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