Hong Kong Banks Announce Additional Support for Tai Po Fire Victims

To provide further assistance to those affected by the Tai Po fire, the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) met with 28 retail banks on 4 December, including digital banks, on 4 December.

They reviewed the effectiveness of emergency measures already in place and discussed additional support initiatives.

the HKMA and HKAB said.

As part of the six emergency measures introduced on 28 November, banks have set up dedicated 24-hour hotlines and provided a six-month pre-approved repayment grace period.

They have also prioritised the handling of account matters and document replacements for those affected.

The banking industry today announced five additional measures.

The HKMA is establishing a collaboration mechanism with banks and relevant government departments to expedite the handling of accounts and safe deposit boxes of the deceased.

At the same time, it is strengthening safeguards against unauthorised withdrawals.

Major retail banks will offer emergency interest-free or low-interest loans.

The loans will include a deferred payment period of six months and a waiver of service charges.

Banks will extend credit support to construction workers, cleaning staff, and security personnel injured or killed in the incident.

Support will also be provided to their family members.

Banks will handle mortgage arrangements with flexibility.

They will maintain the existing six-month repayment grace period for principal and interest while affected residents manage legal, insurance, or rebuilding matters.

The three note-issuing banks will help residents exchange damaged notes and coins once the buildings are unblocked.

All retail banks will waive fees for transfers to and from the “Support Fund for Wang Fuk Court in Tai Po.”

Branches in Tai Po will also operate extended hours over the coming weekend.

The HKMA and HKAB warned of fraud attempts linked to the fire.

They urged the public to verify callers’ identities and avoid sharing personal or banking information.

Featured image credit: Edited by Fintech News Hong Kong, based on image by user17364411 via Freepik

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