![]() ![]() ![]() H: Currently, there is a wide range of electronic payment facilities available on the market, but they can be broadly classified into two types, namely stored value and non-stored value (see diagram). S: Why does the HKMA only supervise the SVFs? The HKMA is responsible for the supervision of the SVFs, and the first batch of SVF licences will be announced soon. H: First of all, I would like to clarify that not all payment facilities have to obtain licence from the HKMA. S: Henry, can you tell us about the progress of the licensing of payment facilities? “Smart Ambassador” interviewed Mr Henry Cheng, Executive Director (Monetary Management) of the HKMA, on the philosophy behind the supervision of the SVFs. Following the commencement of the Payment Systems and Stored Value Facilities Ordinance (Ordinance) in November last year, work pertaining to the licensing of stored value facilities (SVFs) is currently in full swing. ![]()
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