Lyka

In July 2021, the BSP ordered Lyka, a rewards and loyalty platform operating payment-like functions in the Philippines, to suspend its payment system and register properly with the central bank. The BSP determined that Lyka was operating a payment system without the required registration or authorization. The order required immediate suspension of payment system operations pending compliance with registration requirements. This action reflects broader regulatory scrutiny of fintech and payment platforms operating outside established licensing frameworks.

Verified from source: BSP ordered Lyka to suspend its payment system operations and register with the regulator. The action related to Lyka's unregistered operation as a payment system, referencing OPS (operator of payment systems) requirements.