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Hong Kong’s e-wallet company secures SVF license

Nayela Deeba | Sept. 2, 2016
With over 370,000 users since 2015, the IT company aims to boost Hong Kong’s Fintech industry.

Hong Kong's e-Wallet company, TNG, has secured Store Value Facilities(SVF) License from the Hong Kong Monetary Authority(HKMA).

The e-Wallet allows users to access their bank account on mobile devices. Users can store prepaid value for online and offline purchases, pay bills, transfer or withdraw money from any bank account in Hong Kong all year round with just a few taps on the mobile phone.

The service also offers an e-ticketing feature which saves users time, as they no longer have to fill up forms in banks or take a queue number manually. TNG sold over 60,000 e-tickets within days of its launch during the Book Fair and Food Expo in Hong Kong, proving to be a huge success,TNG said in a release.

TNG aims to provide cashless service in other sectors such as food and beverage, retail, public transport and healthcare.

"Going forward, TNG promises many more functions and features which would bring even greater convenience and benefits to users and small and medium-sized merchants who still rely primarily on cash payments. In turn, this will propel a major shift toward a truly cashless lifestyle which will extend beyond Hong Kong to the rest of the region, making Hong Kong as the Fintech Hub of Asia," said Alex Kong, CEO of TNG.



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