The Hong Kong Monetary Authority (HKMA) has granted stored value facilities (SVF) licences to five SVF service providers under the Payment Systems and Stored Value Facilities Ordinance to regulate electronic payment business in the country.
The five payment companies are Alipay Financial Services (HK), HKT Payment, Money Data, TNG (Asia) and Octopus Cards.
HKMA chief executive Norman Chan said: “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 regulator in a statement said that the ordinance commenced operation on 13 November 2015 and upon the expiry of the one-year period, it will be illegal for any person, unless being exempt, to issue or operate SVF without a licence.