Tony Kim
Dec 04, 2025 19:28
In response to the Tai Po fireplace, Hong Kong banks have launched extra measures to help affected people, together with expedited account dealing with and versatile credit score help.
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 latest 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 help choices, in accordance with the Hong Kong Financial Authority.
Preliminary Response and Extra Measures
Beforehand, on November 28, the HKMA and HKAB launched six emergency help 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 extra measures have been launched to additional assist affected people.
Enhanced Help for Affected People
The brand new measures embrace expedited dealing with of deceased people’ financial institution accounts and secure deposit bins, with a give attention to defending these from unauthorized entry. Moreover, the banks will supply emergency interest-free or low-interest loans with a deferred fee interval and no service expenses for the primary six months. These loans are geared toward assuaging liquidity pressures on affected people.
Credit score help has additionally been prolonged past residents to incorporate development employees, cleansing employees, 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 Court docket in Tai Po”, facilitating each donations and subsidies.
Prolonged Banking Companies and Fraud Prevention
To accommodate the wants of the affected neighborhood, banks in Tai Po will prolong 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 help the neighborhood by way of well timed and empathetic measures throughout this difficult interval.
Picture supply: Shutterstock
