Hong Kong will crack down on unlicensed payment platforms and take appropriate law enforcement actions as necessary.

According to reports from Mobile Payment Network, regarding certain payment platforms that are registered solely as financial technology companies without obtaining any financial licenses, John Chan Ho-lin, Under Secretary for Financial Services and the Treasury, stated that appropriate law enforcement actions would be taken as necessary within the relevant statutory regulatory framework to maintain financial stability and safeguard the interests of customers and the public. Under the provisions of Hong Kong's Payment Systems and Stored Value Facilities Ordinance, unless exempted by law, anyone who issues or operates stored value facilities in Hong Kong without a license commits an offense. Upon discovering cases suspected of unlicensed operation or violation of the Ordinance, the HKMA will intervene directly, collaborate with other relevant regulatory bodies as appropriate based on the nature of the case, and refer matters to law enforcement agencies when necessary.