Granting of stored value facilities licences

The Hong Kong Monetary Authority (HKMA) announced today (August 25) 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):

A list of current SVF licensees can be found in the Register of SVF Licensees maintained by the HKMA.  The Register, which contains information of the SVF licensees including names and addresses and other particulars, is available online on the HKMA’s website for public inspection.   

The Chief Executive of the HKMA, Mr Norman Chan, said, “The grant of the first batch of licences for SVF issuers is turning a new page in the retail payment development in Hong Kong.  Implementation of the SVF licensing regime will facilitate the introduction and adoption of new retail payment means while safeguarding the interests of users.  This in turn will strengthen public confidence in using such products and services and help foster innovation and development in the local retail payment industry.”

The Ordinance commenced operation on November 13, 2015.  Under the Ordinance, the HKMA is empowered to implement a mandatory licensing system for multi-purpose SVF and perform relevant supervision and enforcement functions.  A one-year period is allowed for existing issuers of SVF or new market operators to apply for SVF licences from the HKMA.  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
25 August 2016