The Hong Kong Monetary Authority announced on August 25 that it granted SVF licenses to five SVF issuers under the "Payment System and Stored Value Payment Instruments Ordinance," namely, Alipay Wallet, Locator, Wechat Pay, and TNG Wallet and Octopus Card.
Chen Delin, president of the HKMA, said:
"Approving the first batch of SVF licences marks a new stage in the development of retail payment in Hong Kong. The implementation of the SVF licensing system is conducive to the introduction and adoption of new retail payment instruments while protecting the interests of users, and then strengthening public use. Confidence in products and services will help promote the innovation and development of local retail payment services."
It is reported that before a total of more than 20 SVF operators applied for a license, the HKMA said that by November 13, a second batch of SVF licences will be issued. Hong Kong media claimed that "Hong Kong's electronic payment war has been triggered."
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