31 Aug 2016

Stephenson Harwood advises on landmark stored value license in Hong Kong

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Stephenson Harwood has advised TNG on its successful application to the Hong Kong Monetary Authority for a licence to provide stored value facilities (SVF).

TNG was one of only five SVF providers to be granted a licence under the new regulatory regime, established by the Payment Systems and Stored Value Facilities Ordinance.

The TNG Wallet allows users to store prepaid value for online and offline purchases, pay bills, send money to other TNG users, transfer money to any bank account in Hong Kong and make cash withdrawals.

The firm supported TNG to navigate the complexities of the new licensing regime, including the development of a structure to protect users’ money while it is stored in the e-wallet.

The Hong Kong-based team was led by Greater China managing partner Voon Keat Lai, regulatory team head Mark Reed (partner) and trusts team head Peter Hodson (consultant), with assistance from regulatory team senior associate Katherine Liu.

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KEY CONTACT

Voon Keat Lai

Voon Keat Lai
Managing Partner

T:  +852 2533 2790 M:  Email Voon | Vcard Office:  Beijing, Hong Kong, Shanghai

Mark Reed

Mark Reed
Partner

T:  +852 2533 2888 M:  +852 9353 1359 Email Mark | Vcard Office:  Hong Kong

Peter Hodson

Peter Hodson
Consultant

T:  +852 2525 2071 M:  +852 6259 9556 Email Peter | Vcard Office:  Hong Kong

OTHER CONTACTS

MEDIA CONTACT

Tinny Ip
Head of business development

T: +852 3166 6922 
Email Tinny