LYKA set to open its own Philippine office

As the Bangko Sentral ng Pilipinas (BSP) upheld its cease-and-desist order against social media platform LYKA, the company has decided to "immediately" deploy an office in the country to resolve the issue.

LYKA hopes to resolve issue with BSP

LYKA putting up an office in PH

The decision, which will allow LYKA "to move closer" to Filipino users, was bared in a recent statement.

This comes as the central bank did not accept the registration of LYKA's local third part Digital Spring Marketing and Advertising Inc as operator of payment system (OPS). Given this, LYKA Global will register as an OPS as directed by the BSP.

We are relieved to finally place this issue behind us, and now focus our efforts on marching forward. It is unfortunate that we may have to end our partnership with Digital Spring as we take on the challenge of operating in the Philippines on our own, LYKA said in a statement.

LYKA noted that all contracts entered into by their local partner would be transferred to the new company, and all obligations and signed agreements would be honored.

The group's management has already started sourcing for a country head and support team for an internal Philippine arm.

Source: LYKA