The Bangko Sentral ng Pilipinas has temporarily suspended the local activities of social media and e-commerce app, LYKA of Hong Kong, pending its compliance with the BSP order to register as an operator of payment system .
As an OPS, Diokno said LYKA is required to register with the BSP. The operators of Lyka have already expressed their willingness to register with the BSP as an OPS. The BSP regularly issues public advisories reminding financial consumers to transact only with BSP-registered OPS which are listed on its website. The BSP defines OPS as 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.
Based on Republic Act No. 11127 or The National Payment Systems Act , entities operating a payment system are required to comply with the provisions of the law, as well as rules under BSP Circular No. 1049 which provides the guidelines for OPS registration. The BSP has oversight of the payment system to ensure that it functions safely, efficiently, and reliably by itself, consistent with the central bank’s objectives of consumer protection and financial stability.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Source: ANCALERTS - 🏆 26. / 50 Read more »
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Source: ANCALERTS - 🏆 26. / 50 Read more »
Source: ABSCBNNews - 🏆 5. / 83 Read more »
Source: rapplerdotcom - 🏆 4. / 86 Read more »