Hong Kong Monetary Authority ("HKMA") and Hong Kong Association of Banks ("HKAB") announce full launch of Money Safe service by retail banks by 31 December 2025.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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The Hong Kong Monetary Authority ("HKMA") and The Hong Kong Association of Banks ("HKAB") have announced the full deployment of the Money Safe service for individual customers by or before 31 December. This new initiative aims to enhance deposit protection and serve as an effective anti-scam tool.
Money Safe enables bank customers to protect specific deposit amounts within their accounts, offering a face-to-face verification process before allowing transfers or withdrawals. This multi-layered security measure helps customers evaluate potential scam activities before making transactions.
The Money Safe service is tailored for all customer segments, particularly for those with bank deposits that are not immediately needed. The HKMA will collaborate with the banking industry to promote this service, utilizing advertisements and various promotional campaigns to educate the public.
Mr Arthur Yuen, Deputy Chief Executive of the HKMA, highlighted that Money Safe provides an additional layer of deposit protection and is an essential tool for combating scams. He emphasized the importance of ongoing collaboration with the banking sector, law enforcement agencies, and stakeholders to bolster anti-scam efforts and encourages public vigilance.
Ms Rose Kay, Acting Chairperson of HKAB, underscored the priority of enhancing customer protection and the banking industry's commitment to intensifying the promotion of Money Safe. She emphasized continuous strengthening of anti-fraud measures and public education, aligning with the HKMA and law enforcement agencies in the fight against scams.
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