Key Functions

Monetary Stability
Linked Exchange Rate System
Interest Rate Adjustment Mechanism
Liquidity Support to Banks
EFAC Currency Board
Transparency of Currency Board Operations
Notes & Coins of
Hong Kong
Coin Collection Programme
Milestones of Monetary Reform
History of Hong Kong's Exchange Rate System
Banking Stability
Banking Policy & Supervision
The Three-tier Banking System
Regulatory & Supervisory Framework
Key Banking Regulations
Advisory Committees
Regulation of Money Brokers
Implementation of International Standards
Leverage Ratio
Countercyclical Capital Buffer(CCyB)
Systemically Important Authorized Institutions (SIBs)
Exposure Limits
Other International Regulatory Standards
Resolution Framework
Resolution Standards
Resolution Planning
Resolution Execution
Resolution Publications
Consumer Corner
HKMA’s Work in Relation to Strengthening Financial Consumer Protection
Consumer Education Programme
Frequently Asked Questions
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, ردوا)
Complaints about Banks
Internet Banking
Security Controls for ATM Services
Guide to Authorization
Supervisory Policy Manual
Enhanced Competency Framework for Banking Practitioners
Oversight of Financial
Market Infrastructures
Sharing of Mortgage Data
Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT)
AML/CFT-related Circulars
Sanctions-related Notices and Updates
International Financial Centre
International & Regional Financial Co-operation
International & Regional Financial Co-operation
Participation in Multilateral Agencies & International Forums
Co-operation with Other Central Banks
Application of the "One Country, Two Systems" Principle
Renminbi Business in Hong Kong
Infrastructure Financing Facilitation Office (IFFO)
Debt-market Development
Exchange Fund Bills & Notes
Government Bond Programme
Important Policy Initiatives Affecting The EFBN Programme & Other Hong Kong Dollar Debt Instruments
Financial Infrastructure in Hong Kong
Payment Systems
OTC Derivatives Trade Repository
System Links
Pan-Asian CSD Alliance
Retail Payment Development
Faster Payment System
Useful Links
Regulatory Regime for Stored Value Facilities (SVF) and Retail Payment Systems (RPS)
Regulation of Stored Value Facilities (SVF)
Complaints about SVF Licensees
Regulatory Regime for Retail Payment Systems (RPSs)
Fintech Facilitation Office (FFO)
Shenzhen-Hong Kong Fintech Award 2018
Shenzhen-Hong Kong Fintech Award 2017
Announcement about Tendering of the Global Trade Connectivity Network (GTCN)
FCAS 2.0: Shenzhen Summer Internship
Fintech Supervisory Sandbox (FSS)
Open Application Programming Interface (API) for the Banking Sector
Phased Approach
Contact Information
Enhanced Competency Framework for Banking Practitioners
Exchange Fund

Regulation of Money Brokers

The Banking Ordinance provides that no person shall act as a money broker unless that person is approved by the Monetary Authority under the Ordinance.

"Money broker" is defined to mean a person who, for reward, carries on the business in or from Hong Kong, or provides to persons in Hong Kong the service, of negotiating, arranging or facilitating, whether by electronic means or otherwise, agreements between other persons -

  • in respect of the making of deposits of any currency; the purchase or sale of any currency; or the purchase or sale of an instrument specified in a notice under section 2(14)(a) of the Ordinance by the Monetary Authority
  • one of which is an authorized institution
  • as agent for, or as the provider of a dealing service to, not less than one of those persons.

It follows from the above definition that the money broker need not necessarily be resident, or be carrying on a business in Hong Kong. The requirement to be approved will apply if the money broker is resident abroad but is providing a service to persons in Hong Kong (one of whom is an authorized institution).

However, the legislation is not intended to cover persons such as investment advisers, securities dealers, solicitors and professional accountants who may technically act as money brokers (e.g. in arranging to place deposits on behalf of their clients), but in a way which is wholly ancillary or incidental to their main business. The Monetary Authority may also specify a person, or a class of persons that the legislation does, or does not apply in notices under section 2(14)(c) and section 2(14)(b) of the Ordinance.

The approval criteria for money brokers, which are set out in the Eleventh Schedule to the Ordinance, require that:

  • the identity of controllers is known
  • the directors, controllers and the chief executive of the institution must be fit and proper persons
  • the institution should be financially sound with a minimum paid-up capital of HK$5 million (or an equivalent amount in any other approved currency)
  • the institution should maintain adequate accounting systems and systems of control
  • its business should be conducted with integrity, prudence and competence.

The Banking Ordinance empowers the Monetary Authority to attach conditions to the certificate of approval of money brokers, to vary, add, or delete such conditions, to conduct examinations on approved brokers and to obtain information from them.

The Guide to Authorization issued by the HKMA describes the authorisation regime for money brokers and to explain how the HKMA will interpret the minimum criteria for approval of money brokers as set out in the Eleventh Schedule to the Ordinance.

Last revision date: 2 July 2019
Tender Invitations
Legislative Council Issues
The HKMA Information Centre
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
Press Releases
Guidelines & Circulars
Forthcoming Events
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery