COMPARE BEFORE YOU DECIDE
One comparison table to see the differences between the regimes.
Start with the business scope, competent authority and capital baseline. Specific requirements must still be checked item by item in the relevant guide against the business model and licence conditions.
LICENSING COMPARISON
Core comparison of Hong Kong financial qualifications
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| Licences / Qualifications | Regulatory authorities | Business and Applicable Scenarios | Capital and Financial Resources | Entry pathways |
|---|---|---|---|---|
| MSO Money Service Operator Licence | Hong Kong Customs and Excise Department (C&ED) | Money changing, cross-border remittances and online remittance businesses: the complete path from application to renewal. | The Customs and Excise Department’s current licensing guidelines reviewed do not specify a uniform minimum paid-up share capital or minimum liquid funds amount. However, applicants must have sufficient financial resources commensurate with the nature and scale of the business, and explain the source of funds and working capital for the next two years. The absence of a uniform figure does not mean that operating costs are zero, and adviser-recommended capital must not be presented as a statutory threshold. | New Application / Acquisition |
| SVF Stored Value Facility Licence | Hong Kong Monetary Authority HKMA | Prudent access requirements for e-wallets, multi-purpose stored value facilities and float protection. | A non-bank applicant must have paid-up share capital of at least HKD 25 million, or an equivalent amount of foreign-currency capital that meets the requirements, and other financial resources of an equivalent or higher level. Alternative financial resources must be satisfactory to the HKMA; credit facilities or a group guarantee cannot be substituted at the applicant’s discretion. The HKMA may require a higher level based on business risks. Customer stored value and exit refund costs must be safeguarded separately. | New application / acquisition assessment |
| Stablecoin Issuer Licence | Hong Kong Monetary Authority HKMA | Requirements for fiat-referenced stablecoin issuance, reserve assets, redemption and governance. | Non-authorized institutions must continuously maintain at least HKD 25 million in paid-up share capital, or the prescribed equivalent in another currency and other equivalent financial resources approved by the Monetary Authority, and liquid net assets supported by sufficient equity funding. The HKMA may impose higher requirements on a case-by-case basis. Authorized institutions are subject to banking capital regulation, and reserve assets must be fully backed separately. [2, section 3.3] [3, chapter 5] | Prudent Licensing Regime |
Capital is a regulatory resource threshold, not a service quotation. The absence of a stated uniform minimum capital requirement does not mean that sufficient operating funds are unnecessary. An acquisition does not remove regulatory review, and registration or membership does not amount to a general financial licence.
Get Advice on Business SuitabilityYOUR NEXT CHAPTER STARTS HERE
First, tell us about your business,
Then select a suitable licensing path.
Discuss your business model, capital budget and schedule with Tang Shangyong (Drew) to prepare a checklist of next steps.