Hong Kong will crack down on unlicensed payment platforms and take appropriate law enforcement actions as necessary.

On October 8, citing Mobile Payment Network, that concerning some payment platforms registered solely as financial technology companies without obtaining any financial licenses, Eric Chan Ho-lim, Acting Secretary for Financial Services and the Treasury of Hong Kong, stated that appropriate enforcement actions would be taken as necessary under the relevant statutory regulatory framework to maintain financial stability and safeguard the interests of customers and the public.

Under the provisions of Hong Kong's Payment Systems and Stored Value Facilities Ordinance, unless exempted by law, it is illegal for any person to issue or operate stored value facilities in Hong Kong without a license. If cases suspected of unlicensed operations or violations of the Ordinance are identified, the Hong Kong Monetary Authority will intervene directly to handle them, collaborate with other relevant regulatory authorities depending on the nature of the case, and refer matters to law enforcement agencies as required.