Hong Kong Acting Secretary for Financial Services and the Treasury Chan Ho-lin said authorities will take appropriate enforcement action as needed against payment platforms that register only as fintech companies without obtaining financial licenses. According to ChainCatcher, the move is intended to maintain financial stability and protect customers and the public.

Under Hong Kong's Payment Systems and Stored Value Facilities Ordinance, it is illegal for anyone to issue or operate stored value facilities in the city without a license unless a statutory exemption applies. If suspected unlicensed operations or violations of the ordinance are found, the Hong Kong Monetary Authority will handle the case directly, coordinate with other regulators when necessary, and refer cases to law enforcement if needed.