Legislative Council Question 13: Regulation of emerging payment platforms

Acting Secretary for Financial Services and the Treasury Joseph Chan Ho-lim replied in writing to a question from Chan Chun-ying, stating that from January 2024 to September 2026, the Hong Kong Monetary Authority received 16 complaints alleging unlicensed operation of stored value payment facilities, of which 1 was substantiated and the complainant reported no loss. Platforms involved in currency exchange or cross-border remittances must obtain a licence from the Customs and Excise Department, while those offering "buy now, pay later" services involving lending business must obtain a money lender's licence under the Money Lenders Ordinance.