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HK gov’t to start handing out cash in July

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The Hong Kong government today announced that the preparation for the Cash Payout Scheme “has reached the final stage” and that registration would start in the end of June with payments kicking off in July.

In a press release on June 3, it said at least 21 banks who have entered into an agreement with the government will provide the electronic registration platform for the Cash Payout Scheme.

Earlier, Financial Secretary Paul Chan announced in the 2020-21 Budget that a sum of $10,000 would be disbursed to each Hong Kong permanent resident aged 18 or above to boost local consumption.  Chan said that Hong Kong  was in a deep recession after its GDP contracted to nearly nine percent, following months of anti-government demonstrations and the COVID-19 pandemic.

“To receive the payment with their sole-name bank account, eligible people may register through the relevant bank’s website or Internet banking service, which is the fastest way to receive payment. They may also submit a paper registration form to the respective bank,” the statement read.

The list of the 21 banks participating in the Cash Payout Scheme are:

1. Bank of China (Hong Kong)
2. Bank of Communications (Hong Kong)
3. Bank of East Asia
4. China CITIC Bank International
5. China Construction Bank (Asia)
6. Chiyu Banking Corporation
7. Chong Hing Bank
8. Citibank (Hong Kong)
9. CMB Wing Lung Bank
10. Dah Sing Bank
11. DBS Bank (Hong Kong)
12. Fubon Bank
13. Hang Seng Bank
14. The Hongkong and Shanghai Banking Corporation
15. Industrial and Commercial Bank of China (Asia)
16. Nanyang Commercial Bank
17. OCBC Wing Hang Bank
18. Public Bank (Hong Kong)
19. Shanghai Commercial Bank
20. Standard Chartered Bank (Hong Kong)
21. ZA Bank

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