Hong Kong Monetary Authority grants SVF licence
Stored value facilities (SVFs) are changing the fintech landscape in Hong Kong, and for those holding licences, creating a competition which is innovating the marketplace. This increase in diversity will result in new services which will bring more convenience and choice to both consumers and merchants.
Geoswift, a leading provider of cross-border payment solutions between China and the rest of the world, announced ( on May 20, 2019) that its Hong Kong entity has been granted a coveted Stored Value Facilities (“SVF”) Licence by the Hong Kong Monetary Authority. With the SVF licence, Geoswift can provide greater convenience and a better experience for consumers and merchants and move closer to providing a seamless cashless, digital payment world.
Geoswift is headquartered in Hong Kong with teams across Beijing, Shanghai, Shenzhen, Singapore, London, Vancouver, Seattle and San Francisco for strategic and regulatory functions.
The company provides value-added, one stop payment solutions for the e-Commerce, education and travel sectors. With the acquisition of an SVF licence, Geoswift can now integrate its product offerings and craft more comprehensive and diverse payment solutions to bring even greater convenience and better payment experience to consumers and merchants, alongside its other regional licences.
Raymond Qu, Founder and CEO of Geoswift, said, “As a market-leading provider of cross-border payments solutions in and out of China, Geoswift takes a long view on all of our product developments and actively seeks opportunities to deliver sustainable value for our partners and clients today and tomorrow. With our new SVF licence as well as our other regional licences, we have a very solid foundation to deliver more comprehensive payment solutions to foster a truly cashless and digital payment world.”
He continued, “With Hong Kong’s proximity to China and its position as the gateway to China, Hong Kong is one of the most well-connected fintech hubs in the world. Obtaining the SVF licence in Hong Kong does not only allow us to meet our future growth plans within Asia Pacific and the Greater Bay Area in particular, but also enable us to expand our current set of product offerings to offer more comprehensive cross-border payments solutions globally.”