New Hong Kong stored value facilities regime – the countdown begins to the next wave of fintech regulation
The long-awaited regime for virtual stored value facilities now has a deadline. The new regime will significantly enhance Hong Kong’s regulation of innovative fintech products and start levelling the playing field on risk management, licensing, AML/CTF and other conduct controls.
Our full alert summarises the key features and impacts, including:
- A confirmed licensing start date: 13 November 2016
- Triggers for licensing
- What it means to be licensed
- What this means for existing financial institutions
While the licensing obligation does not commence until 13 November 2016, SVF issuers, and those that facilitate the issue of SVFs, must start preparing their application materials now.
Existing financial institutions should consider what this means for their customer assessments and their own fintech products.
Read more here.