Hong Kong money lenders must use a new risk warning from 2027 as licensee count falls to 1,926
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Key points
- The Registrar of Money Lenders has replaced the mandatory risk warning in the money lenders licensing conditions, for use from 1 January 2027.
- Licensed money lenders numbered 1,926 at end-September 2026, down from 1,943 at end-August 2026 and 2,015 at end-2025.
- New licence applications reached 108 in January–September 2026, January–September 2026, against 178 in the whole of 2025.
Implications for lenders
Licensed lenders must replace the risk warning in their advertisements, including in digital channels, from 1 January 2027, which can require changes to app screens and templates. With the count at 1,926 and new applications at 108 so far this year, compliance costs may weigh more on small lenders than on larger ones.
Implications
Facts
In a notice dated 21 September 2026, the Registrar of Money Lenders revised the risk warning statement that licensed money lenders must show under the licensing conditions of the money lenders licence. From 1 January 2027 the warning reads: "To borrow or not to borrow? Borrow only if you can repay!" It replaces the current warning that borrowers have to repay their loans and should not pay any intermediaries.
The Companies Registry recorded 1,926 licensed money lenders at end-September 2026, down from 1,943 at end-August 2026 and 2,015 at end-2025. 1 New applications for money lenders licences totalled 108 in January–September 2026, January–September 2026, against 178 in the whole of 2025. 2
Analysis
The count has fallen in all but one month of 2026 and is now well below the annual peak of 2,490 in 2021 3 and the end-2025 level of 2,015. 4 The pace of new applications is also running below 2025: 108 in nine months against 178 for the whole of 2025. 5
The new warning adds to conduct rules already introduced this year, including a cap on the debt servicing ratio of 35% for borrowers with monthly income of HKD 6,000 or less a month 6 and 40% for those earning HKD 6,001–12,000 a month. 7 The shift in wording from a duty to repay towards an affordability prompt matches that direction of policy.
| 2026-02 | 1992 |
|---|---|
| 2026-03 | 1988 |
| 2026-04 | 1976 |
| 2026-05 | 1977 |
| 2026-06 | 1962 |
| 2026-07 | 1958 |
| 2026-08 | 1943 |
| 2026-09 | 1926 |
Number of licensed money lenders at end of month (Companies Registry) · Source: Companies Registry: Statistics — Number of Licensed Money Lenders Debt-servicing-ratio caps for low-income borrowers took effect in August 2026.
Counterpoints and uncertainties
A change in warning wording may have little measurable effect on borrowing behaviour, and the fall in the licensee count may reflect dormant or small licences lapsing rather than lower lending volumes. Monthly counts move by small amounts, so one month does not show whether the decline is speeding up.
Key figures
- Licensed money lenders: 1,926 (down from 1,943 at end-August 2026 and 2,015 at end-2025). Number of licensed money lenders at end of month (Companies Registry). Licensed money lenders, Hong Kong. Basis date: 30 Sep 2026. Source: Companies Registry: Statistics — Number of Licensed Money Lenders
- New money lender licence applications: 108 (January–September 2026, against 178 in the whole of 2025). New applications for money lenders licences received, January–September 2026 (Companies Registry). Licensed money lenders, Hong Kong. Basis date: 30 Sep 2026. Source: Companies Registry: Number of Applications for Money Lenders Licences Received
- Licensed money lenders: 2,490. Number of licensed money lenders, annual figure (Companies Registry); highest of 2020–2025. Licensed money lenders, Hong Kong. Basis date: 31 Dec 2021. Source: Companies Registry: Statistics — Number of Licensed Money Lenders
- Licensed money lenders: 2,015 (down from 2,110 at end-2024). Number of licensed money lenders, annual figure (Companies Registry). Licensed money lenders, Hong Kong. Basis date: 31 Dec 2025. Source: Companies Registry: Statistics — Number of Licensed Money Lenders
- New money lender licence applications: 178 (up from 142 in 2024). New applications for money lenders licences received in the year (Companies Registry). Licensed money lenders, Hong Kong. Basis date: 31 Dec 2025. Source: Companies Registry: Number of Applications for Money Lenders Licences Received
- DSR cap, monthly income up to HKD 6,000: 35%. Maximum debt servicing ratio for money-lender borrowers with monthly income of HKD 6,000 or less (Licensing Condition 16). Licensed money lenders, Hong Kong. Basis date: 1 Aug 2026. Source: Companies Registry: Guidelines on Licensing Conditions of Money Lenders Licence (April 2026)
- DSR cap, monthly income HKD 6,001–12,000: 40%. Maximum debt servicing ratio for money-lender borrowers with monthly income of HKD 6,001–12,000 (Licensing Condition 16). Licensed money lenders, Hong Kong. Basis date: 1 Aug 2026. Source: Companies Registry: Guidelines on Licensing Conditions of Money Lenders Licence (April 2026)
Sources
- Registrar of Money Lenders (2026-09-21): Revision of Risk Warning Statement set out in Licensing Condition 9(b) of the Money Lenders Licence (for use from 1 January 2027)primary
- Companies Registry: Statistics — Number of Licensed Money Lendersprimary
- Companies Registry: Number of Applications for Money Lenders Licences Receivedprimary
- Companies Registry: Licensing conditions of money lenders licence (April 2026)primary
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A Japanese version of this article is available: 日本語版