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Budget by Hong Kong SAR’s Financial Secretary: Accelerating Development through Reform and Innovation

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2 weeks ago

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HONG KONG SAR – Media OutReach Newswire – 26 February 2025 – Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region unveiled his 2025-26 Budget today (February 26). He noted that while geopolitical situation might bring risks, technology reform and artificial intelligence (AI) development are remoulding the global landscape, leading to the emergence of new industries, new forms of business, new products and new services. He stressed that Hong Kong must seize the opportunity to make the most out of this critical window to speed up development, establishing the new before abolishing the old. He also emphasised that transformation and innovation will lead the way into the future, and the Government is poised to fast-track the high-quality development of Hong Kong’s economy.

The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces. On innovation and technology (I&T), the Government will promote Hong Kong into an international exchange and co-operation hub for the AI industry. Through frontier research and real-world application, the Government will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation. To spearhead and support Hong Kong’s innovative research and development as well as industrial application of AI, the Government will establish the Hong Kong AI Research and Development Institute and launch the Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+). On finance, the Government will continue to take forward reforms to the listing regime, host the Hong Kong Global Financial and Industry Summit, and formulate a plan this year on promoting gold market development.

Hong Kong SAR’s Financial Secretary Paul Chan delivers the 2025-26 Budget in the Legislative Council.

To seize the opportunities brought about by the rapid advancement of innovation and technology, the Budget highlights the need to accelerate the development of the Northern Metropolis, which is an investment in Hong Kong’s future. The Government will continue to accord priority to providing resources for this initiative, which primarily includes providing large tracts of I&T land at the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, together with San Tin Technopole; adopting an innovative mindset in piloting “large-scale land disposal”; developing a data facility cluster at Sandy Ridge; as well as identifying suitable sites in the Northern Metropolis for the construction of conference and exhibition facilities.

On the promotion of tourism, funding will be allocated to pursue the concept of “tourism is everywhere” and implement the Development Blueprint for Hong Kong’s Tourism Industry 2.0. A study will be conducted on the development of the waterfront and former sites to the south of the Hung Hom Station in Kowloon into a new harbourfront landmark in Kowloon, including a yacht club.

Regarding land supply, Mr Chan announced that the Government will not roll out any commercial site for sale in the coming year in view of the high vacancy rates of offices in recent years to allow the market to absorb the existing supply. The Government will also consider rezoning some of the commercial sites into residential use and allowing greater flexibility of land use.

The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces.
The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces.

Mr Chan proposed a reinforced version of the fiscal consolidation programme to focus on strictly controlling government expenditure, supplemented by increasing revenue, to restore fiscal balance in the Operating Account, in a planned and progressive manner, within the current term of the Government. The Government will also deliver more efficient public services to citizens through leveraging technology, streamlining processes and driving the digital transformation of public services. Mr Chan said he will uphold the “user pays” and the “affordable users pay” principles as far as practicable while increasing revenue, including increasing the air passenger departure tax, and reviewing the tolls of government tunnels and trunk roads. The Government will suitably expand the size of bond issuance on the premise of maintaining healthy public finances and use the funds raised on infrastructure works in a proper and flexible manner to invest in Hong Kong’s future and create value for society.

More information about the 2025-26 Budget is available from www.budget.gov.hk.

Hashtag: #hongkong #brandhongkong #asiasworldcity #budget





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Backbase and Synpulse partner to accelerate banking transformation across APAC

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17 hours ago

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13/03/2025

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Combining Backbase’s Engagement Banking Platform with Synpulse’s regional expertise to deliver customer-centric solutions

SINGAPORE – Media OutReach Newswire – 13 March 2025 – Backbase, the leader in engagement banking, today announced a strategic partnership with Synpulse, a premier financial services consulting firm, to accelerate digital transformation for banks across Asia-Pacific.

A unified approach to digital transformation

The partnership provides banks with a comprehensive transformation approach that includes strategy consulting, tailored platform solutions, and localized implementation services. By combining Backbase’s Engagement Banking Platform with Synpulse’s deep regional expertise, financial institutions can confidently pivot toward customer-centricity while addressing specific market needs.

“This partnership strengthens our ecosystem and ensures banks have both the architecture and specialized expertise needed to accelerate their digital transformation,” said Riddhi Dutta, Vice President, ASEAN & South Asia at Backbase. “Synpulse’s proven financial services expertise and understanding of regional markets make them an ideal partner to help banks deliver exceptional customer experiences across all touchpoints.”

“Our combined strengths will enable banks to unlock new growth opportunities and achieve digital transformation goals more effectively,” said Yash Shah, Partner at Synpulse. “Together, we provide financial institutions with the guidance and implementation capabilities needed to execute large-scale transformations with confidence.”

A partnership for banking growth in Asia

The partnership aims to deliver three key advantages for financial institutions in APAC:

  • Enhanced business outcomes: Comprehensive consulting and platform integration services to improve customer acquisition, increase share of wallet, and reduce operational costs
  • Localized expertise: On-ground teams delivering market-specific insights, cultural fluency and technical implementation
  • Full-spectrum banking: Addressing a wide range of banking needs spanning retail, SME, and wealth management

Backbase’s platform, already powering over 150 financial institutions globally, including APAC leaders such as BDO Unibank (Philippines), HDFC Bank (India), and Techcombank (Vietnam), enables banks to unify business lines and modernize around customer needs without vendor lock-in. The company plans to expand its regional footprint to Hong Kong this year.

