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HKMA grants stored value licences to eight more issuers including PayPal

Reuters

HONG KONG (Reuters) - The Hong Kong Monetary Authority (HKMA) said on Friday that it had granted stored value facilities (SVF) licences to eight more issuers including Paypal Hong Kong Limited, bringing the total 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," said Howard Lee, Senior Executive Director of the HKMA.

The implementation of a supervisory regime by the HKMA will strengthen public confidence in using stored value products and services which, in turn, will encourage innovation in the local retail payment industry, Lee said.

The other issuers granted licenses are 33 Financial Services Limited; Autotoll Limited; ePaylinks Technology Co., Limited; K & R International Limited; Optal Asia Limited; Transforex (Hong Kong) Investment Consulting Co., Limited; and UniCard Solution Limited.

The city's de-facto central bank granted the first batch of licenses to SVF issuers such as Alipay Financial Services (HK) Limited in August.

The Payment Systems and Stored Value Facilities Ordinance started operation on Nov. 13 last year and provided a one-year transition period for application for SVF licences.

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 license, the HKMA said.

(Reporting by Michelle Chen; Editing by Kim Coghill)

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