Hong Kong's Acting Secretary for Financial Services and the Treasury, Joseph Chan Ho-lim, announced that enforcement action will be taken against payment platforms operating without required financial licenses. The move targets fintech companies registered solely as technology firms that issue or operate stored value facilities in violation of the Payment Systems and Stored Value Facilities Ordinance. The Hong Kong Monetary Authority will directly intervene in suspected cases of unlicensed operations or ordinance breaches, collaborating with other regulators and referring matters to law enforcement when necessary. Authorities emphasized that operating a stored value facility without a license constitutes an offense unless a statutory exemption applies, with enforcement aimed at maintaining financial stability and protecting public interests.