30 August, 2016
The HKMA announced last week that TNG was one of the first five SVF providers to be granted such a licence under the new regulatory regime established by the Payment Systems and Stored Value Facilities Ordinance.
TNG provides a mobile app based facility for the making of retail payments via the TNG wallet, which is recognised by many in the tech industry as a "true" e-wallet.
Stephenson Harwood helped TNG to navigate the complexities of an entirely new licensing regime, including the development of a simple structure for the protection of users’ money while stored in the e-wallet.
Managing partner Voon Keat Lai, regulatory team head Mark Reed (partner) and trusts team head Peter Hodson (consultant) led the transaction with assistance from regulatory team senior associate Katherine Liu.”