The Social Welfare Department today signed memoranda of understanding (MOUs) with the Bank of China (Hong Kong) (BOCHK) and the Industrial & Commercial Bank of China (Asia) (ICBC (Asia)) to establish a collaborative arrangement for the cross-boundary disbursement of portable cash assistance.

Witnessing the signing, Secretary for Labour & Welfare Chris Sun said it formally established a partnership between the Government and the two banks to implement an initiative announced in the 2025 Policy Address to allow Hong Kong elderly recipients retiring in Guangdong and Fujian to receive cash assistance.

He thanked the BOCHK and the ICBC (Asia) for taking the initiative forward by lending their full support in terms of professional services and resources, and in realisation of corporate social responsibility.

He also thanked the Hong Kong Monetary Authority for its efforts and close co-ordination with the banking sector and regulatory authorities on the Mainland to facilitate the smooth launch of the new service.

Hong Kong elderly recipients of social security who are residing in Guangdong or Fujian can apply for portable cash assistance, including Comprehensive Social Security Assistance (CSSA) under the “Portable CSSA Scheme”, as well as the Old Age Living Allowance and the Old Age Allowance under the Social Security Allowance Scheme's “Guangdong Scheme” and “Fujian Scheme”.

Currently, the department deposits cash assistance into the Hong Kong bank accounts of recipients.

With the new service expected to officially launch in the middle of next year, Hong Kong elderly recipients of social security retiring in Guangdong or Fujian will be able to opt to receive portable cash assistance from the SWD directly through Mainland bank accounts with the Bank of China or the Industrial and Commercial Bank of China.