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Wallet, prepaid card and multi-purpose balance issuers serving Hong Kong hold the HKMA’s stored value licence, which also allows remittance and money-changing ancillary to the facility.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money and cryptoasset firms.
Volkswagen
Payment InstitutionObtained Nexpay’s FCA Authorised Payment Institution licence.
Electronic Money InstitutionObtained Dzing Finance’s FCA Authorised Electronic Money Institution licence.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Our realistic timeline from submission to decision.
Safeguarding, operating and settlement accounts opened alongside the application, so you trade on authorisation.
We assemble your team: a chief executive and deputy in Hong Kong.
The licence, the requirements, the cost and the timing for your business.
You will need a chief executive and deputy living in Hong Kong, a board one third independent, and compliance and internal audit heads based in Hong Kong.
One programme, from scoping to launch. Speak to an expert about this licence.
Requirements, capital, timing, fees and common questions, drawn from the regulator’s own publications.
A business issuing stored value to customers in Hong Kong, whether as a wallet, a prepaid card or a multi-purpose balance, needs an SVF licence under the Payment Systems and Stored Value Facilities Ordinance. Licensees may also provide ancillary remittance and money-changing without a separate money service operator licence. A business that only remits or changes money holds the MSO licence instead.
| Requirement | Amount |
|---|---|
| Paid-up share capital | HK$25,000,000 or approved equivalent |
| Ongoing resources | Floor of HK$25 million; sized to scale and an orderly exit |
| Limited-purpose exemption | Float, or aggregate float, not above HK$1,000,000 |
The HKMA may require capital above the floor for the scale and risk of the facility.
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | No statutory period; an application is a draft until complete | Payment Systems and Stored Value Facilities Ordinance |
| Regulator’s published figure | The first licences were granted about 9 months after the regime commenced | HKMA press releases, 2016 |
| Application preparation | 6 to 8 weeks | From instruction to submission, including banking in parallel |
| Our realistic timeline | 9 to 12 months after submission | Our own figure, from the regulator’s published data and our applications |
Regulator figures are quoted as published and converted to months. Our realistic timeline assumes a complete, well-prepared application.
| Item | Amount | Notes |
|---|---|---|
| Licence fee | HK$113,020 | Within 14 days of the licence taking effect, then annually |
| Paid-up capital | HK$25 million | Certified by auditor |
| Independent assessments | Six reports | Commissioned from qualified assessors |
| Professional fees | Fixed | Quoted after scoping |
The licence covers Hong Kong. Groups serving the region pair it with a Singapore major payment institution licence; we obtain both. SVF licensees may provide remittance and money-changing ancillary to the facility without an MSO licence.
The HKMA’s explanatory note sets out how applications are handled: incomplete applications stay in draft; late information suspends them; assessment reports older than six months must be refreshed; false or misleading information is grounds for refusal.
An EMI needs a safeguarding account, an operating account and settlement accounts in the currencies it serves. We open each alongside the application, so you trade from authorisation. See banking and payment processing.
Paid-up share capital of HK$25 million or an approved equivalent, as a floor the HKMA may raise.
By an effective trust arrangement giving users priority in insolvency, with a bank guarantee or insurance as an alternative or supplement; the float must cover full refund at all times.
The chief executive and alternate, ordinarily resident, and the senior management and key control functions.
There is no statutory period. We plan for nine to twelve months after submission, with the six independent assessments commissioned during preparation.
Yes, as an ancillary service, without a separate MSO licence.
A regulatory advisory firm to payment, e-money and cryptoasset companies since 2013, with more than 250 licences obtained in more than 60 countries. The firm builds licensed payment, e-money, crypto and stablecoin businesses: the licence, the team, the technology, the bank accounts and card issuing.
This guide is general information, not legal advice. Requirements and fees change, and the regulator’s own publications take precedence.
The licence, your team, banking and technology, delivered as one programme.