Wallet, prepaid card and multi-purpose balance issuers serving Hong Kong hold the HKMA’s stored value licence, which also allows remittance and money-changing ancillary to the facility.
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 chief executive and deputy in Hong Kong, 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 chief executive and deputy living in Hong Kong, a board one third independent, and compliance and internal audit heads based in Hong Kong.
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 issuing stored value to customers in Hong Kong, whether as a wallet, a prepaid card or a multi-purpose balance, needs an SVF licence under the Payment Systems and Stored Value Facilities Ordinance. Licensees may also provide ancillary remittance and money-changing without a separate money service operator licence. A business that only remits or changes money holds the MSO licence instead.
| Requirement | Amount |
|---|---|
| Paid-up share capital | HK$25,000,000 or approved equivalent |
| Ongoing resources | Floor of HK$25 million; sized to scale and an orderly exit |
| Limited-purpose exemption | Float, or aggregate float, not above HK$1,000,000 |
The HKMA may require capital above the floor for the scale and risk of the facility.
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | No statutory period; an application is a draft until complete | Payment Systems and Stored Value Facilities Ordinance |
| Regulator’s published figure | The first licences were granted about 9 months after the regime commenced | HKMA press releases, 2016 |
| Application preparation | 6 to 8 weeks | From instruction to submission, including banking in parallel |
| Our realistic timeline | 9 to 12 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 |
|---|---|---|
| Licence fee | HK$113,020 | Within 14 days of the licence taking effect, then annually |
| Paid-up capital | HK$25 million | Certified by auditor |
| Independent assessments | Six reports | Commissioned from qualified assessors |
| Professional fees | Fixed, in writing | Quoted after scoping |
The licence covers Hong Kong. Groups serving the region pair it with a Singapore major payment institution licence; the firm obtains both. SVF licensees may provide remittance and money-changing ancillary to the facility without an MSO licence.
The HKMA’s explanatory note sets out how applications are handled: incomplete applications stay in draft; late information suspends them; assessment reports older than six months must be refreshed; false or misleading information is grounds for refusal.
An EMI 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.
Paid-up share capital of HK$25 million or an approved equivalent, as a floor the HKMA may raise.
By an effective trust arrangement giving users priority in insolvency, with a bank guarantee or insurance as an alternative or supplement; the float must cover full refund at all times.
The chief executive and alternate, ordinarily resident, and the senior management and key control functions.
There is no statutory period. The firm plans for nine to twelve months after submission, with the six independent assessments commissioned during preparation.
Yes, as an ancillary service, without a separate MSO licence.
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.