HKT and Tencent both announced they have secured Stored Value Facilities (SVF) licenses in Hong Kong for their respective mobile payment services.
The Hong Kong Monetary Authority (HKMA) has granted licenses to HKT subsidiary HKT Payment, which operates the Tap & Go mobile payment service, and to Tencent for its WeChat Pay service.
Both services have been approved to operate stored value facilities and retail payment systems in Hong Kong in accordance with the new Payment Systems and Stored Value Facilities Ordinance.
The new SVF licenses will bring payment services under a regulatory regime that will involve on-site, off-site and independent assessments of the service providers, reviews of auditors' reports and meetings between the HKMA and the management of the licensee.
HKT group managing director Alex Arena said the company was pleased to have received one of the first SVF licenses in Hong Kong.
“We look forward to consumers’ growing confidence in and use of mobile payment now that service providers are subject to a proper regulatory and licensing regime administered by the HKMA,” he said.
“HKT is enthusiastic about participating in the provision of this innovative financial service and hence has created Tap & Go for Hong Kong people.”
Both HKT and Tencent have announced plans to expand their respective mobile payment services with new features as a result of securing the licenses.