Hong Kong authorities warned that payment platforms operating without required licenses face enforcement action after the Hong Kong Monetary Authority received 16 complaints about suspected unlicensed stored value services between January 2024 and September 2026. One case was substantiated, although the complainant reported no monetary loss. Acting Secretary Joseph Chan said the HKMA would intervene directly in suspected unlicensed operations or breaches of the Payment Systems and Stored Value Facilities Ordinance, coordinate with other regulators and refer cases to law enforcement agencies when necessary. The ordinance requires a license to issue or operate a stored value facility unless a statutory exemption applies. Currency exchange and cross-border remittances are subject to separate licensing requirements, while buy now, pay later lenders face banking supervision or money-lender licensing rules.