holdmoney service operator(MSO)License to operate various money services in Hong Kong，But when the business involves carrying out remittance or currency transaction services online through "e-wallet"，It is necessary to clarify whether it is necessary to apply for a separate stored value payment facility(SVF)license。Since "e-wallet" may also be regarded as a stored value payment instrument，If the definition is not accurately grasped，ApplyingMoney Service Operator Licenseobstacles will be encountered in the process。
According to the Payment Systems and Stored Value Facilities Ordinance (Chapter 584 of the Laws of Hong Kong) promulgated by the Hong Kong Monetary Authority，Stored Value Facility(SVF)Generally refers to entities or electronic payment products and services with stored value functions，Can be used to pay for goods and services，or conduct funds transfers between parties。The regulation also stipulates，Any person who issues a stored value facility in Hong Kong，All must hold relevant licenses issued by the Hong Kong Monetary Authority。The principal business of a stored value facility licensee must be to issue or facilitate the issuance of stored value facilities。Common stored value payment tools on the market include WeChat Pay、Alipay、Octopus card and TNG e-wallet, etc.。
Considering that stored value payment instruments often come with cross-border remittance services，The above regulations further stipulate，If the remittance services provided by a stored value facility licensee in its main business are only ancillary or incidental in nature，There is no need to apply for an additional money services operator license from the Hong Kong Customs and Excise Department，to avoid regulatory overlap。Take TNG electronic wallet as an example，It is widely used in Hong Kong，Except for affiliated remittance services，A range of other features are also available。
therefore，Before initiating license application，You must first determine which license to apply for is mandatory or optional.。If the applicant’s principal business is to issue or facilitate the issuance of stored value facilities，and include money transfer services as ancillary features，You may need to apply for a stored value facility license。on the contrary，If the main business is to provide money services using online platforms，You only need to apply for a money service operator license。
Two types of license platesApplication procedureThere is a significant difference。For example，The Payment Systems and Stored Value Facilities Ordinance requires stored value facility licensees to hold a paid-up share capital of not less than HK$25 million.，There are no relevant financial requirements for applying for a money services operator license.。
The application process for a stored value facility license also requires the submission of independent assessment reports on the following six main areas:：
- Corporate Governance and Risk Management
- Stored value amount management
- Combating money laundering and terrorist financing(AML/CFT)system
- Technology Risk Management
- Payment security management
- business continuity management
About Hong Kong Xintong
GXT-HKComposed of professional teams from mainland China and Hong Kong，Focus on providing global company registration、Financial license application、Bank account opening、One-stop cross-border services such as tax financial planning and compliance consulting，core coverageHong Kong MSO License、Hong Kong Insurance Brokers and Hong Kong Money Lenders Licenses、US MSB license、Hong Kong 149 license、9license plate，Helping enterprises to go overseas efficiently and compliantly，Steady global layout。
