HK Banks Launch Money Safe Service to Protect Deposits

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) announced on 30 December that all retail banks, including digital banks, will have fully launched the Money Safe service for individual customers.

Banks will also undertake a series of publicity efforts to raise awareness of the service.

Money Safe lets customers protect a portion of their deposits.

Banks require a face-to-face anti-scam verification before allowing withdrawals or transfers from these protected deposits, giving customers a chance to assess potential fraud.

The service targets customers who do not need immediate access to these funds.

Arthur Yuen, Deputy Chief Executive of the HKMA, said,

Arthur Yuen

Rose Kay, Acting Chairperson of HKAB, added,

Rose Kay

The HKMA plans to promote Money Safe through advertisements and other campaigns to help the public understand the service and consider its use as part of broader anti-scam measures.

Featured image credit: Edited by Fintech News Hong Kong, based on image by Rose Kay via LinkedIn

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