Granting of Stored Value Facilities Licences
********************************************
The Hong Kong Monetary Authority (HKMA) announced today (November 4) 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 |
| 33 Financial Services Limited | SVF0010 | November 4, 2016 |
| Autotoll Limited | SVF0012 | November 4, 2016 |
| ePaylinks Technology Co., Limited | SVF0011 | November 4, 2016 |
| K & R International Limited | SVF0007 | November 4, 2016 |
| Optal Asia Limited | SVF0006 | November 4, 2016 |
| PayPal Hong Kong Limited | SVF0008 | November 4, 2016 |
| Transforex (Hong Kong) Investment Consulting Co., Limited | SVF0013 | November 4, 2016 |
| UniCard Solution Limited | SVF0009 | November 4, 2016 |
A list of current SVF licensees can be found in the Register of SVF Licensees maintained on the HKMA's website.
"With the issuance of the second batch of SVF licenses today, the total number of SVF licensees in the local SVF market now amount to 13. We are pleased to see companies with diverse backgrounds offering a variety of SVF products which will enhance retail payment convenience in Hong Kong. The implementation of the SVF supervisory regime by the HKMA will strengthen public confidence in using SVF products and services which, in turn, will facilitate developments and innovations in the local retail payment industry," said the Senior Executive Director of the HKMA, Mr Howard Lee.
The Ordinance commenced operation on November 13 last year and provided a one-year transition period for application for SVF licences. Under the Ordinance, the HKMA is empowered to implement a mandatory licensing system for multi-purpose SVF and perform relevant supervision and enforcement functions. 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.
Ends/Friday, November 4, 2016
Issued at HKT 15:00
Issued at HKT 15:00
NNNN