The Government today released the consultation conclusions on the proposed regulatory framework for stored value facilities and retail payment systems.
It is working towards introducing an amendment to the Clearing & Settlement Systems Ordinance this legislative year.
The Financial Services & the Treasury Bureau and the Hong Kong Monetary Authority jointly conducted a three-month public consultation in May last year to gauge views on the proposed regulatory framework, which includes a licensing regime for stored value facilities, a designation regime for retail payment systems, and necessary supervisory and enforcement powers for the HKMA to implement relevant regulations.
A total of 41 submissions were received.
The new regulatory framework seeks to ensure the safety and soundness of innovative retail payment products and systems in Hong Kong.
The Government believes that a well-regulated environment will help further develop retail payment products and services in Hong Kong and increase users' acceptance of and confidence in adopting such products and services.
The consultation conclusions are available on the bureau's website or the authority's website.
