Regulatory Alerts2025-11-21
Added · Updated
Interbank Debt Relief Plan
The Hong Kong Monetary Authority issued this circular to endorse enhancements to the Interbank Debt Relief Plan, requiring authorized institutions to adopt a digitalized framework for handling personal consumer debt difficulties. The regulator mandates that retail banks and major money lenders participate in the scheme, appoint lead participants to negotiate with debtors, and align internal procedures with updated best practices to ensure efficient resolution. Additionally, institutions are expected to proactively inform customers about the debt relief option and provide accessible guidance on managing financial distress.
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