Hong Kong's fintech surge: HKMA grants second round of stored value facilities licences

On 4 November 2016, the Hong Kong Monetary Authority (the "HKMA") announced a second round of 8 successful stored value facilities ("SVF") licensees under the Payment Systems and Stored Value Facilities Ordinance (the "Ordinance"). Successful applicants in this round are 33 Financial Services, Autotoll, ePaylinks, K & R International, Optal Asia, PayPal, Transforex and UniCard Solutions.

With the issuance of the second round of SVF licenses, we now have 13 SVF licensees in Hong Kong, demonstrating the appetite for investment and growth in Hong Kong's emerging fintech ecosystem. Two licensed banks, Bank of Communications and Dah Sing Bank, are also SVF issuers, pursuant to section 8G of the Ordinance.

For more information, read the full note here.

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