MSO and SVF licenses: who are you in the Hong Kong payment industry?

If you are tired of imperfect services of banks and payment systems and you know how to provide them better, it is time to make your own payment system. If don’t know how and where to start your payment business, we will help you. Hong Kong offers opportunities for those who would like to provide activity in the sphere of payment services. So you may choose the most appropriate way for your payment business development in Hong Kong and abroad as you may operate with HK licenses not only in Hong Kong.
Money Service Operator (MSO)
In case you would like to provide only the money remittance and money exchange services or your company is a start up in the payment world you should choose the MSO License. For such a license you shouldn’t contribute the initial capital as for others payment licenses in Hong Kong or other countries. But you should have a substance (real local office and employee(s)) and local AML officer who may be the single local employee.
Exemption from MSO license obtaining
You are an exempt from the MSO license obtaining if you have already obtained Stored Value Facilities license and in some other particular cases. You also shouldn’t obtain this license if you just assist your guests in the hotel with currency exchange for their convenience.
Term of MSO license obtaining
MSO license obtaining will take around four-six months.
Requirements for MSO license obtaining
You need to submit the application forms, pass Fit and Proper Test, provide the Business Plan and AML Policy to the Customs and Excise Department.
Or you may just contact Mayon Solutions and we will do all for you.
Stored Value Facilities (SVF) license
In case you have a significant payment experience and you would like to provide the wider range of services, including payment cards issuing, e-wallets opening etc., you should obtain SVF license.
This license provides you a variety of opportunities but it also imply many requirements. You may obtain the MSO license firstly and after 2 years of operating obtain the SVF license.
Initial capital of SVF company
The company which is going to send an application for the SVF license should have a paid-up share capital in the amount of at least 25 million HKD (≈3 225 000 USD).
Term of SVF license obtaining
The reviewing process takes at least four months but all process of license obtaining may take 6-10 months.
Requirements for SVF license obtaining
Hong Kong Monetary Authority may use on-site examinations, off-site reviews, independent assessments, auditors’ reports, and meetings with the management of the licensee. It may request the applicant to submit the reports of independent assessment on corporate governance and risk management, payment security management, and other reports.
In this case, Mayon Solutions will assist to avoid any mistakes. We will assist you with preparation of all documents and reports.
The MSO and SVF license obtaining processes look complicated but they are easy with Mayon Solutions team of professionals. Our long-term experience in the field of registration of international companies, opening of bank and merchant accounts, as well as licensing, will help to choose the optimal solution specially for you.
Do not hold your business initiative because of the quarantine! Go for it!
You will succeed with Mayon Solutions!