The Payment Systems and Stored Value Facilities Ordinance (Cap. 584) is the law that governs retail payment and electronic money systems in Hong Kong by giving the Hong Kong Monetary Authority jurisdiction over the clearing and settlement facilities. This ordinance ensures that a stringent licensing system is adhered to and that the customer float is separated from the operational funds.
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a statuto…
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