Hong Kong will take appropriate enforcement actions as needed to crack down on unlicensed payment platforms.

October 8: In response to some payment platforms registering solely as fintech companies without obtaining any financial category licenses, Hong Kong's Acting Secretary for Financial Services and the Treasury, Joseph Chan, stated that under the relevant statutory regulatory framework, appropriate enforcement actions will be taken as needed to maintain financial stability and safeguard the rights and interests of customers and the public. According to Hong Kong's Payment Systems and Stored Value Facilities Ordinance, unless a statutory exemption is obtained, it is illegal for anyone to issue or operate stored value facilities in Hong Kong without a license. If cases of suspected unlicensed operation or violations of the Payment Ordinance are identified, the Hong Kong Monetary Authority will intervene directly, collaborate with other relevant regulatory bodies depending on the nature of the case, and refer cases to law enforcement agencies when necessary.