Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the HKMA decision, including banking and payment rails.
Get an SVF license in Hong Kong.
The wallet licence of the Greater Bay Area: the HKMA licenses stored value facilities under the Payment Systems and Stored Value Facilities Ordinance - HK$25 million paid-up capital, float safeguarding, and the register AlipayHK and WeChat Pay HK sit on.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Hong Kong SVF in brief
The e-wallet licence China's giants hold.
Hong Kong licenses e-wallets and stored-value products through the Hong Kong Monetary Authority under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584) - the 2016 regime that put multi-purpose stored value under central-bank supervision. The statutory architecture is exact: minimum paid-up capital of HK$25 million, a principal-business requirement (the licensee's principal business must be the SVF), full safeguarding of the float through bank arrangements or trust structures, fit-and-proper management and ongoing HKMA supervision - the supervisory practice note was refreshed as recently as October 2025. Licensed banks are deemed SVF licensees; single-purpose and limited-scope facilities sit outside the perimeter.
The register tells you what the licence is worth: AlipayHK, WeChat Pay HK, Octopus and the wallet arms of global groups all hold it - this is the authorisation through which Greater Bay Area retail payments actually run. Hong Kong pairs it with the cleanest tax in any major financial centre - two-tier profits tax at 8.25% on the first HK$2 million and 16.5% above, no VAT, no capital gains tax, no dividend withholding, territorial sourcing, and with the HKMA's adjacent regimes: the stablecoin-issuer licence live since August 2025 for token-based models. Realistic end-to-end: 9-15 months; we run the file from our Hong Kong office.
HKMA SVF licence under Cap. 584: HK$25M paid-up capital, full float safeguarding, principal-business test, bank-grade supervision - the register AlipayHK and WeChat Pay HK sit on.
Adjacent: the stablecoin-issuer regime live since Aug 2025. Tax: 8.25%/16.5%, territorial, nothing on gains or dividends.
The two routes
The SVF licence - or the adjacent regimes.
One ordinance for stored value. With the HKMA's newer regimes alongside for token-based models. We fix the route first, then build once.
The SVF licence for wallets - or the adjacent stablecoin and MSO routes.
01 - SVF LICENCE
Stored value facility
The flagship HKMA authorisation under Cap. 584: multi-purpose stored value. Wallets, prepaid products, float-holding models. With HK$25 million capital and safeguarding the ordinance polices strictly.
The flagship HKMA authorisation under Cap. 584: multi-purpose stored value. Wallets, prepaid products, float-holding models. With HK$25 million capital and safeguarding the ordinance polices strictly.
- ✓Multi-purpose stored value - wallets
- ✓HK$25 million paid-up capital
- ✓Float safeguarding - bank or trust
- ✓Principal-business requirement
- ✓Fit & proper to UBO level
- ✓Practice note current to Oct 2025
02 - ADJACENT HKMA REGIMES
Stablecoins live since Aug 2025Token and system routes
The HKMA's stablecoin-issuer licence. Live since August 2025. Covers fiat-referenced token issuance, while retail payment system designation captures scheme-scale infrastructure. Hybrid models sequence these with the SVF.
Stablecoin issuer (Aug 2025); retail payment system designation; MSO for remittance; sequenced.
- ✓Stablecoin issuer licence - HKMA
- ✓Fiat-referenced token issuance
- ✓Retail payment system designation
- ✓MSO route for remittance/FX models
- ✓Hybrid sequencing with the SVF
- ✓Same supervisory family
Costs and timelines are confirmed for your case before any work begins. HKMA process follows Cap. 584 and its guidelines; capital, safeguarding and substance costs are itemised in your quote.
Why Hong Kong
The Greater Bay Area's wallet register.
Cap. 584 under the HKMA. The licence through which southern China's cross-border retail payments actually flow.
✓
The register the giants sit on
AlipayHK, WeChat Pay HK and Octopus hold this licence. An SVF authorisation puts you on the same register, supervised by the same central-banking institution.AlipayHK, WeChat Pay HK, Octopus.
✓
The Greater Bay corridor
Eighty-six million people across Hong Kong, Shenzhen and Guangdong, with wallet interoperability the policy direction. The licence sits exactly on that seam.86M people on the seam.
✓
Statutory clarity
HK$25 million capital, principal-business test, float safeguarding. The ordinance spells out its terms, and the HKMA's practice notes keep them current.HK$25M, safeguarding, in the law.
✓
The cleanest major-centre tax
8.25% then 16.5%, territorial, no VAT, no CGT, no dividend withholding. Hong Kong's fiscal offer remains unmatched among serious financial centres.8.25%/16.5%, territorial.
✓
The stablecoin adjacency
The HKMA's stablecoin-issuer regime went live in August 2025. Token-based stored value and fiat-referenced issuance now have a licensed home in the same supervisory family.Licensed since Aug 2025.
✓
Mainland gateway status
Hong Kong remains the licensed edge of the mainland's financial system. Models that need China-adjacent payments infrastructure start here.The licensed edge of China.
