Story perspectives

Hong Kong Banks Launch In-Person Cash Withdrawal Verification

12/31/2025

Summary

Story summary

Starting Wednesday, all 28 Hong Kong retail banks will implement Money Safe service requiring in-person verification for cash withdrawals.
The change follows a trial with 3,200 users who deposited HK$1.6 billion.
Arthur Yuen Kwok-hang, deputy chief executive of the Hong Kong Monetary Authority, said 20% of trial users were 60 or older and 7% were under 25.
Money Safe lets account holders designate protected funds, withdrawals requiring in-person verification to boost security.

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Story summary

Starting Wednesday, all 28 Hong Kong retail banks will implement Money Safe service requiring in-person verification for cash withdrawals.
The change follows a trial with 3,200 users who deposited HK$1.6 billion.
Arthur Yuen Kwok-hang, deputy chief executive of the Hong Kong Monetary Authority, said 20% of trial users were 60 or older and 7% were under 25.
Money Safe lets account holders designate protected funds, withdrawals requiring in-person verification to boost security.