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ARTICLE · 08 SEPTEMBER 2016

More Money, More Worries? Stored Value Facility Licensing Requirements And Privacy Concerns

Mayer Brown
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The HKMA announced that it had granted five stored value facility licences, which are the first set of such licences granted by the Hong Kong Monetary Authority under the new Payment Systems and Stored Value Facilities Ordinance.

Hong KongPrivacy
Gabriela Kennedy
Gabriela Kennedy
Karen Lee
Karen Lee
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Originally published on 5 September 2016.

On 25 August 2016, the HKMA announced that it had granted five stored value facility (SVF) licences, which are the first set of such licences granted by the Hong Kong Monetary Authority (HKMA) under the new Payment Systems and Stored Value Facilities Ordinance (Cap. 584) (PSSVFO). On the same date, the Hong Kong Privacy Commissioner (PC) issued a statement setting out advice on the collection of personal data by operators of SVFs in light of the sensitive data that may be involved.

Stored value facilities and retail payment systems

On 13 November 2015, the new regulatory regime for SVFs and retail payment systems (RPS) came into operation under the PSSVFO (formerly the Clearing and Settlements System Ordinance). Under the PSSVFO:

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