HKMA grants stored value licences to eight more issuers including PayPal
- Wall Street falls as investors ready for Trump's inauguration
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
- Skyworks Solutions (SWKS) Tops Q1 EPS by 3c, Offers Q2 Guidance, Announces Buyback
- After-Hours Stock Movers 01/19: (SWKS) (QRVO) (NVAX) Higher; (AFMD) (SGYP) (IBM) Lower (more...)
A security guard walks past a directory board of Hong Kong Monetary Authority (HKMA) in Hong Kong December 20, 2012. REUTERS/Tyrone Siu
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
HONG KONG (Reuters) - The Hong Kong Monetary Authority (HKMA) said on Friday that it had granted stored value facilities (SVF) licences to eight more issuers including Paypal Hong Kong Limited, bringing the total to 13.
"We are pleased to see companies with diverse backgrounds offering a variety of SVF products which will enhance retail payment convenience in Hong Kong," said Howard Lee, Senior Executive Director of the HKMA.
The implementation of a supervisory regime by the HKMA will strengthen public confidence in using stored value products and services which, in turn, will encourage innovation in the local retail payment industry, Lee said.
The other issuers granted licenses are 33 Financial Services Limited; Autotoll Limited; ePaylinks Technology Co., Limited; K & R International Limited; Optal Asia Limited; Transforex (Hong Kong) Investment Consulting Co., Limited; and UniCard Solution Limited.
The city's de-facto central bank granted the first batch of licenses to SVF issuers such as Alipay Financial Services (HK) Limited in August.
The Payment Systems and Stored Value Facilities Ordinance started operation on Nov. 13 last year and provided a one-year transition period for application for SVF licences.
Upon the expiry of the one-year period, it will be illegal for any person, unless being exempt, to issue or operate SVF without a license, the HKMA said.
(Reporting by Michelle Chen; Editing by Kim Coghill)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- One dead, several injured after car crashes into pedestrians in Australian city Melbourne
- China GDP beats expectations but debt risks loom
- Indonesian watchdog says former Garuda CEO a bribery suspect
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!