How it compares
How Hong Kong differs from other routes.
Hong Kong trades passport-free Asia for the China seam. The side-by-side comparison is below.
Hong Kong vs other jurisdictions
| Feature |  Hong Kong | Other jurisdictions |
|---|---|---|
| Regulatory regime | Cap. 584 - HKMA | PS Act / EMD2 elsewhere |
| Capital | HK$25M - institutional | €350k in the EU |
| Corridor | Greater Bay Area | Regional |
| Tax | 8.25%/16.5%, territorial | Higher almost everywhere |
Regulatory regime
Hong KongCap. 584 - HKMA
Other jurisdictionsPS Act / EMD2 elsewhere
Capital
Hong KongHK$25M - institutional
Other jurisdictions€350k in the EU
Corridor
Hong KongGreater Bay Area
Other jurisdictionsRegional
Tax
Hong Kong8.25%/16.5%, territorial
Other jurisdictionsHigher almost everywhere
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Hong Kong | SVF (HKMA) | 8.25% / 16.5% | HK$25M, principal business |
 Singapore | SPI / MPI (MAS) | 17% · reliefs | Staircase, benchmark stamp |
 United Kingdom | EMI (FCA) | 25% CIT · 19% small | No EU passport post-Brexit |
 Lithuania | EMI (Bank of Lithuania) | 17% CIT (2026) | CENTROlink, EU passport |
Hong KongLicense typeSVF (HKMA)
Taxation8.25% / 16.5%
RequirementsHK$25M, principal business
SingaporeLicense typeSPI / MPI (MAS)
Taxation17% · reliefs
RequirementsStaircase, benchmark stamp
United KingdomLicense typeEMI (FCA)
Taxation25% CIT · 19% small
RequirementsNo EU passport post-Brexit
LithuaniaLicense typeEMI (Bank of Lithuania)
Taxation17% CIT (2026)
RequirementsCENTROlink, EU passport
Before you apply
Requirements for the HKMA SVF licence.Requirements for the licence.
Cap. 584 and the HKMA's guidelines set the bar at central-bank height. The craft is a file that clears it first time. The checklist below is what a passing application contains.
01
Hong Kong entity. A locally incorporated company with its principal business being the SVF.
02
Paid-up capital. HK$25 million minimum, evidenced and maintained.
03
Float safeguarding. Bank arrangements or trust structures covering the full float, documented end to end.
04
Fit and proper management and controllers. Competence, clean records and ownership transparent to UBOs.
05
Programme of operations. The wallet model, volumes and three-year financials the HKMA can interrogate.
06
AML/CFT framework. KYC, monitoring and JFIU reporting with a resident compliance function.
07
Technology risk management. HKMA-grade systems documentation, resilience and incident procedures.
08
Internal governance. Control functions, outsourcing register and conflicts procedures.
09
Redemption discipline. Par-value redemption mechanics the ordinance requires, engineered into the product.
10
Local substance. Resident leadership and operations that survive HKMA supervision, per the October 2025 practice note.
01
HK company; SVF as principal business.
02
HK$25 million paid-up capital.
03
Full float safeguarding - bank/trust.
04
Fit & proper to UBOs.
05
Interrogable wallet programme.
06
AML with JFIU reporting.
07
HKMA-grade technology docs.
08
Governance and outsourcing register.
09
Par-value redemption mechanics.
10
Substance per the Oct 2025 note.
Reflects the PSSVFO (Cap. 584) and HKMA supervisory guidance as of 2026.PSSVFO Cap. 584 + HKMA guidance, as of 2026.
How it works
From first call to the SVF register.
01
Route and strategy
SVF, MSO or the stablecoin adjacency. We fix the route, capital and timeline in writing.SVF, MSO or stablecoin - mapped.
02
Hong Kong company and people
Local incorporation, the capital plan and the resident leadership the HKMA vets.Incorporation, capital, leadership.
03
The application file
Wallet model, safeguarding architecture, AML and technology documentation. Complete before filing, at central-bank standard.Central-bank standard, complete.
04
HKMA review
Question rounds answered precisely - 9-15 months realistic end to end.9-15 months realistic.
05
Licence and launch
The register entry, safeguarding live, redemption mechanics running. On the register the giants share.Register, float safeguarded, live.
Quick facts
RegulatorHKMA
FrameworkPSSVFO · Cap. 584
Paid-up capitalHK$25 million
SafeguardingBank or trust - full float
TestPrincipal business = SVF
GuidancePractice note · Oct 2025
Realistic timeline9-15 months
AdjacentStablecoin regime · Aug 2025
The HKMA supervises SVFs the way it supervises banks. A file built to that standard is the entire game, and our job.
On the ground in Hong Kong
Run from our Hong Kong office.
Prifinance - Hong Kong
Hong Kong
Hong Kong
01
Hong Kong company formation
Local incorporation, the HK$25 million capital plan and the corporate layer the HKMA expects. Structured for the licence from day one.Dedicated entity, capital plan.
