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

Hong Kong Fund Industry May Double With Tokenised Finance And 24/7 Trading Access

Hong Kong could potentially double the size of its fund industry by moving from legacy infrastructure to token-based fi... Read more

HKMA Alerts Public To Scam Website And Login Screens Posing As Official Site

The Hong Kong Monetary Authority (HKMA) has issued a public alert regarding a fraudulent website and online login scree... Read more

Hong Kong Fintech Promotion Blueprint Indicates 4 Incoming Flagship Projects

The Hong Kong Monetary Authority (HKMA) released the Hong Kong Fintech Promotion Blueprint on 3 February 2025, which sh... Read more

Visa To Enable Cross-Border Payments To 95% Of UnionPay Cardholders In China

At Web Summit Qatar, Visa and UnionPay International (UPI) announced an agreement to enable cross-border money transfer... Read more

HKMA Launches Fintech Blueprint With AI, DLT, Quantum And Cybersecurity Focus

The Hong Kong Monetary Authority (HKMA) published a Fintech Promotion Blueprint to support responsible innovation and f... Read more

How Gaming Giants Are Redefining The Experience Of Paying

Gaming isn’t just a hobby; it’s a global infrastructure challenge. In this episode Vincent Fong (Chief Editor, Fint... Read more