Chan's RD Wallet seeks SVF license

Business | Staff reporter 26 Jan 2021

STAFF REPORTER

RD Wallet Technologies, founded and chaired by the former chief executive of Hong Kong Monetary Authority Norman Chan Tak-Lam, has applied for a Stored Value Facility license with the HKMA.

If licensed, the company will focus on developing electronic wallet payment solutions for cross-border commerce companies, local media reported.

This came after HKMA announced the first batch of licensed operators according to Payment Systems and Stored Value Facilities Ordinance in 2016, when Chan was at the helm of the authority.

RD Wallet Technologies' main staff are in place, while preparation and application for relevant licenses are currently underway, said the company's spokesperson.

The company said it is establishing an information technology system to provide reliable service to the clients.

Supported by advanced technology, the company aims to provide cross-broader commerce companies with fast, affordable, and safe payment solutions, said the spokesperson.

HKMA refused to comment on market rumors and individual cases, but emphasized that it has processed all SVF license applications in accordance with the ordinance and related guidelines.



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