Hong Kong to crack down on unlicensed payment platforms, taking appropriate enforcement action as needed

PANews reported on October 10, citing Mobile Payment Network, that in response to some payment platforms being registered only as fintech companies without obtaining any financial license, Hong Kong's Acting Secretary for Financial Services and the Treasury, Joseph Chan Ho-lim, said that appropriate enforcement action would be taken as needed under the relevant statutory regulatory framework to maintain financial stability and protect the interests of customers and the public.

Under Hong Kong's Payment Systems and Stored Value Facilities Ordinance, unless a statutory exemption applies, any person who issues or operates a stored value facility in Hong Kong without a license commits an offense. If a case of suspected unlicensed operation or breach of the Payment Ordinance is found, the Hong Kong Monetary Authority will directly intervene, collaborate with other relevant regulators depending on the nature of the case, and refer the case to law enforcement agencies when necessary.