Hong Kong's SFC to Launch Next Generation Digital Licensing Platform

Hong Kong's Securities and Futures Commission (SFC) announced that it will introduce its next generation licensing platform on WINGS, a web-based platform for SFC electronic forms and online submission service, on 3 January 2022.

"The next generation digital licensing platform integrates our front-loaded, risk-based approach, aligning our gatekeeping function with our other regulatory priorities,"said Mr Ashley Alder, the SFC's Chief Executive Officer."It will help the industry manage licensing matters in a more flexible, secure manner, and communicate more efficiently with the SFC.”

The fully digitalised platform will provide a one-stop, comprehensive service for users to prepare, electronically sign and submit licensing forms, track the progress of applications, pay licensing fees and communicate directly with the SFC. A companion mobile application, WINGS Mobile App, will offer key features of the website version.

From 3 January 2022, the new electronic licensing forms for licence applications, annual returns, notifications and regulatory filings are to be submitted through WINGS. The SFC will continue to accept paper forms for corporate applications until 31 March 2022.

Earlier this month, SFC has published its latest quarterly report, showing that the total number of licensees and registrants jumped to 48,364 and the total number of licensed corporations spiked to 3,180.