Get paid for being a social media addict

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Hi readers,

I’ve been spending quite a bit of time on social media lately, specifically Twitter. Why? Well, the NBA draft and free agency period is in full swing, and there really isn’t any more exciting place to be than on NBA Twitter during such times.

Russell Westbrook to the Lakers! Chris Paul signs with the Suns once more! The Knicks sign Evan Fournier to a US$78 million contract!

(Okay, that last one is a bit of a head-scratcher.)

Anyway, I’ve been busy liking, retweeting, and posting many tweets these past couple of days. Imagine if I could make money for every one of these actions – that’s pretty much what social media platform Lyka is offering to users in the Philippines. Find out more in today’s premium piece.

Today, we look at:

• Can you really make money from using this social media platform?
• A new unicorn rises in India
• Other newsy highlights such as UOB Indonesia helping alleviate the oxygen crisis in the country and Pony Ma’s US$14 billion loss

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PREMIUM SUMMARY

Money for nothing…

Based in Hong Kong and launched in the Philippines in 2019, social media platform Lyka compensates its users with GEMs (gift cards in electronic mode) in exchange for posting, liking, sharing, and commenting on it. One gem is equivalent to 1 Philippine peso or 2 US cents.

The company got so hot that the Philippines’ central bank ordered the suspension of the platform’s payment system pending compliance with licensing requirements.

• … and the cars for free: You don’t have to be an influencer to make money from the platform, but being one sure helps. A model-vlogger purportedly earned enough to buy her mother a new SUV.
• What’s this then? Lyka has been popular with users, but regulators are also taking notice. The Computer Professionals’ Union (CPU), a Philippine advocacy group, has published a warning about entrusting Lyka with personal information, noting that there’s insufficient disclosure of who gets access to user data. (As an aside, isn’t it wild that there’s a union of computer professionals named CPU? I love it.)
• Gift cards or digital currency? The platform insists that its currency is more like a gift card that holds cash than actual digital currency, but the country’s central bank didn’t agree and declared the startup an Operator of Payment System – one that had not registered through the proper channels.

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