Tony Kim
Dec 04, 2025 19:28
In response to the Tai Po fireplace, Hong Kong banks have launched further measures to assist affected people, together with expedited account dealing with and versatile credit score assist.
The Hong Kong Financial Authority (HKMA), in collaboration with the Hong Kong Affiliation of Banks (HKAB), has introduced a brand new set of emergency measures to help these affected by the current Tai Po fireplace. This initiative follows a gathering with 28 retail banks, together with digital banks, to judge the effectiveness of prior interventions and discover additional assist choices, in response to the Hong Kong Financial Authority.
Preliminary Response and Extra Measures
Beforehand, on November 28, the HKMA and HKAB launched six emergency assist measures. These included devoted 24-hour hotlines, a six-month pre-approved reimbursement grace interval, and prioritized dealing with of checking account points for these impacted by the hearth. Constructing on these efforts, 5 further measures have been launched to additional help affected people.
Enhanced Help for Affected People
The brand new measures embody expedited dealing with of deceased people’ financial institution accounts and secure deposit containers, with a deal with defending these from unauthorized entry. Moreover, the banks will provide emergency interest-free or low-interest loans with a deferred cost interval and no service costs for the primary six months. These loans are geared toward assuaging liquidity pressures on affected people.
Credit score assist has additionally been prolonged past residents to incorporate development staff, cleansing workers, and safety personnel impacted by the incident. Moreover, the HKMA and HKAB are engaged on mortgage preparations for affected residents, emphasizing a compassionate and versatile method.
Banknote Change and Price Waivers
The three note-issuing banks in Hong Kong will present a service to confirm and trade broken banknotes and cash. Residents are suggested to deliver broken foreign money to financial institution branches with out making an attempt repairs themselves. Furthermore, all retail banks will waive charges for transactions associated to the “Help Fund for Wang Fuk Courtroom in Tai Po”, facilitating each donations and subsidies.
Prolonged Banking Companies and Fraud Prevention
To accommodate the wants of the affected group, banks in Tai Po will lengthen their service hours. Moreover, the HKMA and HKAB are taking steps to stop fraud, which has emerged as a priority following the hearth. They’re collaborating with the police to watch and counter misleading actions, advising the general public to confirm identities and safeguard private info.
This complete response underscores the dedication of Hong Kong’s banking sector to assist the group by well timed and empathetic measures throughout this difficult interval.
Picture supply: Shutterstock
