DORSET, England-headquartered Things I Like (TIL) Co. Ltd., operator of online shopping platform Lyka, announced it will set up shop in the Philippines to comply with the Bangko Sentral ng Pilipinas’ (BSP) requirements to register as an Operator of Payment System (OPS) in the country.
Over the weekend, the BSP said it upholds its decision to deny the request of Digital Spring Marketing and Advertising Inc. (Digital Spring), to be registered as an Operator of Payment System (OPS) of the Lyka/TIL payment system.
The BSP said that Lyka/TIL, and not Digital Spring, should register as OPS with the BSP.
Lyka/TIL allows its users to purchase, exchange, and use gift cards in electronic mode or GEMs as payment for goods and services.
“These activities make Lyka/TIL an OPS and, therefore, its registration is required before it can continue with these activities,” the BSP said.
In response to this, TIL said it will “immediately put up its own office in the country,” end their partnership with Digital Spring and operate in the country as a stand-alone entity.
“Instead of challenging the BSP’s decision before a judicial forum, Lyka has determined that the fastest resolution to the matter is to simply commence the registration of its own Philippine entity as an OPS, including setting up its own Philippine operations and equipping it with the best talent possible,” Lyka said.
“Just as we have established wholly-owned subsidiaries in the United States, South Korea, Malaysia and Indonesia, Lyka Philippines will hire the crème de la crème when it comes to business operations and management,” it added.
The company said it has started sourcing for a country head and a support team for its Philippine operations.
“[We] will continue to closely cooperate with BSP and other regulators in order to keep advancing the LYKA GEMs, the first cashless and seamless social media gift card in the world,” the firm behind the app said.
“The addition of an internal entity in a social media hub like the Philippines can only bring LYKA a step closer to its vision of becoming a global app conglomerate,” it added.