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.