The Monetary Authority has appointed Professor Andrew Chan as an advisor on the management of Octopus Cards Limited. He is a Chinese University Faculty of Business Administration Professor and the Deposit Protection Board Chairman.

The authority has also asked Octopus to submit an independent auditor's report on the operation of add-value services through EPS, and on its operational risk control environment.

Professor Chan will advise on the management of the company's affairs, business and property, matters that may arise from the independent auditor's report, and recommendations on the implementation of any remedial measures that may be identified in it.

The move comes after problems experienced with add-value transactions involving EPS.