Hong Kong to Crack Down on Unlicensed Payment Platforms, Taking Appropriate Enforcement Action as Needed

Odaily News: In response to some payment platforms that are only registered as fintech companies without obtaining any financial category license, Hong Kong's Acting Secretary for Financial Services and the Treasury, Joseph Chan, stated that appropriate enforcement action will be taken as needed under the relevant statutory regulatory framework to maintain financial stability and protect the rights and interests of customers and the public.

According to Hong Kong's Payment Systems and Stored Value Facilities Ordinance, unless a statutory exemption is obtained, it is illegal for anyone to issue or operate a stored value facility in Hong Kong without a license. If cases of suspected unlicensed operation or violation of the Payment Ordinance are identified, the HKMA will intervene directly, collaborate with other relevant regulators depending on the nature of the case, and refer cases to law enforcement agencies when necessary. (Mobile Payment Network)