Starting today, the first phase of enhancements to Hong Kong’s Deposit Protection Scheme (DPS) is effective, following the July 2024 ordinance. Key changes include raising the deposit protection limit from HK$500,000 to HK$800,000 per depositor per bank, refining the levy system to support this increased limit, and simplifying disclosure requirements for private banking customers. Ms. Connie Lau, Chair of the Hong Kong Deposit Protection Board, expressed satisfaction with the implementation and highlighted ongoing promotional efforts. The second phase, set for January 1, 2025, will introduce additional protections for depositors during bank mergers and require DPS membership signs on electronic banking platforms.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/10/20241001-3/
