Category: MIL-OSI

Subsidy amount for Non-means-tested Subsidy Scheme for Self-financing Undergraduate Studies in Hong Kong in 2026/27 academic year announced 
     The level of subsidy will apply to both new and continuing eligible students. The subsidy is tenable for the normal duration of the programmes concerned. Eligible students enrolling in the relevant programmes will pay a tuition fee with the subsidy applied. Students in need may still apply for student financial assistance from the Student Finance Office of the Working Family and Student Financial Assistance Agency in respect of the actual amount of tuition fee payable.
 
     Launched in the 2017/18 academic year, the NMTSS provides a non-means-tested annual subsidy for eligible students pursuing full-time locally accredited local and non-local self-financing undergraduate (including top-up degree) programmes offered by eligible institutions in Hong Kong. In line with the policy to promote vocational and professional education and training (VPET) as stated in “The Chief Executive’s 2022 Policy Address”, with effect from the 2023/24 academic year, the eligibility criteria of the NMTSS have been rationalised to benefit students from different backgrounds, including those with VPET qualifications.
 
     The subsidy applies to all eligible students enrolling in programmes covered by the Scheme. Applications for the subsidy need to be made through the institutions concerned. A list of the 15 eligible institutions and programmes for the 2026/27 cohort is in the Annex. The list may be updated according to the latest information provided by the institutions. Please visit the NMTSS website (www.cspe.edu.hk/en/nmt/nmt-prog-searchIssued at HKT 11:30

Speech by SFST at International Forum “Problem-Solving City: Hong Kong as a Disputes Resolver” (English only) 
Ladies and gentlemen, distinguished guests,
 
     It is a great honour to address you for this esteemed forum, “Problem-Solving City: Hong Kong as a Disputes Resolver”. I extend my sincere thanks to the organisers – the Hong Kong Coalition, Friday Culture Limited, and the AALCO (Asian-African Legal Consultative Organization) Hong Kong Regional Arbitration Centre – for convening this timely event. While I am not with you at the event physically due to other commitments, I know you are gathering at the historic Former French Mission Building, and it is a symbol of Hong Kong’s rich heritage and forward-looking spirit, reminding us of our city’s unique ability to bridge traditions and innovations. I also commend my colleague, the Secretary for Justice, for his insightful keynote earlier, which set a strong foundation for discussions on dispute resolution. I am delighted to share the Government’s vision and policy measures with you that align with the forum’s key themes, particularly in fostering standards and resolutions in emerging sectors such as Web 3.0 and digital assets.
      
     Hong Kong has long been recognised as a global problem solver, leveraging our robust legal framework and international connectivity to resolve disputes across borders and industries. This role extends beyond traditional arbitration and mediation into the financial and technological realms, where rapid evolution demands proactive governance. The forum’s focus on mediating disputes in sports and setting standards for Web 3.0 resonates deeply with the Government’s commitment to creating an ecosystem that promotes fairness, innovation, and sustainable growth. In sports, effective mediation ensures that conflicts do not hinder athletic progress or international collaboration. Similarly, in the digital economy, harmonising standards is essential to mitigate risks, build trust, and resolve potential disputes before they escalate. Our policies are designed to position Hong Kong not only as a dispute resolver but as a proactive architect of global standards, ensuring that economic activities thrive in a regulated yet dynamic environment.
 
     Central to this vision is our dedication to developing a trusted and innovative digital asset ecosystem. In June this year, my bureau issued the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, building upon the foundational measures from the inaugural statement from 2022. This 2.0 statement reinforces our commitment to establishing Hong Kong as a global hub for digital asset innovation. It introduces the “LEAP” framework, which emphasises Legal and regulatory streamlining, Expanding tokenised products, Advancing use cases through cross-sectoral collaboration, and developing People and partnerships. This approach directly addresses the need for harmonised standards in Web 3.0, where decentralised technologies like blockchain and tokenisation present both opportunities and challenges in dispute resolution.
      
