New Stored Value Facilities Regime in Hong Kong
The Monetary Authority in Hong Kong has released its decision to grant Stored Value Facilities licenses to 5 Hong Kong based companies: HKT Payment, The Alipay Financial Services HK, Money Data, Octopus Cards and TNG Asia.
Mr Norman Chan, the Monetary Authority’s Chief Executive stated that the granting of the first set of licenses symbolises a fresh start for Hong Kong’s development in retail payment, remarking that the implementation of the new licensing regime will simplify the introduction & adoption of new retail payment methods while simultaneously safeguarding users’ interests.
Octopus Cards license will be effective from November 12th 2016 while the other 4 companies have been functional as of last month.
A timeframe of one year has been permitted, to allow existing Stored Value Facilities issuers or new market operators to apply for such licenses. Starting from November 12th it will be illegal for any individual, (unless they are exempt), to issue or operate Stored Value Facilities without a legitimate license.
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