China’s top financial regulator on Saturday pledged to guide the banking and insurance sectors to fast-track financial services and support to aid relief efforts following a residential building fire in Hong Kong.
In a notice on its website, the National Financial Regulatory Administration called on relevant insurance institutions to thoroughly conduct business assessments and utilize proactive services so that claim settlements for the affected clients can be handled in a timely manner.
Chinese-funded banks in Hong Kong should intensify financial services to assist the affected clients in overcoming difficulties, the administration said.
Chinese-funded banks and insurance companies in Hong Kong should promptly implement emergency measures in line with the real situation, establish green channels and simplify related procedures to meet the urgent financial needs of the victims, including emergency money withdrawals, replacement of bank cards and passbooks, and insurance claim settlements, according to the notice.
The administration also asked financial authorities in south China’s Guangdong Province and Shenzhen City to guide local banking and insurance institutions to leverage geographic proximity, allocate resources promptly, and jointly improve the efficiency of disaster relief services.
The fatal blaze broke out at Wang Fuk Court in Hong Kong’s Tai Po on Wednesday afternoon. The tragedy has claimed 128 lives.