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):
|SVF Licensees||SVF licence number||Licence effective date|
|Alipay Financial Services (HK) Limited||SVF0004||August 25, 2016|
|HKT Payment Limited||SVF0002||August 25, 2016|
|Money Data Limited||SVF0005||August 25, 2016|
|TNG (Asia) Limited||SVF0003||August 25, 2016|
|Octopus Cards Limited||SVF0001||November 13, 2016 *|
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 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.
* Octopus Cards Limited will continue to operate as a deposit taking company (DTC) licensed under the Banking Ordinance until its SVF licence becomes effective on November 13, 2016.
Ends/Thursday, August 25, 2016
Issued at HKT 16:30
Issued at HKT 16:30