Hong Kong plans to raise the maximum protection on bank deposits in a move designed to better shield people during times of severe stress.
The Hong Kong Monetary Authority proposed to increase the amount of savings covered by the government guarantee in the event of bank failure to HK$800,000 ($102,272) per depositor at each Hong Kong bank, up from HK$500,000, a consultation paper showed Thursday. Changes to the scheme, which covers both individuals and corporate account holders, are expected to take effect from the start of 2025.
Read More : Hong Kong Sets Plan to Increase Bank Deposit Protection Starting in 2025