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

Revolut Considers China Expansion Amid UK Regulatory Hurdles

UK fintech giant Revolut is exploring a potential move into China, setting the stage for competition with domestic heav... Read more

ZA Global Backs RD Technologies With US$40M To Boost HKs Stablecoin Ecosystem

ZA Global has led a US$40 million Series A2 funding round for HK fintech firm, RD Technologies (RD), marking a signific... Read more

WeLab Hit Profitability And Now Wants 500 Million Customers Across Asia

From its humble beginnings as an online lender to its rise as one of Asia’s most ambitious fintechs, WeLab Group (WeL... Read more

HKMA Finalises Guidelines For Stablecoin Issuer Regulatory Regime

The Hong Kong Monetary Authority (HKMA) has published several documents in preparation for the implementation of the re... Read more

Cybercrime Is Surging Across APAC Yet Defences Remain Fragmented

APAC saw a sharp rise in human-led attacks in 2024, with attack rates growing over 60% year-on-year and increasing 37% ... Read more

Hong Kong Advances Trade Digitalisation With MLETR Adoption

Digitalisation is reshaping the global economy, and businesses must adapt to capitalise on emerging opportunities. In t... Read more