The Government today signed service level agreements with representatives of 21 banks for the Cash Payout Scheme.

Under the scheme, announced in the 2020-21 Budget, $10,000 will be disbursed to each Hong Kong permanent resident aged 18 or above to encourage local consumption and relieve people's financial burden.

The banks that have entered into the agreements with the Government will provide the electronic registration platform for the scheme.

To receive the payment with their sole-name bank account, eligible people may register through the relevant bank’s website or Internet banking service.

They may also submit a paper registration form to the respective bank.

The agreements were signed by Director of Accounting Services Charlix Wong on behalf of the Government. Financial Secretary Paul Chan, Secretary for Financial Services & the Treasury Christopher Hui and Monetary Authority Chief Executive Eddie Yue witnessed the signing ceremony.

Speaking at the ceremony, Mr Chan said: “I wish to thank all the participating banks for helping the Government implement the scheme, making it possible for eligible people to register and receive the $10,000 payout quickly, conveniently and safely.”

Mr Chan noted that preparation for the scheme has reached the final stage, adding he expected registration would start at the end of June, with payments starting to be made in July.

The Government will announce the registration and payment methods and other details as soon as possible.

Click here for the list of participating banks.