Circular landing: 20260120-2-EN

This document summarizes the Hong Kong Monetary Authority (HKMA) Circular B1/15C, G14/72C, dated 21 January 2026, which draws the attention of all Authorized Institutions (AIs) to the "Guideline on Elderly-Friendly Banking Services" issued by the Hong Kong Association of Banks (HKAB). This guideline is a significant initiative aimed at enhancing financial inclusion and strengthening support for elderly customers within the Hong Kong banking sector.

• Document Nature: This is an official circular issued by the Hong Kong Monetary Authority (HKMA) to all Authorized Institutions (AIs).
• Purpose: The primary purpose of this circular is to officially endorse and promote the adoption of the "Guideline on Elderly-Friendly Banking Services" developed by the Hong Kong Association of Banks (HKAB). The HKMA's intent is to foster a more inclusive banking environment by encouraging AIs to implement practices that cater to the specific needs and characteristics of elderly customers. This aligns with the HKMA's broader strategy of enhancing financial inclusion.

The "Guideline on Elderly-Friendly Banking Services" (hereinafter referred to as "the Guideline") represents a collaborative effort between the HKMA, HKAB, and various stakeholders to develop a comprehensive framework for improving banking services for the elderly. The Guideline is built upon the principles of enhancing customer experience, promoting digital inclusion, and strengthening financial literacy among the elderly. It provides a set of recommended principles and good practices for the banking industry.

The Guideline covers a broad spectrum of banking services and operational aspects, with a specific focus on the needs and characteristics of elderly persons. Key areas addressed include:

• Digital Enablement: Promoting digital inclusion for the elderly by ensuring they can access and utilize digital banking services. This involves initiatives to help them overcome potential barriers to digital adoption.
• Accessibility: Ensuring that physical banking facilities and digital platforms are accessible to elderly customers, taking into account potential mobility or sensory limitations.
• Physical Banking Facilities: Maintaining and adapting physical branches to be more welcoming and user-friendly for elderly customers.
• Information Transparency: Providing clear, concise, and easily understandable information about banking products, services, fees, and terms.
• Consumer Education: Educating elderly customers about financial products, services, and potential risks, including scams and fraud.
• Staff Training: Equipping frontline staff with the necessary skills, knowledge, and empathy to effectively serve elderly customers.
• Customer Communication and Protection: Implementing communication strategies that are clear and considerate of the elderly, and ensuring robust protection measures against financial exploitation.
• Elderly-Friendly Design: Integrating user-centric design principles that consider the preferences and needs of elderly individuals in the development of services, products, and interfaces.

The HKMA expects all banks offering retail banking services, including digital banks, to adhere to the recommended practices outlined in the Guideline. Other AIs are also encouraged to adopt these practices where appropriate to improve their services for customers with specific needs. A critical component of implementation is ensuring that frontline staff receive adequate guidance and training to effectively serve elderly customers.

The HKMA will actively monitor the implementation of the Guideline and continue its collaboration with the banking industry to advance inclusive banking services in Hong Kong.

This circular and the accompanying Guideline represent a significant push towards formalizing and expanding elderly-friendly banking practices. The key changes and new requirements introduced include:

• Formal Endorsement and Promotion: The HKMA is officially endorsing and promoting a comprehensive Guideline developed by the HKAB, signaling its commitment to this area.
• Specific Focus on Elderly Needs: The Guideline is not a general accessibility guideline but is specifically tailored to the unique banking needs and characteristics of elderly individuals.
• Broader Scope of Recommended Practices: The Guideline covers a wide range of operational and customer-facing aspects, including digital inclusion, physical accessibility, staff training, consumer education, and product design.
• Mandatory Adoption for Retail Banks: Banks providing retail banking services (including digital banks) are expected to observe the recommended practices.
• Encouragement for Other AIs: Other AIs are encouraged to adopt these practices as applicable to enhance their services for customers in need.
• Emphasis on Staff Training: A strong emphasis is placed on providing proper guidance and adequate training to frontline staff who are the primary point of contact for customers.
• Continuous Monitoring by HKMA: The HKMA will actively monitor the implementation of the Guideline.
• Updates to Previous Guidelines: The circular references the "Practical Guideline on Barrier-Free Banking Services" (March 2018) and notes its second edition in January 2026, implying that the new Guideline may incorporate or build upon these previous efforts. This suggests a continuous evolution and strengthening of the regulatory framework for accessible and inclusive banking.

• Circular Issue Date: 21 January 2026
• Guideline Effective Date: The circular states that the Guideline was issued by HKAB "today" (21 January 2026), implying that the Guideline is effective from this date.
• Transition Periods: No specific transition periods are explicitly mentioned in the circular for the adoption of the Guideline. However, the HKMA's expectation of observation suggests that implementation should commence promptly. The mention of the second edition of the "Practical Guideline on Barrier-Free Banking Services" in January 2026 could indicate that some aspects of elderly-friendly practices were already being addressed and have now been consolidated and expanded.

