Phishing messages and fraudulent websites related to Octopus Cards Limited

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Octopus Cards Limited relating to phishing messages and fraudulent websites. The relevant stored value facility (SVF) licensee has reported the case to the HKMA. 

     The fraudulent websites reported by the SVF licensee known at the time are as follows:
octospus[.]com
rb[.]gy/h6gkkz

     The HKMA wishes to remind the public that anyone who has provided his or her personal information or account credentials, or who has conducted any financial transactions, through or in response to the messages or websites concerned, should contact the relevant SVF licensee, and report to the Police or contact the Anti-Deception Coordination Centre of the Police at 18222.




Inspection of aquatic products imported from Japan

     In response to the Japanese Government's plan to discharge nuclear-contaminated water at the Fukushima Nuclear Power Station, the Director of Food and Environmental Hygiene issued a Food Safety Order which prohibits all aquatic products, sea salt and seaweeds originating from the 10 metropolis/prefectures, namely Tokyo, Fukushima, Ibaraki, Miyagi, Chiba, Gunma, Tochigi, Niigata, Nagano and Saitama, from being imported into and supplied in Hong Kong.
 
     For other Japanese aquatic products, sea salt and seaweeds that are not prohibited from being imported into Hong Kong, the Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department will conduct comprehensive radiological tests to verify that the radiation levels of these products do not exceed the guideline levels before they are allowed to be supplied in the market.
 
     As the discharge of nuclear-contaminated water is unprecedented and will continue for 30 years or more, the Government will closely monitor and step up the testing arrangements. Should anomalies be detected, the Government does not preclude further tightening the scope of the import ban.
 
     From noon on March 27 to noon today (March 28), the CFS conducted tests on the radiological levels of 104 food samples imported from Japan, which were of the "aquatic and related products, seaweeds and sea salt" category. No sample was found to have exceeded the safety limit. Details can be found on the CFS's thematic website titled "Control Measures on Foods Imported from Japan" (www.cfs.gov.hk/english/programme/programme_rafs/programme_rafs_fc_01_30_Nuclear_Event_and_Food_Safety.html).

     In parallel, the Agriculture, Fisheries and Conservation Department (AFCD) has also tested 50 samples of local catch for radiological levels. All the samples passed the tests. Details can be found on the AFCD's website (www.afcd.gov.hk/english/fisheries/Radiological_testing/Radiological_Test.html).
 
     The Hong Kong Observatory (HKO) has also enhanced the environmental monitoring of the local waters. No anomaly has been detected so far. For details, please refer to the HKO's website
(www.hko.gov.hk/en/radiation/monitoring/seawater.html).
 
     From August 24 to noon today, the CFS and the AFCD have conducted tests on the radiological levels of 39 191 samples of food imported from Japan (including 26 103 samples of aquatic and related products, seaweeds and sea salt) and 10 730 samples of local catch respectively. All the samples passed the tests.




Hong Kong Customs combats unfair trade practices at medicine shop

     Hong Kong Customs today (March 28) arrested a salesman of a medicine shop suspected to have engaged in unfair trade practices involving a misleading omission in the course of selling Chinese medicines, in contravention of the Trade Descriptions Ordinance (TDO).

     Customs earlier received information alleging that a salesperson of a medicine shop in Tsim Sha Tsui was suspected of misleading a customer to believe the unit prices of Chinese medicines were calculated per tael. It was only after the Chinese medicines were ground into powder that the salesperson revealed the medicines were priced per mace, making the charged price 10 times higher than what was expected.

     After an in-depth investigation, Customs officers today arrested a 40-year-old salesman of the medicine shop concerned.

     An investigation is ongoing and the arrested man was held for questioning.

     Customs reminded traders to comply with the requirements of the TDO and consumers to purchase products from reputable shops. Consumers should also be cautious about the unit price and ask for more information, including the total price of the goods selected, before making a purchase decision.

