LYKA

About LYKA

LYKA is a Hong Kong-based company that operates a social media application allowing users to connect, share content, and earn rewards. Founded by Ryan Baird, who also serves as CEO, the platform was initially known as the Things I Like app before its launch in 2017 and subsequent rebranding.

The platform functions as a digital community where users can post photos and videos, similar to other social media networks. Its core feature is a rewards system based on "GEMS" (Gift card in Electronic Mode). Users earn these GEMS for activities such as posting content, receiving engagement ('Max Rates'), and interacting with other users' posts. These GEMS can be used as a form of digital currency to purchase goods and services from a network of over 10,000 partner merchants in the Philippines, including retailers, restaurants, and even car dealerships. The conversion rate is set at one GEM being equivalent to one Philippine Peso (PHP).

LYKA gained significant popularity in the Philippines, endorsed by numerous celebrities and influencers, which helped drive user adoption. However, the platform has faced significant regulatory challenges. In July 2021, the Bangko Sentral ng Pilipinas (BSP) issued a cease and desist order, classifying LYKA as an Operator of Payment System (OPS) and requiring it to register accordingly. The company's attempts to register a local entity, LYKA Philippines Solutions Inc., have been denied by the Anti-Red Tape Authority (ARTA) and the Securities and Exchange Commission (SEC) due to incomplete documentation and an ongoing investigation into its parent company for potential money laundering. These regulatory issues led to the suspension of its operations in the Philippines and left merchants and users unable to transact with or encash their GEMS, leading to significant financial losses for some partners.