Online payment brings intermediaries more process efficiency

The Securities and Futures Commission (SFC) has enhanced its online portal for intermediaries (https://portal.sfc.hk/) launched in September 2009 by adding an online payment function for licensing-related fees to further streamline interaction with industry participants.

The online payment function allows intermediaries to make annual fee payments electronically using the PPS payment gateway and/or online banking services. Conventional payment methods (by cheque, bank deposit or remittances) may still be used.

Besides accepting payments electronically, the portal allows intermediaries to view and manage invoices and receipts. For added convenience, reminders on any outstanding fees will be issued online as well.

"The portal's high usage rate of over 70% is indicative of how intermediaries welcome the improved efficiency it brings them," said the SFC Chief Executive Officer Mr Martin Wheatley. "With the new payment function, users can expect to further benefit from the increased convenience and transparency in handling licensing-related matters." (Note 1)

Along with the launch of the new function, fees payable for changing particulars of a licensee or registered institution will be waived if the notification of change is submitted through the portal.

When the online portal becomes fully operational in 2011, the payment function will be extended to other licensing-related fees and users will also be able to carry out all licensing processes and procedures, including the submission of applications, via the system.

Licensed corporations and registered institutions will receive letters containing a security code to access the payment function.

End

Note:

1. As of end of March 2010, the portal recorded a sign-up rate of 72%. More than 60% of the annual returns due have been submitted via the portal. Around 16,000 documents (including annual returns and notifications) have been received online since the launch of the system.