Deputy Chief Executive of the HKMA, Mr Howard Lee, stated, “The SVF market has been rising since the implementation of this SVF licensing regime in 2016. We expect the present in addition to the new licensees will continue to launch new solutions to encourage diversity, and also to bring merchants and consumers more convenience and choices. ”
There are 15 SVF licensees such as the two, and three licensed banks will also be working SVFs.
This means an undertaking that, when the facility is used as a Way of Earning payments for goods or services, the issuer, or someone procured by the issuer to take such payments, will take the obligations up to the Sum of the saved value that is available for use under the principles of this facility;
Under Hong Kong legislation, a centre is the SVF if:
- (I) as a means of making payments for goods or services under a job (whether express or implied) given by the issuer.
The Hong Kong Monetary Authority (HKMA) today declares the granting of Stored Value Facility (SVF) licences into the following SVF exemptions under the Payment Systems and Stored Value Facilities Ordinance:
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(per year ) It Might Be used for storing the value of an amount of money that (I) is paid to the centre from time to time; and (ii) can be stored in the facility under the principles of the facilityand
(b ) ) It Might Be used for either or both of these purposes:
- (ii) as a way of earning payments to another individual (other than obligations mentioned in sub-paragraph (I) above) under an undertaking (whether express or implied) given from the issuer.
That usually means an endeavor which, if the centre is employed as a way of earning payments to another person (recipient) (other than obligations mentioned in sub-paragraph (I) above), the issuer, or a person secured by the issuer to make such payments, will make the payments to the recipient up to the quantity of the saved value that is readily available for use under the principles of this facility.