     Under the TDO, any person who engages in a commercial practice that omits or hides material information or provides material information in a manner that is unclear, unintelligible, ambiguous or untimely, and as a result causes, or is likely to cause, an average consumer to make a transactional decision, commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

     Members of the public may report any suspected violations of the TDO to Customs' 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).




Home and Youth Affairs Bureau launches “HKYouth+” youth mobile application

     The Home and Youth Affairs Bureau (HYAB) launched the "HKYouth+" youth mobile application ("HKYouth+") today (March 28), providing a one-stop platform to disseminate comprehensive information about youth development programmes. Young people can make use of "HKYouth+" to explore different opportunities and activities according to their individual needs and interests.
      
     "HKYouth+" is a comprehensive platform specially designed for Hong Kong youths to provide latest youth development information and activities that cover many different areas, including personal development opportunities, local hot topics, national development, arts and leisure, innovation and technology, physical and mental wellness, etc. It enables young people to explore different areas of interest and enrich themselves with various learning resources. Through category or keyword searches, users can easily access the latest information and activities related to youth development anytime and anywhere. After registering as a member of "HKYouth+", users can personalise their settings and receive recommended activity information that is relevant to their interests or the districts where the users reside, study or work. "HKYouth+" also features a convenient registration function that allows registered users to sign up instantly for selected activities.
      
     The Youth Development Blueprint released by the HYAB mentioned that a youth-based mobile application would be developed. The HYAB immediately began the preparation and application development work, which included consulting the action group under the Youth Development Commission (YDC), conducting questionnaire surveys and organising multiple focus groups to gather opinions from more than 1 000 young people and stakeholders from diverse backgrounds. In addition, the HYAB invited over 100 young people to participate in the prototype testing of "HKYouth+" to ensure that the main functions, design, and the overall user experience of the application would cater to the needs and expectations of Hong Kong youths.
      
     Following the first release of "HKYouth+", the HYAB will continue to produce and upload more practical learning resources and original multimedia content, and will progressively provide more information about the youth activities organised by the HYAB, the YDC and the 18 District Offices under the Home Affairs Department.
      
     "HKYouth+" supports iOS and Android operating systems. The public can download it from Apple App Store, Google Play and HUAWEI AppGallery for free.




HKMA introduces nine measures to support SMEs

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA), together with the Banking Sector SME Lending Coordination Mechanism (Mechanism), announced today (March 28) a series of measures to assist small and medium-sized enterprises (SMEs) in obtaining financing from banks and to support their continuous development.
      
     SMEs are the bedrock of the Hong Kong economy and an important customer segment for banks. In 2023, the 11 participating banks in the Mechanism together approved over 110,000 loans to SMEs, involving an aggregate facility limit of over HK$450 billion.
      
     Although the local economy has been recovering gradually, some SMEs are still facing challenges in their operations. Taking into account the views of the commercial sectors, the Mechanism decided to launch the following nine measures to assist SMEs in navigating a complex and ever-changing operating environment and to increase their bargaining power relative to banks:
 
Supporting the financing needs of SMEs

(1) Never demand early repayments from mortgage customers who repay on schedule: The participating banks in the Mechanism commit to follow the guidance issued by the HKMA on December 20, 2023 not to demand early repayments from mortgage borrowers who make payments on schedule. 

(2) Give customers a transition period of at least six months for credit limit adjustments: When performing periodic review of credit limits, banks will take into account a range of factors such as the borrower's credit demand, overall financial position and repayment ability. Banks will not adjust a credit limit merely due to a change in the collateral value. If the credit limit needs to be lowered due to changes in the customer's credit demand or its risk profile, banks will give at least six months for the customer to transition to the new credit limit, provided that the customer has been making payments on schedule and has not breached any loan covenant. 

(3) Expedite the handling of applications for the 80% and 90% Guarantee Products: The Financial Secretary announced in the 2024-25 Budget that the application period for the 80% and 90% Guarantee Products under the SME Financing Guarantee Scheme would be extended for two years to the end of March 2026. Banks will co-operate with HKMC Insurance Limited to actively review the handling process, with a view to expediting loan approvals.