     One of the cornerstones of our regulatory enhancements is the Stablecoins Ordinance, which came into effect on August 1 this year. This legislation establishes a licensing regime for issuers of fiat-referenced stablecoins, ensuring that any entity issuing such assets in Hong Kong, or marketing them to our public, obtains approval from the Hong Kong Monetary Authority (HKMA). Guided by the principle of “same activity, same risks, same regulation”, we adopt a risk-based approach that aligns with international standards while reflecting local circumstances. The HKMA’s stablecoin issuer sandbox, launched last year, has allowed institutions from diverse sectors – including banking and technology – to test business models in a controlled environment. By end-September this year, we received 36 licence applications from a broad spectrum of applicants, and we anticipate granting a handful of licenses in early next year, prioritising robust reserve management, price stabilisation, and anti-money laundering measures. These steps not only protect investors but also facilitate the resolution of potential disputes by embedding clear compliance pathways, reducing ambiguities that could lead to conflicts in transactions.
      
     Furthermore, we are advancing regulatory regimes for digital asset dealing and custodian service providers. Following public consultations, my bureau, in collaboration with the Securities and Futures Commission (SFC), are formulating details for licensing regimes, with a bill targeted for introduction to the Legislative Council next year. This comprehensive framework will cover key nodes in the digital asset industry, balancing risk management with innovation. In parallel, the licensing regime for digital asset trading platforms, operational since June 2023 under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, has seen 11 platforms licensed. Recent circulars from the SFC allow these platforms to share global order books and expand offerings, enhancing liquidity and connectivity. Such frameworks and measures ensure that disputes arising from trading or custody are resolved efficiently through established regulatory channels, reinforcing Hong Kong’s role as a dispute resolver in the digital space.
      
     Tokenisation of real-world assets is another pivotal area where our policies promote harmonisation and dispute prevention. The SFC’s circulars in November 2023 and the HKMA’s guidance in February last year provide clarity on tokenised securities and custodial services, enabling banks and intermediaries to engage safely. Last year, we authorised the first retail tokenised gold product and five tokenised money market funds, with assets under management reaching $4 billion in August this year. The Project Ensemble Sandbox, launched by the HKMA in August last year with the SFC as a key partner, tests tokenisation use cases, paving the way for innovative financial infrastructure. These initiatives extend to Web 3.0 by standardising tokenisation processes, which can minimise disputes over asset ownership or valuations through transparent, blockchain-based records.
      
     Our efforts also encompass intermediaries providing digital asset services. A joint circular from the SFC and the HKMA was updated in 2023 allowing retail access to dealing, advisory, and asset management services. We have pioneered the listing of digital asset futures ETFs (exchange-traded fund) in December 2022, spot ETFs in April last year, and an inverse product in July last year. The SFC’s “ASPIRe” roadmap, announced in February this year, facilitates staking, borrowing, and lending services, with guidance issued to manage risks. These policies ensure that Web 3.0 participants operate under consistent rules, facilitating mediation and resolution when issues arise.
      
     Beyond digital assets, our broader policies strengthen Hong Kong as an international financial centre and our country’s global financial gateway, as outlined in the 14th Five-Year Plan. Measures like enhancing stock market competitiveness – through the Technology Enterprises Channel, optimising listing rules, and facilitating overseas listings – bolster our platform for resolving financial disputes. Expansions in mutual access schemes, such as Swap Connect enhancements this year, including extended tenors and increased quotas, deepen connectivity. In green and sustainable finance, the Government Sustainable Bond Programme has issued bonds equivalent to $250 billion as of November this year, with innovative tokenised issuances.
      
     In conclusion, the Hong Kong Government’s policy measures are meticulously crafted to harmonise standards in Web 3.0 and digital assets, positioning our city as a premier dispute resolver. By prioritising investor protection, regulatory clarity, and international alignment, we create an environment where innovation flourishes without compromising stability. Together, we can ensure Hong Kong remains a beacon of problem-solving in the global arena. Thank you.
Issued at HKT 16:00

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HA activates service demand surge special measures