Pin and benchmark
Pin the jurisdiction you are leaning towards, then line up to 5 rivals against it. Every unlocked figure shows where a peer beats it or loses to it on capital, timeline, cost and difficulty, so one screen tells you whether your first choice actually holds up.
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| Dimension |
Pinned 🇭🇰 Hong Kong analogue partly open Verified 2026-07-03
|
🇸🇬 Singapore
analogue
partly open
Verified 2026-07-03
|
|---|---|---|
| Licence type | No EMI. Stored Value Facility (SVF) licence under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584). | No EMI. Major Payment Institution (MPI) licence under the Payment Services Act, covering e-money issuance and account issuance. Standard PI for smaller volumes. |
| Regulator | Hong Kong Monetary Authority (HKMA). Not the SFC, which handles the crypto VATP regime. | Monetary Authority of Singapore (MAS). |
| Capital requirement | Hong Kong capital requirement is locked. Unlock with the £349 pass. | Singapore capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | Hong Kong timeline to authorisation is locked. Unlock with the £349 pass. | Singapore timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | Hong Kong local substance is locked. Unlock with the £349 pass. | Singapore local substance is locked. Unlock with the £349 pass. |
| Application cost | Hong Kong application cost is locked. Unlock with the £349 pass. | Singapore application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | Hong Kong ongoing cost is locked. Unlock with the £349 pass. | Singapore ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | Hong Kong passporting is locked. Unlock with the £349 pass. | Singapore passporting is locked. Unlock with the £349 pass. |
| EMIs authorised | Hong Kong emis authorised is locked. Unlock with the £349 pass. | Singapore emis authorised is locked. Unlock with the £349 pass. |
| Key restrictions | Hong Kong key restrictions is locked. Unlock with the £349 pass. | Singapore key restrictions is locked. Unlock with the £349 pass. |
| Safeguarding | Hong Kong safeguarding is locked. Unlock with the £349 pass. | Singapore safeguarding is locked. Unlock with the £349 pass. |
| Recent changes | The separate Stablecoins Ordinance (Cap. 656) came into force 1 August 2025 and is administered by the HKMA. In April 2026 the HKMA granted the first stablecoin issuer licences, to Anchorpoint and HSBC, both for HKD-referenced stablecoins, requiring at least HK$25m paid-up capital and segregated reserve assets. SVF licensees under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584, the analogue regime in this row) are recognised as permitted offerors under the Stablecoins Ordinance and have a clear pathway to stablecoin issuance, but SVF and stablecoin-issuer licences remain two distinct licence types. | Continuing MAS refinements to the PSA. |
| Difficulty rating | Hong Kong difficulty rating is locked. Unlock with the £349 pass. | Singapore difficulty rating is locked. Unlock with the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.