[Hong Kong to Crack Down on Unlicensed Payment Platforms, Take Appropriate Enforcement Actions as Needed] According to a report by Mobile Payment Network, in response to some payment platforms being registered only as fintech companies without obtaining any financial licenses, Hong Kong's Acting Secretary for Financial Services and the Treasury, Joseph Chan Ho-lim, stated that under the relevant statutory regulatory framework, appropriate enforcement actions will be taken as needed to maintain financial stability and protect the rights of customers and the public. Under Hong Kong's *Payment Systems and Stored Value Facilities Ordinance*, it is illegal for anyone to issue or operate stored value payment tools in Hong Kong without a license unless they have obtained a statutory exemption. If cases of suspected unlicensed operations or violations of the *Payment Ordinance* are discovered, the Hong Kong Monetary Authority (HKMA) will intervene directly. It will also collaborate with other relevant regulatory bodies depending on the nature of the case and, if necessary, refer the case to law enforcement agencies.