East Week magazine interviewed Mr Gordon Chan regarding fintech payment platforms and the alleged delay in payments to merchants.
In an interview with East Week magazine, Mr Gordon Chan discussed the potential issue of fintech payment platforms unreasonably delaying payments to their merchants.
While it is understandable and essential for any payment platform to have anti-money laundering measures in place, withholding funds outside contractual terms over an extended period while demanding excessive information is unreasonable.
Furthermore, the provision of Buy Now, Pay Later (BNPL) services by these platforms may raise concerns under the Money Lenders Ordinance (Cap 163). As BNPL is essentially a loan to the buyer, while “money lender” has a broad definition under the Ordinance.
Payment platforms from fintech companies may offer innovative services to consumers and merchants. However, one must be careful when choosing reliable and accountable platforms to avoid disputes.
Gordon Chan, Esq
Barrister-at-law, Archbold Hong Kong Editor on Public Health, and Member of the Bar Association's Committee on Criminal Law and Procedure. Specialised in medical, technology and criminal law.
