The Hong Kong Monetary Authority said it is following up on whether Wharf Real Estate Investment’s (1997) citywide spending reward program is illegal. The landlord's shopping malls - Harbour City and Times Square - has launched a promotion enticing spending at local retailers. Every single spending of HK$1,000 at any retail store or restaurant in Hong Kong by credit card this week could be exchanged for coupon rewards in the two shopping malls, with the total issue amount of HK$112 million. However, the program may violate the Payment Systems and Stored Value Facilities Ordinance, which requires a licence from HKMA to issue stored value facilities, including cash coupons, worth more than HK$1 million.

Source: The Standard May 13, 2020 10:30 UTC