Hong Kong Updates Banking Guidelines for Elderly and Disabled Customers

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) announced that the banking sector will implement the Guideline on Elderly-friendly Banking Services and the second edition of the Practical Guideline on Barrier-free Banking Services.

The two industry guidelines are issued by the HKAB and endorsed by the HKMA.

The Guideline on Elderly-friendly Banking Services sets out standards to support elderly customers’ access to banking services.

It aligns with the Government’s efforts to promote the silver economy. The guideline outlines eight core principles and a number of recommended practices for banks.

These include measures to strengthen financial education, improve financial literacy, and support digital adoption among elderly customers.

The second edition of the Practical Guideline on Barrier-free Banking Services introduces enhancements to existing measures.

Its aim is to improve access to banking services for customers with different needs. This includes persons with physical, visual and hearing impairments, as well as elderly customers.

The updated guidance reflects practical experience accumulated by the industry. It addresses service accessibility across both physical and digital banking channels.

Arthur Yuen, Deputy Chief Executive of the HKMA, said the authority has been working closely with the banking industry to promote financial inclusion.

He noted that the two guidelines incorporate lessons drawn from years of operational experience.

he said.

He added that banks should provide more convenient and inclusive services for elderly customers and others with special needs.

Featured image credit: Edited by Fintech News Hong Kong, based on image by LensMastersCollection via Freepik

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