(Hong Kong) – Small players in the Hong Kong banking sector have called for a relaxation of deposit taking rules, and have asked for permission to offer cheque accounts.The DTC Association, which represents restricted licences banks and deposit-taking companies, appealed to the Government to relax the rules which prevent restricted-licence banks from offering current accounts.
Deposit taking companies are only allowed to take deposits of a minimum of HK$100,000 with an original maturity of at least three months. Restricted-licence banks can take time, call or notice deposits of at least HK$500,000.
DTC Association chairman Cliff Forster said he would like to see this relaxed to a HK$100,000 minimum, with no time limits for either restricted licensed banks and deposit taking companies.