The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) welcome views from the public in response to a consultation paper issued on 22 May 2013 regarding a proposed regulatory regime for stored value facilities and retail payment systems in Hong Kong.
The proposed regime seeks to empower the HKMA to carry out licensing, designation, supervisory and enforcement functions in relation to stored value facilities (including prepaid payment cards, mobile network-based accounts, or computer network-based accounts) and retail payment systems.
The FSTB and the HKMA believe that these proposed regulatory enhancements are essential to maintaining public confidence in innovative retail payment products and systems, and will contribute to the stability and effective functioning of the financial and payment systems in Hong Kong.
The consultation paper outlines legislative proposals to amend the Clearing and Settlement Systems Ordinance and the Banking Ordinance to accommodate the proposed regulatory regime.
The FSTB will work with the HKMA to introduce an amendment bill into the Legislative Council after taking into account comments received from this public consultation exercise.
Financial Services and Treasury Bureau
Hong Kong Monetary Authority
13 August 2013