Finance Sector Donates Over HK$250M to Help Hong Kong Fire Victims

Hong Kong is facing one of its darkest moments. A catastrophic blaze tore through the Wang Fuk Court public housing complex in Tai Po, killing at least 94 people and injuring 76 others, including 11 firefighters, in the city’s deadliest fire in more than 60 years.

The scale of the tragedy is still unfolding. Around 300 people were unaccounted for, while thousands of residents have taken refuge in temporary shelters, unsure when, or if, they will be able to return home after the Hong Kong Tai Po fire.

Photos and videos circulating across local and international media show towers smouldering, entire façades charred, and dense plumes of smoke blanketing parts of the skyline.

According to the BBC, authorities have arrested three men on suspicion of manslaughter as investigations continue into how the fire spread so quickly through the densely populated blocks.

Chinese President Xi Jinping has extended condolences to the victims and those affected by the fire, underscoring the national shock reverberating across the region.

Government and Regulators Mobilise for Hong Kong Fire Victims

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) are working together to ensure the banking industry provides comprehensive support to those impacted.

Banks have been urged to exercise discretion and flexibility for those impacted. This includes helping affected individuals regain access to liquid funds, fast-tracking the replacement of banking documents, and offering repayment grace periods along with waivers of penalties and service charges.

Banks have also been asked to deploy additional staff to Tai Po branches so that survivors and displaced residents can receive timely assistance during this difficult time.

Meanwhile, Chief Executive John Lee has announced that a HK$300 million fund has been established to support affected residents, with each impacted household to receive HK$10,000 in emergency relief.

The Insurance Authority has established a task force, led by senior management, to work directly with insurers and make sure the industry is dedicating enough resources to handle inquiries and process claims.

Banks, Fintechs Contribute HK$250+Million For Fire Victims

Several major companies have stepped up to help, pledging millions of dollars toward rescue and relief efforts following the devastating fire.

According to a South China Morning Post report, Alibaba Group Holding and Ant Group have committed HK$20 million and HK$10 million, respectively, to support fire relief efforts. The Jack Ma Foundation is also contributing an additional HK$30 million to provide emergency aid to families who’ve lost their homes and loved ones, bringing the entire group’s total contribution to HK$60 million.

HSBC and Hang Seng Bank have announced a joint contribution of HK$30 million to help with disaster relief and support families who’ve been displaced. The funds will go toward immediate aid and longer-term rehabilitation efforts as residents work to rebuild their lives.

The Li Ka Shing Foundation has also stepped forward with HK$30 million in emergency relief funds to support registered charities working on the ground, especially those serving the Tai Po community. The funding will help provide both immediate aid and longer-term assistance to affected families.

The same foundation is setting aside an additional HK$50 million for follow-up programs, ensuring that support continues well beyond the initial emergency response.

Tencent has also donated HK$30 million for relief and recovery efforts, starting off with an initial donation of HK$10 million on the morning after the incident and recently HK$20 million, both through its Tencent Charity Foundation.

AIA Hong Kong will also donate HK$20 million through its AIA Foundation to support emergency relief and assist with recovery efforts.

Additionally, several banks and fintechs have also come up to donate HK$10 million each through various channels, including Baidu’s financial technology arm Duxiaoman, DBS Bank (Hong Kong) Limited, and HashKey Group.

KuCoin has also donated HK$2 million to aid assistance programs for the Hong Kong Fire Services Department personnel, while EY Greater China Region pledged a donation of HK$1 million to the “Support Fund for Wang Fuk Court in Tai Po” set up by the HKSAR government.

Other non-fintech companies have also stepped in to donate or provide immediate support, including BYD, Geely, Anta, JD, Haitian, and Mixue Group.

Donations continue to pour in, and the combined effort underscores a shared commitment to stand with the victims of the Wang Fuk Court fire, support frontline responders, and help families rebuild their lives long after the smoke clears.

What’s the Latest News on the Hong Kong Fire

According to The Standard, flames reignited overnight, prompting firefighters to immediately deploy aerial ladders and increase cooling operations across nearby units to prevent further spread.

Early Friday morning, five bodies were recovered, reportedly including two children, a devastating development that left families and neighbours in anguish.

The massive blaze is said to have first broken out on 26 November 2025 at Wang Fuk Court, a public housing complex with nearly 2,000 units. The fire reportedly started on the protective netting outside Wang Cheong House, followed by several explosions, before rapidly spreading to six adjacent blocks.

Eight blocks in the estate have been under major renovation since July last year, involving exterior wall hacking, pipe replacement, concrete repairs, and window sill reconstruction.

The Home Affairs Bureau has secured 1,000 immediate stay units, including youth hostels and hotels, for affected residents to use over the next one to two weeks. For longer-term rehousing, authorities will tap into transitional housing and Hong Kong Housing Society units, providing an initial pool of about 1,800 homes.

On LinkedIn, Hilary Lo highlighted how Hong Kong volunteers quickly developed a live webpage for trapped residents to request help and share real-time updates. Submissions are routed through a Google Form and amplified across social platforms, in hopes of reaching frontline responders as quickly as possible.

As she noted, it’s a stark reminder that in moments of crisis, technology can be life-saving.

How to Donate to Support the Hong Kong Fire Victims

The Hong Kong Red Cross is actively engaged in emergency relief, psychological first aid, and blood donation coordination until 10 December, and is open for donations on their website. Feeding Hong Kong is coordinating food distribution and emergency food packs and is appealing for donations here.

The government has also set up a support fund, which includes receiving donations from individuals and private organisations through the designated accounts mentioned here.

• Hong Kong Dollar: Bank of China (Hong Kong) Limited account number: 012-875-2-190159-7 (Account name: Support Fund for Wang Fuk Court in Tai Po)
• Renminbi and other currencies: Bank of China (Hong Kong) Limited account number: 012-875-2-190160-7 (Account name: Support Fund for Wang Fuk Court in Tai Po)

The Salvation Army also kicked off “The Salvation Army Emergency Relief: Support for Tai Po Residents Affected by the Fire” for donations. The fund would be used for post-disaster recovery, emergency financial assistance and offering psychological counselling. Donations are accepted through many channels, including PayMe, Alipay HK and FPS.

Animoca Brands has launched a relief initiative inviting the global crypto community to pitch in by donating tokens to two dedicated wallet addresses. All contributions will be converted to Hong Kong dollars and sent directly to the Hong Kong Red Cross to support recovery efforts.

As Hong Kong continues to search for the missing and support thousands displaced from their homes, the city’s financial sector, tech community, charities and government agencies are rallying together in an unprecedented relief effort.

For those who wish to help, verified donation channels and official support services may remain open throughout the coming weeks.

Featured image edited by Fintech News Hong Kong, based on image by TravelScape on Freepik

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