New regulation on stored value facilities - Are you ready?

Sep 2015

The Clearing and Settlement Systems (Amendment) Bill 2015 (CSSAB), which aims at enhancing the supervision of stored value facilities (SVF) and retail payment systems (RPS) in Hong Kong, is expected to be passed by the Hong Kong Legislative Council (LegCo) in 2015. The bill will introduce a new licensing regime for multi-purpose SVFs covering both device-based and non-device based SVFs and a designation regime for RPS in Hong Kong. The bill also empowers the Hong Kong Monetary Authority (HKMA) to designate, oversee, supervise and investigate both multi-purpose SVFs and RPSs. There is a one-year transitional period following the enactment of the bill to allow the SVF licensing application process.

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