Hong Kong authorities said they may take enforcement action against payment platforms that are registered only as fintech companies but do not hold any financial-sector license. Chan Ho-lim, Acting Secretary for Financial Services and the Treasury, said action would be taken as needed under the city’s statutory regulatory framework to maintain financial stability and protect customers and the public.
Under Hong Kong’s Payment Systems and Stored Value Facilities Ordinance, issuing or operating a stored value facility in Hong Kong without a license is illegal unless a statutory exemption applies. Chan said that when suspected cases of unlicensed operations or other breaches of the ordinance are identified, the Hong Kong Monetary Authority will step in directly.
He added that the HKMA may also work with other relevant regulators depending on the nature of the case, and refer matters to law enforcement agencies when necessary. The report was cited by Odaily and attributed to Mobile Payment Network.
Odaily reported that Hong Kong is scrutinizing some payment platforms that are registered only as fintech companies and have not obtained any financial license.
Chan Ho-lim, Acting Secretary for Financial Services and the Treasury, said authorities would take appropriate enforcement action as needed under the relevant statutory regulatory framework to maintain financial stability and protect customers and the public.
Stored value facility rules in Hong Kong
Under Hong Kong’s Payment Systems and Stored Value Facilities Ordinance, issuing or operating a stored value facility in Hong Kong without a license is illegal unless a statutory exemption applies.
HKMA may step in directly
Chan said that if suspected cases of unlicensed operation or breaches of the Payment Ordinance are found, the Hong Kong Monetary Authority will directly intervene. Depending on the nature of the case, it may also coordinate with other relevant regulators and, when necessary, refer the matter to law enforcement agencies.
The information was attributed to Mobile Payment Network.
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