LCQ13: Regulating emerging payment platforms

Following is a question by the Hon Chan Chun-ying and a written reply by the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, in the Legislative Council today (October 7): Question: It has been reported that in recent years, a number of emerging aggregated payment platforms have appeared in the market, soliciting small merchants for co-operation with low handling fees and promotional offers such as "Buy Now, Pay Later". However, some of these platforms have given rise to problems such as payment defaults and fake payments one after another, causing severe losses to merchants. It is learnt that some payment platforms are registered only as financial technology companies and have not obtained any financial services licences, nor have they disclosed their partner institutions or operational status, and their operations are thus not subject to regulation. In this connection, will the Government inform this Council: (1) of the total number of complaints received by the authorities involving new types of payment platforms in the past three years, and the total amount of money involved in such cases; (2) whether the authorities will bring such new types of payment

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