HKMA follows up on the distribution of over 100 million consumer coupons by Harbour City Jiuzhi: it has clearly explained and considered extending the activity

Financial News

Written by: Lin Leqian

2020-05-13 18:52

Wharf Real Estate (1997) 's Harbour City and Times Square held a consumer rewards program, distributing more than 112 million yuan of consumer coupons, but only referring to activities that may violate the HKMA's "Payment System and Stored Value Payment Instruments Ordinance", which specifies if any Stored-value payment instruments, including Octopus and cash coupons, with an issued amount of over 1 million yuan, must be licensed by the HKMA before they can be used.

In response to enquiries, the HKMA stated that it will follow up with Jiu Zhi about whether the relevant situation violates the "Regulations", including the definition of stored-value payment instruments, and the circumstances under which exemptions can be obtained. Generally speaking, if the plan involves consumer spending After the designated amount, you can redeem some coupons used in designated stores for free, which are mostly one of the exemptions under the "Regulations".

Jiuzhi: Have clearly explained and considered extending the activity

The public relations of Harbour City and Times Square responded that the company has sought legal advice. The promotion plan is not regulated by the HKMA, nor has it violated the relevant legal provisions of the Ordinance, and it has also contacted the Hong Kong Monetary Authority and explained clearly. We are considering extending the activities to benefit more people.

In addition, the PR said that these consumer coupons are not stored-value tools and do not have any stored-value function. They cannot be exchanged for cash, nor can they be used as currency, and they cannot be used to redeem goods or services. Customers must spend the specified amount in Harbour City or Times Square to use the relevant discount. The discount can only be used in designated malls and shops.

To encourage citizens to spend, Harbour City and Times Square hold a territory-wide consumption rewards program from May 11 to 17. All citizens aged 18 or above can use credit cards to spend a specified amount in any physical retail and catering merchants in Hong Kong. Redeem 100 yuan consumption vouchers. Taking Harbour City as an example, the public can redeem two 50 yuan shopping and gourmet vouchers for every 1,000 yuan spent. For every 10,000 yuan spent, two additional 300 yuan vouchers can be obtained. You can redeem up to 4,000 yuan in coupons.

Harbour City and Times Square can redeem 100 million consumer coupons at any physical merchants for over 800 yuan can be redeemed

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