Hong Kong Acting Secretary for Financial Services and the Treasury: To Rectify Unlicensed Payment Platforms, Take Appropriate Enforcement Actions as Needed

According to reports from Mobile Payment Network, in response to some payment platforms that are only registered as fintech companies without obtaining any financial category licenses, Christopher Hui, Acting Secretary for Financial Services and the Treasury of Hong Kong, stated that appropriate enforcement actions will be taken as needed under the relevant statutory regulatory framework to maintain financial stability and safeguard the rights and interests of customers and the public. Under Hong Kong's Payment Systems and Stored Value Facilities Ordinance, unless granted a statutory exemption, any person who issues or operates a stored value facility in Hong Kong without a license commits an offense. If cases of suspected unlicensed operation or violations of the Payment Ordinance are discovered, the Hong Kong Monetary Authority will intervene directly, collaborate with other relevant regulatory bodies depending on the nature of the case, and refer cases to law enforcement agencies when necessary.