Cash Handouts Won't Be Red Tape Nightmare: Govt

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2018-03-25 HKT 15:05

Share this story

facebook

  • Cash handouts won't be red tape nightmare: govt

Government officials have sought to play down concerns that working out who is – and who is not – eligible for planned cash handouts will cost huge sums of money, and that applicants will struggle to deal with the red tape required.

Around 2.8 million adults who don't benefit directly from this year's budget will be able to get payments of HK$4,000, the government announced last week.

Financial Secretary Paul Chan said on Sunday that the administrative costs will depend on the number of applicants and he expects the final figure to amount to a "few tens of millions of dollars".

Meanwhile, Chief Secretary Matthew Cheung said officials will try to make the application procedures as simple as possible.

Cheung said the public can expect to have to prepare only a small amount of documents in order to apply for the money.

But he said he couldn't set out at this point exactly what paperwork will be required as it will take time for officials to iron out the details of the plan.

RECENT NEWS

Binance Pay And TBCASoft Enable QR Payments Across Merchant Networks In Japan

Binance Pay has partnered with TBCASoft to enable QR code payments through the HIVEX Network, starting with a planned r... Read more

OSL Launches AgentPay For AI Agent Stablecoin Payments

OSL Group has launched AgentPay, a stablecoin payment infrastructure designed to enable AI agents to execute autonomous... Read more

The Biggest AI Governance Gap In APAC Lies In Proof And Traceability

AI has outgrown the role of an assistant, now moving money, approving transactions, and carrying out multi-step tasks w... Read more

HSBC Sells Tokyo HQ As It Prepares For 2029 Relocation

HSBC has sold its Tokyo headquarters building to a unit of Mitsubishi HC Capital, according to Bloomberg. The sale come... Read more

Why Multi-Currency Cards Need More Than Card Issuing

Tap a multi-currency card in Tokyo, and the payment looks no different from any other card transaction. Behind the tap,... Read more

China CITIC Bank Names Wang Junwei As CEO

China CITIC Bank International (CNCBI) has appointed Wang Junwei as its Executive Director and Chief Executive Officer,... Read more