Although holding money service operator(MSO)The license is sufficient to operate any money service in Hong Kong，But the confusing thing is，If the applicant wants to use "electronic wallet" to carry out remittance or currency transaction services online, does it need to apply for a stored value payment instrument?(SVF)license。
Unclear understanding of terms such as "e-wallet"，Difficulties you may encounter when applying for a money services operator license，Because according to the "Payment Systems and Stored Value Facilities Ordinance" promulgated by the Hong Kong Monetary Authority (Chapter 584 of the Laws of Hong Kong)，"Electronic wallet" can also be regarded as a "stored value payment instrument"。
According to the Ordinance，Stored Value Facility(SVF)Generally refers to physical or electronic payment products and services with stored value function，Can be used as a method of payment for goods and services or funds transfer between parties。and，The Ordinance also stipulates that any person issuing stored value facilities in Hong Kong should hold a relevant license issued by the Hong Kong Monetary Authority。
According to the Payment Systems and Stored Value Facilities Ordinance (Hong Kong Monetary Authority，Chapter 584 of the Laws of Hong Kong)，The principal business of a stored value facility licensee must be to issue or facilitate the issuance of stored value facilities。
Considering that stored value payment instruments are sometimes bundled with cross-border remittance services，The regulations also provide that remittance services provided by a stored value facility licensee as part of its principal business are ancillary or incidental，The licensee does not need to apply for an additional money service operator license from the Hong Kong Customs and Excise Department，to avoid regulatory overlap。Stored value payment tools include WeChat Pay、Alipay、Octopus card and TNG e-wallet, etc.。
Among them, TNG e-wallet is widely used in Hong Kong，In addition to providing ancillary remittance services，There are also a series of other services。therefore，Before applying for a stored value facility license，It is important to first consider whether applying for the above licenses is required or optional。If the applicant’s principal business is to issue or facilitate the issuance of stored value instruments，Money transfer service as an ancillary service，You may need to apply for a stored value facility license。
on the other hand，If the applicant’s main business plan is to use online platforms to provide monetary services，All you need is a money service operator license。and，It should be noted that，There are significant differences between the application procedures for a stored value facility license and a money services operator license。For example，The Payment Systems and Stored Value Facilities Ordinance stipulates that stored value facility licensees must hold a paid-up share capital of not less than HK$25 million.。
on the other hand，There is no relevant funds to apply for a money service operator license
Require
。The Stored Value Facility application process also requires the submission of independent assessment reports in the following six main areas:：(1)Corporate Governance and Risk Management；(2)Stored value amount management；(3)Combating money laundering and terrorist financing(AML/CFT)system；(4)Technology Risk Management；(5)Payment security management；as well as(6)business continuity management。
A&E is very familiar with the relevant licensing system，Including the application procedures for Hong Kong Money Services Operator License and Stored Value Facility License。If you have any questions about the licensing system and application procedures。
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