Hong Kong’s banking sector has introduced a set of emergency measures to support residents affected by the No. 5 alarm fire in Tai Po.

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) met with 28 retail banks, including digital banks, to coordinate the response.

Banks have set up designated committees led by senior management to coordinate internal resources and ensure frontline staff can handle requests from affected residents with flexibility.

Dedicated 24 hour hotlines are now active, and banks will provide updates through their branches, websites and social media channels.

The industry will offer a six month pre approved repayment grace period covering principal and interest for mortgages, personal loans and credit card loans.

Penalties and service charges tied to these repayments will be waived.

Branch operating hours in Tai Po were temporarily extended.

Banks opened from 9 am to 5 pm on 29 November and from 9 am to 1 pm on 30 November, with schedules for the following week adjusted based on demand and additional staff deployed to understand the specific banking needs of affected residents.

Residents and their family members will be prioritised when replacing banking documents such as ATM cards, credit cards and debit cards.

Banks will also expedite bank account related matters and offer flexible arrangements for document collection or delivery.

Assistance will be provided to residents who are unable to present identification or banking documents by using alternative methods to verify their identity so they can access liquid funds and continue essential banking services.

Banks will also contact customers who bought insurance policies through them to assist with claims submissions.

The HKMA and HKAB extended condolences to the families of those who died in the fire and encouraged affected residents to reach out to their banks for support.

They also warned the public to stay alert to potential scams, especially attempts to exploit the incident, and reminded customers not to disclose personal information, bank account details, passwords or other sensitive data to suspicious callers.

Featured image: Edited by Fintech News Hong Kong, based on images by cwat2k and lifeforstock via Freepik