Hong Kong’s banking industry will roll out additional relief steps for residents and workers affected by the Tai Po fire, including emergency loan offers, fee waivers tied to a government support fund and fast-tracked handling of bank accounts belonging to people who died in the blaze, the Hong Kong Monetary Authority said.
The HKMA and the Hong Kong Association of Banks met 28 retail banks, including digital lenders, to review earlier measures announced on Nov. 28 after the fire at Wang Fuk Court.
Banks had already set up dedicated 24-hour hotlines, offered a six-month pre-approved repayment grace period, and prioritised account matters and replacement of documents for affected customers, the HKMA said.
The new steps include a coordination mechanism involving banks and government departments to help families expedite access to the deceased’s bank accounts and safe deposit boxes, while adding safeguards against unauthorised withdrawals and fraud.
Banks will also introduce emergency interest-free or low-interest loans for affected people, including a six-month deferred repayment period and service-charge waivers, the HKMA said.
In a broadening of eligibility, credit support will also cover construction, cleaning and security workers who were injured or killed in the incident and their family members, it added.
The HKMA said banks would continue case-by-case mortgage follow-up, taking into account legal issues, insurance claims and building repairs or reconstruction.
It also said Hong Kong’s three note-issuing banks — HSBC, Standard Chartered (Hong Kong) and Bank of China (Hong Kong) — will provide a one-stop service to verify and exchange damaged banknotes and coins once the affected buildings are unblocked.
Retail banks will waive fees for fund transfers to and from the government’s “Support Fund for Wang Fuk Court in Tai Po” account, including donations and subsidy receipts. Banks will also extend branch hours in Tai Po over the weekend of Dec. 6–7.
The authority warned that fraudsters were exploiting the incident and said banks had stepped up monitoring, including extra scrutiny of address-change requests tied to Wang Fuk Court, and were coordinating with police.
The package underscores how Hong Kong leans on banks as a first responder in shocks — not just by offering payment holidays, but by fixing practical bottlenecks such as document replacement and access to estates.
The tougher part will be implementation at speed: verifying affected customers, handling deceased accounts without delays, and limiting scams, while keeping credit losses contained if emergency lending expands.