HONG KONG (Nov 4): 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. 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.

Source: The Edge Markets November 04, 2016 07:56 UTC