HKMA Launches 'Money Safe' Service to Protect Bank Deposits from Scams by Year-End

Retail banks fully launch Money Safe

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) announced today (December 30) that all retail banks (including digital banks) will have fully launched the Money Safe service for individual customers by or before December 31, and will embark on a series of publicity campaigns.

Money Safe is like setting up a safe within a bank account. Bank customers can specify the amount of deposits to be protected. When customers need to use the protected deposits, banks will conduct a face-to-face anti-scam verification with the customers, thus offering them a chance to carefully consider whether they have been scammed. Customers can transfer or withdraw the deposits only after completing the process.

Money Safe is suitable for all customer segments. For members of the public with bank deposits that they do not need to use in the near term, they may consider putting them under Money Safe protection. The HKMA will actively promote Money Safe in collaboration with the banking industry, including launching advertisements and various promotional campaigns, to help the public understand and make good use of this new service.

Deputy Chief Executive of the HKMA Mr Arthur Yuensaid, "Money Safe provides an additional layer of protection for deposits and is a highly useful anti-scam tool. Strengthening bank customers' ability to protect themselves is a crucial part of our anti-scam efforts. The HKMA will continue to collaborate with the banking sector, law enforcement agencies, and stakeholders to combat scams from all fronts. I urge the public to make full use of Money Safe while always remaining vigilant to prevent scams."

The Acting Chairperson of HKAB,Ms Rose Kay, said, "Enhancing customer protection is one of the HKAB's priorities this year. With all retail banks fully launching Money Safe, the banking industry will intensify the promotion to encourage wider adoption of Money Safe. The banking industry will continuously strengthen various anti-fraud measures and public education, joining hands with the HKMA and law enforcement agencies to combat scams."

HKMA, Photo source: reference image

Residential site in Tung Chung handed over to Hong Kong Housing Society for development of subsidised sale flats

The Government announced today (December 30) the handover of a residential site in Tung Chung, i.e. Tung Chung Area 122 (TC122), to the Hong Kong Housing Society (HKHS) for development of subsidised sale flats (SSFs).

TC122 was originally one of the government sites identified for tender under the Private Subsidised Sale Flat – Pilot Scheme (the Pilot Scheme).The site is now handed over to the HKHS for development as one of its SSF projects, with around 1 600 SSFs estimated to be completed in 2031-32 preliminarily.

"The Government has all along been pragmatically adjusting the development arrangements of different sites based on social demands and actual circumstances. The HKHS is a close partner of the Government on housing policies with profound experience in the development of SSFs.Having reviewed the latest situation, the Government believes that the handover of TC122 to the HKHS could expedite the development of the SSFs," said a spokesman for the Housing Bureau.

The Government announced in June 2023 the policy framework of the Pilot Scheme, with an aim to tap into market forces and boost overall development capacity.The Government is now closely keeping in view market developments, so as to review if there is a need to suitably adjust some of the key parameters of the Pilot Scheme as well as future tender arrangements for sites under the Pilot Scheme having regard to market conditions. Further announcements will be made in due course.

"The handover of TC122 to the HKHS for development of SSFs is in line with the Government's policy objectives of boosting SSF supply, helping the grassroots achieve home ownership and encouraging upward mobility.The Government believes this would be well received by the public.It will also continue to take forward other measures in respect of enhancing the housing ladder, so as to help citizens achieve home ownership," the spokesman added.

Source: AI-found images