PSP license in Hong Kong

Published:
April 12, 2023
landmarks hong kong

Hong Kong Monetary Authority (HKMA), which regulates financial establishments and money service operators in Hong Kong, also issues licenses for payment service providers. PSP permission holders are entitled to offer remittance favors in Hong Kong, including electronic remittance favors, money transfer favors and other related favors.

In order to get a PSP license in Hong Kong, there are several basic demands. The applicant must be a firm incorporated in Hong Kong. Second, the applicant must have a minimum paid-up part fund of 20,000 dollars.

Demands

In addition to these demands, the HKMA also conducts a thorough assessment of the applicant’s financial stability, operational capabilities and risk administration systems. The assessment process may take several months, and during this process the HKMA may request further info or clarification from the applicant.

To obtain a PSP license in Hong Kong, certain demands must be met. Below are the main demands that the applicant must meet:

  • To be a enrolled firm in Hong Kong.
  • Have a minimum authorized fund of 20,000 $.
  • Have a head office in Hong Kong.
  • Have a management team that is considered appropriate and qualified.

In addition, the applicant must comply with various adjustment demands and be subject to supervision by the HKMA after obtaining a PSP permission. The licensee must comply with various adjustment and guidelines issued by the HKMA, including anti-money laundering (AML) and counter-terrorist monitoring(CTF) requirements. The HKMA may also conduct regular reviews and audits to ensure that the licensee is acting in accordance with regulatory demands.

In general, acquiring a PSP license in Hong Kong is a complex and thorough operation that requires a significant investment of time, resources and expertise.

Benefits of obtaining

Obtaining a PSP license in Hong Kong can have several benefits for a firm engaged in e-payment transactions. Below are some of them:

  • Geographical location: Hong Kong is located on the east coast of China, providing convenient access to a large number of Asian markets, including China, Japan, South Korea and Singapore. This location provides PSP companies with access to a wide range of customers and markets, which can be beneficial for business development.
  • Developed infrastructure: Hong Kong has a well-developed infrastructure for e-payments, inclusive an extensive network of banks, payment processors and other intermediaries. This provides convenience in interaction between different payment systems and companies, which can contribute to biz growth.
  • Developed economy: Hong Kong has a very developed economy and a fairly high standard of living. This may mean that the region has a large number of high-income potential customers who can use electronic payments. This can provide payment service providers permitted businesses in Hong Kong with access to higher-paying markets, which can help increase business volume and profits.

Related insights

Financial services provider in New Zealand

New Zealand, known for its stunning scenes and flourishing economy. A vigorous and dynamic monetary administrations area can be offered by Financial services provider in New Zealand. As a center point of development and dependability, the nation draws in both neighborhood and global financial backers looking for solid monetary arrangements. In this article, we dive…

Read more 30.05.2023

AEMI license in Latvia

Persons who received it have the right to issue e-money, transfer and exchange it. The AEMI permit is issued for an indefinite period. It allows conducting business related to virtual money within the EU Economic Area. One permit is enough to work in all states included in the EEA. Which services you could supply You…

Read more 24.05.2023

AEMI License in Lithuania

Organizations dealing with virtual monetary forms are firms offering specific services and being engaged in e-funds handling and processing. Holders of a permit as AEMI license in Lithuania get official right to conduct business-activities throughout entire EEA without necessity to get supplementary permissions in other countries. It’s also possible to get a limited permit, with…

Read more 22.05.2023

Slovakian cryptos regulation

The jurisdiction that we will review today is included in the list of states that already identify Bitcoin and additional digital currencies. However, in 2018, the state strengthened its position regarding virtual money and firms interested in it. Slovak banks have begun liquidating the accounts of firms associated with crypto at the initiative of the…

Read more 21.05.2023

Offshore bank license in Vanuatu

If you looking for the perfect place to starting an interaction, founders of corporations analyze various markets. Mostly corps-owners look at the Caribbean`s or European countrysides. But experienced businessmen know that there are also good countries in Oceania where obtaining licenses is fairly quick. One such option is the miniature but economically robust island-nation of…

Read more 15.05.2023

Offshore bank license in Dominica

The Dominica`s is an almost flawless place to extend an offshore`s bank. This country provides maximum clients and this allures considerable co-owners. This is one of the few countries where the strictness of the law works in favor of customers. That is why numerous seek to get an offshore bank license in Dominica. The acquiring…

Read more 15.05.2023

PSP permission in Lithuania

Money favors in Lithuania are quite developed and available for local residents, as well as for foreign tourists and business travelers. The state has a well-developed structure and technologies that allow providing fast and convenient payment services. Country has a stable economy and favorable conditions for biz. The jurisdiction has a fairly low level of…

Read more 09.05.2023

PSP license in Dubai

If you are researching a place you would like starting an interaction, one of the best options would be Dubai. It is a true paradise for businessmen in different industries. The region is one of the top 10 best financial centers in the world. Therefore, to get PSP license in UAE is considered to be…

Read more 09.05.2023

Forex broker license in Bulgaria

Despite the wide choice of EU member states to acquire a permission, there are jurisdictions that offer a faster and more efficient request procedure, one of which is state. An additional advantage for currency brokers of working with a permitted brokerage firm is relatively lower costs compared to other states. We will tell you everything…

Read more 09.05.2023

Fund management license in Singapore

Storage of money can and should be implemented in the countryside with a positive acquisition climate. One such place on our planet is Singapore. After the creation of a great economic miracle, the government in the region is trying to do everything to continue the flow of investment into the country. In particular, it created…

Read more 09.05.2023

Investment license in the Czech Republic

European markets have a related economizing and identical lawmaking for all EU member states. In most cases, this means that a company that has licenses for activities in one of the countries of this formation can operate without restrictions in the market of other states. This approach makes it possible to issue a crowdfunding CNB…

Read more 04.05.2023

Investment license in Latvia

When co-owners are looking for a country to open a business, they pay attention to the stability of the politics system and economics performance of the region. The most stable countries are considered to be EU-member states. This small Baltic country offers great prospects for the development of business structures. That is why obtaining investment…

Read more 04.05.2023