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HK officials sign deal with banks for $10k payout to PRs

03 June 2020

By The SUN

HK finance officials with bank representatives after the signing

The Hong Kong government today (Jun 3) signed service agreements with representatives of 21 banks to facilitate the release of the $10k relief aid to permanent residents under the Cash Payout Scheme.

Financial Secretary Paul Chan said at the signing ceremony that the agreement will make it possible for eligible people to register and receive the payout quickly, conveniently and safely.

He said the preparation for the payout, meant to relieve financial pressure on residents because of the pandemic, is nearing completion. The registration is expected to start by the end of this month, with payment to be made in July.

Under the agreement, the banks will provide the electronic registration platform. All eligible people may register with their bank’s website or internet banking service, and the money will be paid into their sole-name account.

Alternatively, they may also fill in a registration form and submit it to their bank.

All Hong Kong permanent residents aged 18 and above, are eligible for the cash assistance.
A separate relief measure is being considered for other residents who have been in Hong Kong for less than seven years, which is the required period before anyone could qualify for permanent residency.

Signing on behalf of the government was Charlix Wong, director of accounting services.

Aside from Chan, the other officials who witnessed the signing were Christopher Hui, secretary for financial services and the treasury and Eddie Yue, chief executive of the Hong Kong Monetary Authority.

Representatives from the 21 following banks each signed the agreement:

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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