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Social Welfare Department collaborates with banks to take forward cross-border disbursement arrangements for portable cash assistance (with photos)
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     The Social Welfare Department (SWD) signed today (November 21) Memoranda of Understanding (MOU) with the Bank of China (Hong Kong) (BOCHK), and the Industrial and Commercial Bank of China (Asia) (ICBC (Asia)) respectively to establish a collaborative arrangement for the cross-border disbursement of portable cash assistance.

     The Secretary for Labour and Welfare, Mr Chris Sun; Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA) Mr Darryl Chan; the Vice Chairman and Chief Executive of the BOCHK, Mr Sun Yu; and the Chairman and Executive Director of the ICBC (Asia), Dr Liu Yagan, witnessed the signing by the Director of Social Welfare, Mr Edward To; the General Manager, Personal Banking Product Department of the BOCHK, Mr Arnold Chow; and the Head of Institutions Department of the ICBC (Asia), Mr Yin Qinjun.

     Mr Chris Sun was pleased to see the SWD and the two major banks collaborate to launch a new arrangement for the cross-border disbursement of portable cash assistance. The ceremony today formally establishes the partnership between the Government and the two banks to implement the initiative outlined in the 2025 Policy Address to facilitate Hong Kong elderly recipients retiring in Guangdong and Fujian Provinces. He expressed his heartfelt gratitude to the BOCHK and the ICBC (Asia) for taking forward this cross-border initiative with full support in professional services and resources, in realisation of their corporate social responsibility. He thanked the HKMA for its tremendous efforts and close co-ordination with the banking sector and regulatory authorities on the Mainland to facilitate the smooth launch of this new service.

     Hong Kong elderly recipients of social security who are residing in Guangdong and Fujian Provinces can apply for the Government's portable cash assistance, including the Comprehensive Social Security Assistance (CSSA) amount under the Portable CSSA Scheme, and the Old Age Living Allowance and the Old Age Allowance under the Guangdong Scheme and Fujian Scheme of the Social Security Allowance Scheme. Currently, the cash assistance is deposited into the Hong Kong bank accounts of the elderly recipients by the SWD. In recent years, the SWD and the HKMA have introduced various measures to facilitate remote remittances and withdrawals for Hong Kong elderly persons on the Mainland.

     To provide further convenience for the elderly concerned, the SWD will collaborate with the BOCHK and the ICBC (Asia) to launch a new service that allows Hong Kong elderly recipients of social security retiring in Guangdong and Fujian Provinces to opt to receive portable cash assistance from the SWD directly through their Mainland bank accounts with the Bank of China and the Industrial and Commercial Bank of China.

     The new service for cross-border disbursement of portable cash assistance is expected to be officially launched in mid-next year. The SWD will announce further details in due course.
 
Ends/Friday, November 21, 2025
Issued at HKT 18:28
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The Social Welfare Department signed today (November 21) Memoranda of Understanding with the Bank of China (Hong Kong), and the Industrial and Commercial Bank of China (Asia) respectively, to take forward cross-border disbursement arrangements for portable cash assistance. Photo shows the Secretary for Labour and Welfare, Mr Chris Sun, speaking at the ceremony.
The Social Welfare Department signed today (November 21) Memoranda of Understanding (MOU) with the Bank of China (Hong Kong) (BOCHK), and the Industrial and Commercial Bank of China (Asia) (ICBC (Asia)) respectively, to take forward cross-border disbursement arrangements for portable cash assistance. Photo shows the Secretary for Labour and Welfare, Mr Chris Sun (back row, second right); Deputy Chief Executive of the Hong Kong Monetary Authority Mr Darryl Chan (back row, second left); the Vice Chairman and Chief Executive of the BOCHK, Mr Sun Yu (back row, first left); and the Chairman and Executive Director of the ICBC (Asia), Dr Liu Yagan (back row, first right), witnessing the Director of Social Welfare, Mr Edward To (front row, centre), signing the MOU with the General Manager, Personal Banking Product Department of the BOCHK, Mr Arnold Chow (front row, left), and the Head of Institutions Department of the ICBC (Asia), Mr Yin Qinjun (front row, right), respectively.
The Social Welfare Department signed today (November 21) Memoranda of Understanding (MOU) with the Bank of China (Hong Kong) (BOCHK) and the Industrial and Commercial Bank of China (Asia) (ICBC (Asia)) respectively, to take forward cross-border disbursement arrangements for portable cash assistance. Photo shows the Secretary for Labour and Welfare, Mr Chris Sun (back row, fifth right); Deputy Chief Executive of the Hong Kong Monetary Authority Mr Darryl Chan (back row, fifth left); the Vice Chairman and Chief Executive of the BOCHK, Mr Sun Yu (back row, fourth left); the Chairman and Executive Director of the ICBC (Asia), Dr Liu Yagan (back row, fourth right); the Director of Social Welfare, Mr Edward To (front row, centre); the General Manager, Personal Banking Product Department of the BOCHK, Mr Arnold Chow (front row, left); and the Head of Institutions Department of the ICBC (Asia), Mr Yin Qinjun (front row, right), with senior representatives of both banks at the signing ceremony.