Hong Kong remittances to mainland banks frozen | Over 1,000 requests for assistance in the past three years | RMB 63 million involved

2025-09-26
Hong Kong remittances to mainland banks frozen | Over 1,000 requests for assistance in the past three years | RMB 63 million involved

Many citizens remit remittances from Hong Kong to the Mainland. The authorities said that between 2023 and the first two quarters of 2025, the relevant departments received 1,046 cases of remittances to Mainland bank accounts through money service operators that were frozen, involving a total of 98 money service operators, with a total amount of approximately RMB 63 million. After intervention, the remittance freeze in 359 cases has been resolved, involving a total amount of approximately RMB 19 million.

In response to a written question from Legislative Councillor Leung Chi-ying, Secretary for Commerce and Economic Development Yau Ying-wah said that among the complaints or requests for assistance received by relevant departments regarding remittances from Hong Kong to the Mainland, most involved cases where remittances to Mainland bank accounts were frozen by money service operators. He also provided the number of cases sought and resolved, and said that the department would further strengthen collaboration with relevant Mainland institutions to assist those affected.

Regarding the regulation of cryptocurrency trading services, the Financial Services and the Treasury Bureau and the Securities and Futures Commission (SFC) recently conducted a public consultation from June to August this year on legislative proposals to regulate digital asset trading service providers. The Financial Services and the Treasury Bureau and the SFC are currently drawing upon the feedback received to formulate the details of the licensing regime, with the goal of submitting the draft bill to the Legislative Council in 2026.

The authorities attach great importance to the compliance of money service operators in providing currency exchange and remittance services and continue to implement various supervisory measures. These measures include, but are not limited to, requiring license applicants and licensees to clearly explain in their business plans and transaction documents the channels for fund delivery and the safeguards (such as compensation mechanisms) provided to customers in the event of cross-border remittance problems. This ensures that money service operators properly handle customer funds and complete transactions, effectively protecting the rights and interests of customers and the public.

Before granting a money service operator licence, the relevant departments will conduct a comprehensive assessment of whether the applicant has the ability to conduct business competently, honestly and impartially, and ensure that its operating methods will not harm or may harm the interests of customers or the public. They will also continue to closely monitor market developments and review the regulatory requirements applicable to the money service industry in a timely manner.

Original URL: on.cc