A few lines to reassure customers, all normal, HSBC Hong Kong confirmed: customers who are outside the former British colony will be able to access online banking services via computer and smartphone without problems and there is no plan to change their access. The political turmoil rekindled by the Apple Daily case raised fears of a broader blockade to crossborder services. The measure was adopted to freeze the assets of the publishing group owned by media tycoon Jimmi Lai, one of the leaders of the pro-democracy protest.
What happened to HSBC online accounts
Nerves are tense in Hong Kong and a twitter that relaunched new methods in HSBC’s online services was enough to spread fears of interventions on accounts made from abroad.
Loading…
The bank reiterated the meaning of the announcement: from July 26, the conditions for access to mobile, internet and security keys will be unified to allow customers to access services in one way only. A simple simplification intervention, therefore. HSBC specified that similar crossborder measures have also been taken in other markets. The Bank apologized for any possible misunderstanding.
But the government allegedly used the blocking of online accounts to freeze the assets of Apple Daily, the publishing group targeted by the authorities. However, there were also problems in accessing HSBC Hong Kong accounts from outside. Many Hong Kong citizens are leaving the country for political reasons and fear that their assets may be frozen. Bank of America estimates that the outflow of capital linked to these migratory flows could reach 280 billion Hong Kong dollars (36 billion US dollars) this year, 588 over the next five years.
First trial with security law
Meanwhile, the first trial against a defendant accused under the Hong Kong national security law has begun. Tong Ying-kit was arrested on 1 July 2020, the day after the law came into force, on charges of riding a motorcycle against police officers while carrying a flag reading ‘Liberate Hong Kong the revolution of our times “. Several officers had been run over and three had been injured.