• Applicable Parties:
• Primary: All Authorized Institutions (AIs) providing retail banking services in Hong Kong, including traditional banks and digital banks.
• Secondary: All other Authorized Institutions (AIs) are encouraged to adopt the practices as appropriate to enhance their services for customers in need.
• Affected Institutions: The primary impact is on the operational practices, customer service protocols, staff training programs, and product/service design of retail banks. Other AIs will also be affected to the extent they choose to adopt these practices.
• Degree of Impact:
• High Impact: Retail banks will need to review and potentially revise their existing policies and procedures related to customer service, digital platforms, physical branches, staff training, and communication strategies. This may involve significant investment in training and system adjustments.
• Moderate Impact: Other AIs will need to assess the relevance of the Guideline to their customer base and decide on the extent of adoption, which may require targeted training and policy updates.
• Overall Impact: The Guideline aims to foster a more inclusive and supportive banking environment for the elderly, which is expected to lead to improved customer satisfaction and retention for the affected institutions. It also signifies an increased focus on ESG (Environmental, Social, and Governance) principles within the banking sector.

• Observation of Recommended Practices: All banks providing retail banking services (including digital banks) are expected to observe the recommended practices set out in the Guideline. This implies a strong expectation of adherence rather than a purely voluntary initiative.
• Guidance and Training for Frontline Staff: AIs must provide proper guidance and adequate training to their frontline staff. This training should ensure that staff:
• Fully understand the relevant services and arrangements.
• Can effectively communicate these services and arrangements to customers.
• Are equipped to provide appropriate services to address the specific needs of elderly customers.
• Monitoring by HKMA: The HKMA will monitor the implementation of the Guideline. While specific reporting requirements are not detailed in this circular, AIs should be prepared to demonstrate their compliance and progress in adopting the Guideline's principles. This monitoring suggests that regular internal reviews and potentially external audits or assessments might become relevant.
• Internal Policy Review and Update: AIs should undertake a comprehensive review of their existing internal policies, procedures, and operational guidelines to ensure alignment with the recommendations in the HKAB Guideline. This may involve updating service standards, customer interaction protocols, digital interface design, and staff development programs.
• Stakeholder Engagement: While not explicitly stated as a compliance requirement, continuous engagement with relevant stakeholders, including elderly customer advocacy groups, can help AIs better understand and implement the Guideline effectively.

The circular itself is a high-level communication from the HKMA, primarily directing AIs to the HKAB Guideline. Therefore, it does not contain extensive technical details such as specific metrics, algorithms, or technical standards. However, the "Guideline on Elderly-Friendly Banking Services" itself, which this circular endorses, is expected to contain these details. Based on the circular's description of the Guideline's content, we can infer the types of technical considerations and terms that would likely be present within the Guideline:

• Digital Inclusion Technologies and Standards:
• User Interface (UI) and User Experience (UX) Design Principles: Principles that facilitate ease of use for the elderly, such as larger font sizes, high contrast ratios, simplified navigation, clear call-to-actions, and reduced clutter. This would align with established accessibility standards like WCAG (Web Content Accessibility Guidelines).
• Assistive Technologies Compatibility: Ensuring digital platforms are compatible with common assistive technologies used by the elderly (e.g., screen readers, voice input).
• Digital Literacy Training Tools: Potentially outlining the types of tools, platforms, or methodologies for digital literacy training that AIs should employ.
• Accessibility Standards for Physical Facilities:
• References to building codes and accessibility standards for ramps, wide doorways, clear pathways, accessible restrooms, and appropriate signage.
• Information Design and Communication Standards:
• Plain Language Principles: Guidelines on using simple, clear, and jargon-free language in all customer communications (e.g., terms and conditions, product descriptions, brochures).
• Format and Presentation: Recommendations for font types and sizes, line spacing, and the use of visual aids in printed and digital materials.
• Multi-channel Communication: Ensuring clear communication across various channels, including phone, in-person, and digital.
• Staff Training Modules and Content:
• While specific modules are not detailed, the "adequate training" requirement implies that the Guideline will likely specify key areas of focus for training, such as:
• Understanding age-related cognitive and physical changes.
• Empathy and active listening skills.
• Recognizing and responding to signs of financial vulnerability or distress.
• Preventing financial scams and fraud targeting the elderly.
• Explaining complex financial products in simple terms.
• Assisting with digital banking services.
• Consumer Protection Measures:
• Fraud Prevention Protocols: Specific protocols or best practices for identifying and preventing fraud and scams targeting elderly customers.
• Vulnerable Customer Policies: Guidelines on identifying and supporting customers who may be considered vulnerable, with specific provisions for the elderly.
• Definitions: The Guideline will likely define key terms, such as:
• "Elderly Customer": Age threshold or specific needs criteria.
• "Digital Inclusion": Mechanisms and outcomes.
• "Financial Literacy": Components of knowledge and skills.
• "Vulnerable Customer": Criteria for identification.

The circular explicitly mentions previous industry guidelines on financial inclusion:

1. Practical Guideline on Barrier-free Banking Services (March 2018, second edition in January 2026): This indicates that the new Guideline builds upon existing frameworks for accessibility. The update to the second edition in January 2026 suggests a potential integration or enhancement of these barrier-free principles specifically for the elderly.
2. Guideline on Banking Services for Persons with Intellectual Disabilities (December 2020): This highlights the HKMA's broader commitment to inclusive banking for various vulnerable groups.
3. Guideline on Banking Services for Persons with Dementia (December 2021): This further reinforces the HKMA's focus on specific needs of individuals with cognitive impairments.

The content of the HKAB Guideline itself will be the repository for the detailed technical standards and metrics that AIs must implement to achieve compliance. The HKMA circular serves as the official directive to adopt and implement those detailed recommendations.

This summary provides a comprehensive overview of the HKMA circular and its implications, highlighting the HKMA's proactive approach to fostering an inclusive and supportive banking environment for the elderly in Hong Kong.