The Social Welfare Department signed a memorandum of cooperation with BOC HONG KONG and ICBC (ASIA) to provide cross-border cash assistance

The Social Welfare Department has signed a memorandum of cooperation with BOC Hong Kong and ICBC (Asia) to launch an optimized arrangement for the distribution of portable cash assistance in mid-next year. Elderly Hong Kong residents receiving benefits who are living in Guangdong and Fujian provinces can choose to have the government directly transfer funds into their designated bank accounts in mainland China.

Elderly Hong Kong residents receiving social security benefits living in Guangdong and Fujian provinces can apply for the government's portable cash assistance, including the Comprehensive Social Security Assistance for the elderly in the Guangdong and Fujian provinces, as well as the Elderly Living Allowance and Old Age Allowance under the Public Welfare Fund programs in Guangdong and Fujian.

Liu Yagan, Chairman and Executive Director of ICBC (Asia), stated that the bank is honored to be one of the cooperating banks for the "Cross-Border Portable Cash Assistance Arrangement." The bank will fully leverage its advantages as the overseas business flagship of the Industrial and Commercial Bank of China, actively connecting with the network of branches in mainland China to provide professional cross-border financial services for the Social Welfare Department and beneficiaries. This cooperation also fully demonstrates the collaborative results of banks and government agencies in practicing inclusive finance and pension finance. The bank will fully support the Hong Kong SAR government in regional cooperation and institutional innovation to jointly enhance the well-being of the elderly and promote social integration.

Sun Yu, Vice Chairman and President of BOC Hong Kong, expressed that the bank is honored to utilize the service network and financial technology advantages of the Bank of China Group to support the country's cross-border financial development, in line with the SAR government's policy objectives, providing safe and convenient financial services for the elderly, allowing them to live worry-free after relocating to the mainland. It is believed that with the joint efforts of all parties, this plan will not only bring tangible convenience to the elderly but also become a demonstration project for the integration of livelihoods between the mainland and Hong Kong