Hong Kong - Stephenson Harwood Advises HKT Flexi Limited On Successful Launch.
Legal News & Analysis - Asia Pacific - Hong Kong - Banking & Finance
5 June 2020
Law firm Stephenson Harwood LLP has advised HKT Flexi Limited (HKTF), a subsidiary of HKT Limited, on its successful launch of its money lending business in Hong Kong. HKT Limited, which is listed on the Hong Kong stock exchange, is Hong Kong’s premier telecommunications service provider and leading operator of fixed-line, broadband and mobile communication services.
The granting of the money lenders licence enables HKTF to set up its money lending business, HKT Flexi, and launch its credit services through a mobile financing platform, which allows users to make payments via the HKT Flexi App. The business provides financing solutions to customers who purchase goods and services from HKT retail outlets.
Stephenson Harwood advised HKTF on a wide range of regulatory and compliance issues.
“This was a particularly interesting project,” said Katherine Liu, partner, Stephenson Harwood. “Careful consideration had to be given to the Money Lenders Ordinance (MLO) – which was historically drafted to cater for money lenders operating out of their own physical premises – and how to successfully apply the regulations to HKTF’s lending business model. We were pleased to see HKTF’s successful launch.”
The Stephenson Harwood team was led by partner Katherine Liu, with support from partner Mark Reed and associate Conrad Lam.