Cross-border payment firms that collect and pay out in Hong Kong, and money changers serving the city, hold the MSO licence, which carries no minimum capital requirement.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money, cryptoasset and consumer credit firms.
Volkswagen
Payment InstitutionObtained Nexpay’s FCA Authorised Payment Institution licence.
Electronic Money InstitutionObtained Dzing Finance’s FCA Authorised Electronic Money Institution licence.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Our realistic timeline from submission, set against the regulator’s own published figures.
Safeguarding, operating and settlement accounts opened alongside the application, so you trade on authorisation.
Candidates introduced for a compliance officer, MLRO and directors, each assessed against the regulator’s standard.
A reply within three business hours and a written proposal the same day: the licence, the requirements, the cost and the timing.
You will need a compliance officer and an MLRO, fit and proper directors, and at least one director who passes the department’s competence assessment.
One engagement and one timetable, from scoping to launch. Speak to an expert about the people, the banking and the technology for this licence.
The regulator’s requirements, capital, timing, fees and the questions firms ask, from the regulator’s own publications.
A business remitting money to or from Hong Kong, or changing currency, needs an MSO licence under the anti-money laundering ordinance unless it holds a stored value facility licence or is an authorised institution providing the service ancillary to its main business. Cross-border payment firms use the MSO licence to collect and pay out in Hong Kong for Asian and global corridors.
| Requirement | Amount |
|---|---|
| Minimum capital | None |
| Ongoing security | None published |
Banks assess an MSO’s financial standing and compliance framework when opening accounts; the firm prepares that pack alongside the licence.
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | No statutory period; licence valid for 2 years | Anti-Money Laundering and Counter-Terrorist Financing Ordinance |
| Application preparation | 6 to 8 weeks | From instruction to submission, including banking in parallel |
| Our realistic timeline | 2 to 3 months after submission | The firm’s own figure, from the regulator’s published data and its own applications |
Figures published by the regulator are quoted as published and converted to months. The realistic timeline is the firm’s own, for a complete, well-prepared application.
| Item | Amount | Notes |
|---|---|---|
| New licence | HK$3,810 | Plus HK$2,440 per additional premises and HK$945 per person subject to the fit and proper test; non-refundable |
| Renewal | HK$910 | Plus HK$410 per additional premises and HK$945 per person |
| Approval of a new director, owner or partner | HK$945 | Each |
| Adding premises | HK$2,440 | Each |
| Professional fees | Fixed, in writing | Quoted after scoping |
The licence covers Hong Kong. Cross-border operators pair it with licences in their other markets; the firm obtains each, including the Singapore payment institution licences and the Hong Kong stored value facility licence for firms that also hold balances.
The department publishes its grounds for refusal: not meeting the fit and proper test; unsuitable premises or a missing local management office or record store; a business plan or anti-money laundering policy below its guidelines; no competent compliance officer or MLRO; an incomplete application; no director attending or passing the competence assessment. Refusals may be appealed to the review tribunal within 21 days.
A payment institution needs a safeguarding account that satisfies the regulator’s requirements, an operating account and settlement accounts in the currencies it serves. The firm arranges each through institutions that serve regulated firms in Hong Kong and across the EU, during the application, so the firm trades on authorisation. See banking and payment processing.
No. The department publishes no capital requirement; banks assess financial standing when opening accounts.
Yes, as a registered non-Hong Kong company with a business registration certificate, a local management office or premises, and a local record store.
A test set by the department that a sole proprietor, or at least one director or partner, must pass.
Two years, renewed at least 45 days before expiry.
No, where remittance or money-changing is ancillary to the stored value facility.
A regulatory advisory firm to payment, e-money and cryptoasset companies since 2013, with more than 250 licences obtained in more than 60 countries. The firm advises on authorisation, compliance, safeguarding, banking and transactions, and builds the white-label payment and card technology its clients launch on.
A written proposal on cost, timing and requirements, the same day: speak to an expert.
This guide is general information for firms considering authorisation and is reviewed against the regulator’s published requirements. It is not legal advice; requirements and fees change, and the regulator’s current publications take precedence.
The requirements, the cost and the timing for your business, in a written proposal the same day.