(4) Apply the principles under the Pre-approved Principal Payment Holiday Scheme to support customers facing difficulties: For SMEs facing challenges in their operations, banks will be sympathetic in providing suitable credit relief, subject to prudent risk-management principles. This includes referencing the arrangements under the Pre-approved Principal Payment Holiday Scheme in offering loan restructuring to ease customers' cash-flow pressure. For corporates which have transitioned to partial principal repayment under the Scheme, banks will, upon a customer's request, consider extending the duration of the partial principal repayment, allow the customer to choose a lower proportion of partial principal repayment or even offer principal moratorium. The above-mentioned arrangements are also applicable to taxi loans, public light bus loans and commercial vehicle loans taken out by personal customers.  

(5) Offer credit products that better serve SMEs' needs and other support services: Leveraging financial technology including the Commercial Data Interchange (CDI) launched by the HKMA, banks will actively explore the launch of bespoke credit products for SMEs such as unsecured loans with fast approval. Apart from credit products, banks will offer other services to support the business development of SMEs. Examples include cross-border banking services, digital business services, and services related to e-commerce and environmental, social, and governance (ESG) to assist SMEs in their business expansion, upgrade and transformation. 

(6) Actively consider lowering interest charges and fees: Banks will improve the transparency of fees for SME banking services. For SME customers in need, banks will also consider offering fee waivers, interest or other concessions to ease their financial burden.

Enhancing the bargaining power of SMEs

(7) Set up a one-stop platform for providing information on banking services for SMEs: To facilitate SMEs to compare and select banking services of different banks, the HKMA will create a dedicated web page to provide information on banks' SME lending services, including their service hotlines and credit products offered. The HKMA will also create a dedicated email account (smelending@hkma.gov.hk) and an enquiry hotline (2878 1199) to collect and convey feedback received from SMEs on banking services.

(8) Provide convenience to customers to switch lending banks: Banks will undertake to provide assistance to SME customers who wish to switch to another lending bank. Through the HKMA's Interbank Account Data Sharing (IADS) initiative, the original lending bank will provide a customer's bank account data to the new lending bank with the customer's consent. In addition, the original lending bank will commit to provide the customer's existing credit information to the customer within seven working days, so that the customer can pass on such information to the new lending bank to expedite their account opening and loan applications. For credit facilities that are secured by property, the original lending bank will endeavour to release the charge over the collateral within six weeks after receipt of the relevant legal instructions, except in exceptional circumstances.

Strengthening communication

(9) Regular meetings with business sectors to understand the needs of SMEs: The Hong Kong Association of Banks (HKAB) and Chinese Banking Association of Hong Kong (HKCBA) will take lead in arranging regular meetings between the banks and the business sectors to understand the needs of SMEs. This will enable banks to continuously enhance their banking services and strengthen their support for SMEs. The HKAB and HKCBA will regularly communicate with the HKMA on the progress of their outreach. 
    
     The HKMA will follow up on the above measures via the Mechanism, and maintain close communication and join hands with the banking and commercial sectors in supporting the continuous development of SMEs.

Background
 
     The Mechanism was established by the HKMA in October 2019. Participants include 11 banks that are most active in SME lending. The HKAB and the HKMC Insurance Limited are also represented in the Mechanism. During the pandemic, the Mechanism rolled out several rounds of relief measures for corporates, including the Pre-approved Principal Payment Holiday Scheme. An orderly exit from the Scheme commenced at the end of July 2023, with the focus of the Scheme moving from tiding corporates over the pandemic to assisting their return to normal repayment. Participating corporates may choose to repay 20 per cent of the original principal repayment amount with a duration of 18 months, or 50 per cent of the original principal repayment amount with a duration of 30 months. For corporates which are not financially able to transition to partial principal repayment, banks will continue to offer principal moratorium on a case-by-case basis.