Hong Kong Deposit Protection Board implements second phase of enhancement measures of Deposit Protection Scheme

The second phase of enhancements to Hong Kong’s Deposit Protection Scheme (DPS) will take effect on 1 January 2025, following the first phase launched in October 2024. New measures include enhanced coverage for depositors during bank mergers or acquisitions and mandatory display of DPS membership signs on electronic banking platforms. Ms. Connie Lau, Chairman of the Hong Kong Deposit Protection Board, highlighted the successful implementation of the first phase, which raised the protection limit to HK$800,000 and increased public awareness through extensive publicity efforts.

Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/12/20241231-3/