On July 3, the Hong Kong Special Administrative Region government issued a statement welcoming the passage of the Deposit Protection Scheme (Amendment) Bill 2024 by the Legislative Council. It proposes to increase the guaranteed amount from the current HKD 0.5 million to HKD 0.8 million. After the implementation of the law, the ratio of depositors in Hong Kong SAR who will receive full protection will increase to about 92%. It is reported that the amended law will be promulgated on July 12th and will be implemented in two phases. The optimization measures which take less preparation time, such as raising the guaranteed amount to HKD 0.8 million, will take effect on October 1st this year.