02
The HKMA file
Wallet model, float safeguarding architecture, AML pack and technology documentation to the current practice note. Drafted by us and defended through the rounds.Bank-grade, defended in rounds.
03
Hybrid sequencing
Where tokens enter the model, the stablecoin-issuer and SVF files mapped as one programme. The HKMA reads them together anyway.Stablecoin + SVF as one programme.
04
Substance and staffing
Resident leadership, compliance function and MLRO from Hong Kong's deep financial talent pool. Real substance the HKMA recognises.Resident leadership, real ops.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Hong Kong.
The cleanest stack in any major centre: two-tier profits tax, territorial sourcing, and nothing on gains, dividends or consumption.
Profits tax 8.25% / 16.5%
8.25% on the first HK$2 million of profits, 16.5% above. The two-tier system that keeps early-stage economics gentle.Two-tier; first HK$2M gentle.
Territorial sourcing
Only Hong Kong-sourced profits are taxed. Offshore-sourced income sits outside the net under settled (if carefully policed) principles.Offshore income outside the net.
No VAT or GST
Hong Kong levies no consumption tax at all. Pricing, margins and reconciliation run without a VAT layer.No consumption tax at all.
No capital gains tax
Gains fall outside the net. Exits and treasury outcomes keep their full value.Gains keep full value.
No dividend withholding
Dividends flow to shareholders. Local or foreign. Without withholding; the two-tier rate is the whole story.The rate is the whole story.
Treaty network 45+
A functional and growing treaty network, anchored by the mainland arrangement. Group structures model cleanly.Mainland arrangement anchors.
Tax summary
Profits tax8.25% first HK$2M · 16.5%
SourcingTerritorial
VAT / GSTNone
Capital gains taxNone
Dividend withholdingNone
Tax treaties45+
*Figures as of 2026 per the IRD. Offshore-sourcing claims are policed. We model the position before you rely on it.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Hong Kong company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed institution.
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Hong Kong · HKMA
Launch your payment project in Hong Kong with expert support.
Full-service assistance - from incorporation to the SVF licence, safeguarding and ongoing compliance.
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Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
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The Hong Kong SVF licence: the practical answers.
What licence does an e-wallet business need in Hong Kong?+
A stored value facility licence from the HKMA under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584) - HK$25 million paid-up capital, full float safeguarding and the principal-business requirement. Licensed banks are deemed licensees.
Why is the capital so much higher than Europe's €350,000?+
Hong Kong calibrated the SVF regime at institutional height - HK$25 million filters for operators who can stand behind a float at Greater Bay scale. The register's membership shows the intent: this is the wallet licence of AlipayHK and WeChat Pay HK.
What is the principal-business requirement?+
The licensee's principal business must be the operation of the SVF - conglomerates structure a dedicated entity for the licence rather than housing it in a mixed-activity company. We build the structure accordingly.
How is the float protected?+
Full safeguarding through bank arrangements or trust structures, with par-value redemption mechanics required by the ordinance - the architecture is reviewed as strictly as the numbers.
How long does licensing take?+
Realistically 9-15 months end to end - the HKMA supervises SVFs with bank-grade rigour, and its practice note (refreshed October 2025) sets current expectations. A file at that standard is our job.
What substance is expected?+
A locally incorporated company with resident leadership, a compliance function reporting to the JFIU, HKMA-grade technology risk management and operations that survive supervisory engagement.
How are payment companies taxed?+
Two-tier profits tax - 8.25% on the first HK$2 million, 16.5% above - territorial sourcing, no VAT, no capital gains tax, no dividend withholding. The cleanest stack among major centres.
What about stablecoin-based wallet models?+
The HKMA's stablecoin-issuer regime went live in August 2025 - fiat-referenced token issuance is now licensable in the same supervisory family. Hybrid models sequence the stablecoin and SVF files as one programme.
Is there a lighter route than the SVF?+
For remittance and money-changing without float holding, the MSO licence from Customs and Excise is the calibrated route - far faster, no stored value. We map which side of the line your model sits on.
Why Hong Kong rather than Singapore?+
Singapore serves ASEAN with the PS Act staircase; Hong Kong serves the Greater Bay corridor with the SVF register and the mainland gateway. Regional groups routinely hold both - we sequence the pair.
What licence is needed?+
HKMA SVF - HK$25M, Cap. 584.
Why HK$25M?+
Institutional calibration - the giants' register.
Principal business?+
The SVF must be it - dedicated entity.
Float?+
Fully safeguarded, bank or trust.
How long?+
9-15 months realistic.
Substance?+
Resident leadership, bank-grade ops.
Taxes?+
8.25%/16.5%; territorial; no extras.
Stablecoins?+
HKMA regime live since Aug 2025.
Lighter route?+
MSO - remittance without float.
Vs Singapore?+
Greater Bay here; ASEAN there.
Client notes
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