Hong Kong will crack down on unlicensed payment platforms and take appropriate enforcement action as needed.

PANews October 10 news, according to Mobile Payment Network, in response to some payment platforms registering only as fintech companies without obtaining any financial category license, Hong Kong Acting Secretary for Financial Services and the Treasury (FSTB) Christopher Hui said that under the relevant statutory regulatory framework, appropriate enforcement actions will be taken as needed to maintain financial stability and protect the rights and interests of customers and the public.

According to Hong Kong's Payment Systems and Stored Value Facilities Ordinance, unless a statutory exemption is obtained, it is an offense for any person to issue or operate a stored value facility in Hong Kong without a license. If cases of suspected unlicensed operation or violation of the Payment Ordinance are discovered, the HKMA will intervene directly, and will also collaborate with other relevant regulators depending on the nature of the case, and refer cases to law enforcement agencies when necessary.