Hashtag: #Backbase #digitalbanking #engagementbanking #retailbanking #omnichannelbanking #businessbanking #smebanking #corporatebanking


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Synpulse

Synpulse is a global professional services company and a valued partner of leading players in the financial services and related industries. We leverage the proximity to our clients and deep domain expertise to create sustainable value using technology as a business driver. Leveraging our strong network of over 100 ecosystem partners, we accompany our clients throughout their transformation journey – from strategy and development to implementation and management.

With our tech powerhouse, Synpulse8, we collaborate with our clients to co-create digital experiences with innovative technologies and proprietary methods. Synpulse is powered by the passion and commitment of its more than 1000 employees from 21 offices who come from over 30 countries.

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Technology driving positive outlook for Malaysian small businesses

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18 hours ago

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13/03/2025

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  • Malaysia’s small businesses lead the region in innovation
  • Younger entrepreneurs dominate small business landscape
  • AI investment on the rise
  • High demand for funding signals continued expansion
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 13 March 2025 – Increased technology adoption is fuelling strong expansion among Malaysia’s small businesses, with 71 per cent reporting growth in 2024 – the highest in more than a decade – according to CPA Australia’s annual Asia Pacific Small Business Survey.

The growth momentum is expected to continue, with 82 per cent of Malaysian small businesses anticipating growth this year, marking the sector’s highest level of optimism since 2012.

Confidence in Malaysia’s economy is equally strong, with 81 per cent of small businesses expecting the economy to grow in 2025, well above the Asia-Pacific average of 67 per cent.

“Malaysia’s small business sector is powered by dynamic and young entrepreneurs who are quick to embrace digital technologies,” said Yip Kit Weng FCPA, President of CPA Australia Malaysia Division.

E-commerce, new digital payment options and social media are widely embraced, with 92 per cent of Malaysian small business using social media in 2024, including as a key communication and marketing tool. On Malaysian entrepreneurs being ranked highest in innovation, Yip said the result was not surprising given 64 per cent of small business owners are younger than 40.
“Their ability to adapt quickly and invest in digital solutions is driving Malaysia’s competitiveness in the region,” Yip said.

Investment in digital tools by Malaysia’s small businesses continues to rise, with AI investment more than doubling from 11 per cent in 2023 to 27 per cent in 2024. Digital and mobile payments have become the norm, with 78 per cent receiving more than 10 per cent of their sales through platforms such as GrabPay, Touch ‘n Go and Boost.

“It is encouraging to see more small businesses embracing AI, well ahead of the government’s five-year strategic roadmap to accelerate AI adoption,” Yip said.

“Regulatory measures to support ethical practices, along with tailored measures for target groups, will further fast-track AI adoption while enhancing public trust.”

Malaysia’s entrepreneurs are also setting their sights beyond local markets. Despite global economic uncertainty, 55 per cent of small businesses expect an increase in overseas revenue this year.

To support this expansion, demand for external financing was strong. In 2024, 70 per cent of Malaysian small businesses used such funds to support growth. This trend is expected to continue this year, with 85 per cent anticipating the need for external finance.

“Given Malaysia’s strong focus on innovation, technology and exports, this demand is unsurprising,” Yip said.

The biggest challenge for Malaysia’s small businesses remains rising costs, particularly in materials, utilities, rent and taxes. Many have focused on implementing cost-control measures to mitigate these pressures.

“The strong economic environment, coupled with government initiatives to increase competitiveness and investor confidence, is helping to create a positive business climate for small businesses,” Yip said.

Hashtag: #CPAAustralia #SmallBusinesses #SmallBusinessSurvey #APAC #MalaysiaSmallBusiness






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CPA Australia

CPA Australia is one of the world’s largest professional accounting bodies, with more than 175,000 members in over 100 countries and regions, including more than 21,000 members in Southeast Asia. CPA Australia has been operating in Malaysia since 1956, establishing an office in 1994. We provide education, training, technical support and advocacy. CPA Australia provides thought leadership on local and global issues affecting the accounting profession and the public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

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1win Brings Colors to India with a Holi Celebration

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1 day ago

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12/03/2025

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HYDERABAD, INDIA –
Holi with 1win is all about bright colors, happiness, and love!

Holi, a celebration of spring’s arrival and the triumph of good over evil, unites people, encouraging them to set aside their differences and share the joy of throwing bright powders up into the air. Guided by the festive spirit, 1win volunteers traveled across India, distributing gifts to the country’s most densely populated neighborhoods and communities, transforming bustling streets into colorful celebrations. The initiative also received enthusiastic support from Indian bloggers and media personalities, amplifying its reach.

Influencers Kanika Sharma and Dhirendra Chauhan Rajput, who participated in 1win’s charitable donations, shared their thoughts on the celebration, “Holi is not just about playing; it is about giving. This time, we thought, why not celebrate Holi with those around us who need a little color of happiness in their lives? Even a small effort can create a big joy. Because we care, we share.”

Through this initiative, 1win helped make Holi more inclusive, enabling thousands to take part in the celebration and share the festive spirit. As the Holi colors settle, the spirit of togetherness and generosity fostered by 1win will continue to inspire.

For more details about the project, visit www.1win.charity.
Hashtag: #1win #1winShares #WeCareWeShare #CSR #Charity



The issuer is solely responsible for the content of this announcement.

About 1win Charity

is the philanthropic branch of 1win, committed to sustainability and community development. Guided by the motto ‘We Care. We Share’, it supports underserved communities around the world and focuses on humanitarian aid, recycling, and healthcare initiatives. Through strategic collaboration with key opinion leaders and NGOs, 1win.Charity drives meaningful change.

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