The Hong Kong Monetary Authority (HKMA) published today statistics on SVF schemes issued by SVF licensees for the first quarter of 2018.
The SVF scheme statistics (see Annex) include quarterly data on SVF schemes issued by the sixteen SVF licensees (Note 1). The HKMA began to publish the SVF scheme statistics on a quarterly basis in March 2017 to enhance transparency of the SVF industry in Hong Kong.
According to the quarterly statistics, the total number of SVF accounts in use (Note 2) was 49.01 million by the end of Q1/2018, representing a 4.9% increase from the previous quarter. The total number of SVF transactions (Note 3) was around 1.4 billion for Q1/2018, representing a 4.4% drop from the previous quarter. The total value of SVF transactions was HK$39.0 billion for Q1/2018, slightly up 0.9% from the previous quarter. Of the total transaction value, HK$20.4 billion was related to point-of-sale spending payment, HK$16.1 billion in online spending payment and HK$2.5 billion in P2P funds transfer. The total float and SVF deposit (Note 4) was HK$8.4 billion for Q1/2018, 5.9% higher than the previous quarter. The quarter-to-quarter drops in payment transaction volume and amount in Q1/2018 are likely due to seasonal factors as a similar pattern was observed in the previous year.
As compared with the end of Q1/2017, the total number of SVF accounts in use at the end of Q1/2018 was up by 16.6%, and the total float and SVF deposit was up by 21.9%. The total number and value of SVF transactions during Q1/2018 were up by 5.2% and 30.2% respectively year-on-year.
Hong Kong Monetary Authority
22 June 2018