomato IPO – A Red Carpet Welcome And Bumper Listing For The FoodTech Platform Despite All Apprehensions

Next Post

Malaysia’s iStore iSend bags funding from Japan’s Yamato Holdings

Related Posts

edit post
PhonePe
Featured

Indian fintech PhonePe raises $200m more from Walmart

March 21, 2023
edit post
Antler
Featured

Antler to invest in over 30 startups in Indonesia this year

March 21, 2023
edit post
WeBudding
Content & Games

Korean startup WeBudding partners exclusively with the most popular free app Goodnotes 5 to provide Korean digital stationery content to users globally

March 17, 2023
edit post
One Impression
Featured

One Impression raises $10m in Series A to expand product offerings

March 15, 2023
edit post
Bababos
Featured

Indonesian startup Bababos closes pre-seed funding led by East Ventures

March 15, 2023
edit post
Broom
Automobiles

Indonesian auto tech startup Broom raises $10m in Openspace-led funding

March 14, 2023
Next Post
edit post
iStore iSend

Malaysia's iStore iSend bags funding from Japan's Yamato Holdings

Discussion about this post

No Result
View All Result

Follow Us

FREE NEWSLETTER




Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback