Hong Kong SVF data inspires WeChat agents

The statistical analysis data on stored value payment instruments issued by holders of stored value payment instruments (SVFs) released by the Hong Kong Monetary Authority (HKMA) shows that in the fourth quarter of 2018, 16 licensed institutions had a total of 56.1 million stored value payment instrument accounts in use (an increase of 20.1% compared to the same period in 2017), with a total transaction volume of approximately 1.6 billion, including 18.07 million individual to individual transfer transactions (an increase of 612.7% compared to the same period in 2017). The total transaction amount was HKD 48.1 billion (up 24.4% from the same period in 2017); Among the total transaction amount, HKD 23.2 billion was for point of sale consumer payments, HKD 18 billion was for online consumer payments (an increase of 79.6% compared to the same period in 2017), and HKD 6.9 billion was for individual to individual transfers (an increase of 380.4% compared to the same period in 2017).

Since WeChat and Alipay are both licensees of SVF in Hong Kong, this data is very exciting for Hong Kong agents who have obtained these two payment tools, which means that WeChat and Alipay still have huge growth space in Hong Kong. And becoming a Hong Kong agent for WeChat, MSO (Money Service Operator License) is one of the essential conditions. We have successfully assisted many clients in applying for Hong Kong MSO licenses in advance, taking the lead in expanding the Hong Kong mobile payment market.