The Hong Kong Monetary Authority (HKMA) announced today (November 4) that the Monetary Authority has granted stored value facilities (SVF) licences to the following SVF issuers under the Payment Systems and Stored Value Facilities Ordinance (the Ordinance):
SVF Licensees |
SVF Licence number |
Licence effective date |
33 Financial Services Limited |
SVF0010 |
4 November 2016 |
Autotoll Limited |
SVF0012 |
4 November 2016 |
ePaylinks Technology Co., Limited |
SVF0011 |
4 November 2016 |
K & R International Limited |
SVF0007 |
4 November 2016 |
Optal Asia Limited |
SVF0006 |
4 November 2016 |
PayPal Hong Kong Limited |
SVF0008 |
4 November 2016 |
Transforex (Hong Kong) Investment Consulting Co., Limited |
SVF0013 |
4 November 2016 |
UniCard Solution Limited |
SVF0009 |
4 November 2016 |
A list of current SVF licensees can be found in the Register of SVF Licensees maintained on the HKMA’s website.
“With the issuance of the second batch of SVF licenses today, the total number of SVF licensees in the local SVF market now amount to 13. We are pleased to see companies with diverse backgrounds offering a variety of SVF products which will enhance retail payment convenience in Hong Kong. The implementation of the SVF supervisory regime by the HKMA will strengthen public confidence in using SVF products and services which, in turn, will facilitate developments and innovations in the local retail payment industry,” said Howard Lee, Senior Executive Director of the HKMA.
The Ordinance commenced operation on November 13 last year and provided a one-year transition period for application for SVF licences. Under the Ordinance, the HKMA is empowered to implement a mandatory licensing system for multi-purpose SVF and perform relevant supervision and enforcement functions. Upon the expiry of the one-year period (i.e. from November 13, 2016 onwards), it will be illegal for any person, unless being exempt, to issue or operate SVF without a licence.
Hong Kong Monetary Authority
4 November 2016