Category: MIL-OSI

GCMTI specialist awarded title of “Qi Huang Young Scholar” – sharing Hong Kong’s expertise to serve nation (with photo)      
     The NATCM selects around 100 Chinese medicine practitioners, scholars and researchers across the country every three years. Candidates must be under 45 years old, demonstrate high professional standards, and show capabilities in preserving tradition and driving innovation in Chinese medicine. It nurtures and supports these scholars in conducting pioneering research in Chinese medicine. This year, two scholars from the Hong Kong Special Administrative Region (HKSAR) were honoured with the title: Dr Wong and Professor Lisa Xian, Assistant Professor of the School of Chinese Medicine, the Chinese University of Hong Kong. The Director of Health, Dr Ronald Lam, extended his heartfelt congratulations to both recipients.
          
     Dr Wong has served in the DH for nine years. Dr Lam said, “Dr Wong has devoted herself to the micro-morphological identification of Chinese medicines (CM), combining the strengths of traditional macroscopic techniques with modern microscopic identification methods. Her work has enabled the GCMTI to establish an innovative, practical, and accurate identification system that helps the industry authenticate genuine CM and promotes their safe use. Her selection as a ‘Qi Huang Young Scholar’ from numerous applicants nationwide not only affirms her outstanding research achievements but also underscores the HKSAR’s potential to become an international centre for CM testing and quality control. The GCMTI, which commenced services in phases late last year, is equipped with state-of-the-art facilities that will undoubtedly provide greater support for Dr Wong’s research endeavours in the future. Leveraging Hong Kong’s strengths, she will contribute to serving the country’s needs and, together with the GCMTI’s scientific team, advance the development of Chinese medicine for the health and well-being of all.”
      
     Expressing her gratitude, Dr Wong said she is deeply honoured to be nominated by the DH and selected nationally as a “Qi Huang Young Scholar”. She acknowledges the huge responsibilities that come with the title and looks forward to collaborating with fellow scholars to conduct innovative research under the NATCM’s guidance, contributing to the inheritance and advancements of Chinese medicine in the country. She also aspires to further elevate the research capacity in Chinese medicine in Hong Kong and promote co-operation between the HKSAR and the Chinese Mainland.
      
     Since its establishment, the GCMTI has aligned closely with the national strategy for developing Chinese medicine, adopting a three-pronged approach of “technologies, standards and talents” to drive high-quality development in Chinese medicine. Dr Wong firmly believes that the GCMTI will continue to inject new momentum into the sector, serving as a vital support for Chinese medicine’s global advancement and better integrating into the country’s overall development.
      
     The GCMTI brings together experts from multiple disciplines and has long been committed to establishing internationally recognised reference standards and testing methods for CM. By promoting technology transfer, it has enhanced the quality control and identification capabilities of the CM industry and testing sector. The GCMTI has gained widespread recognition in the industry and internationally, particularly for establishing Hong Kong’s leading position in the field of micro-morphological identification of CM.
      
     Micro-morphological identification involves using instruments or high-power magnifying glasses to observe minute surface features of CM that are difficult or impossible to discern with the naked eye (see Annex). These features serve as identification criteria, supplementing traditional macroscopic identification methods. For CM with similar morphology, micro-morphology provides additional distinguishing features to differentiate visually similar species. To promote the use of this simple, easy and cost-effective micro-morphological identification, the GCMTI has conducted specific research in this area and developed practical identification methods tailored for real-world applications to address challenges commonly encountered by the industry.
      
     With the phased commissioning of its permanent building since late last year, the GCMTI’s advanced technology and equipment will further enhance the development of CM’s testing methods and standards, supporting the comprehensive, high-quality development of Chinese medicine in Hong Kong.
Issued at HKT 16:20

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Speech by CE at Consensus Hong Kong 2026 (English only) (with video)      
Mr Michael Lau (Chairman of Consensus), Mr Tom Farley (Chief Executive Officer of Bullish Group), Mr Jay Yarow (President of CoinDesk), industry leaders and innovators, distinguished guests, ladies and gentlemen,
      
     Good morning, and welcome to Hong Kong. It is my pleasure to join you today at Consensus Hong Kong 2026.
      
     This is a key platform that brings together Web3 leaders from around the world to discuss, and shape, the future of the Web3 ecosystem. I would like to begin by thanking CoinDesk for returning to Hong Kong, hosting this iconic conference once again after last year’s success. Your choice underscores Hong Kong’s distinct advantages. It also helps to show the world our growing prominence, as a global hub for Web3 and crypto innovation.
      
     Hong Kong is the world’s freest economy and one of its three major international financial centres. Under the unique “one country, two systems” principle, Hong Kong is the only city that converges both the China advantage and the global advantage. We have a long tradition of the rule of law, a judiciary that exercises its power independently, and a common law system that is similar to many financial hubs around the globe. Hong Kong has an open and transparent market, and we enjoy the free flow of capital and a low and simple tax regime.
      
     What’s more, Hong Kong’s financial regulatory system is robust, and our financial market stands out for its deep liquidity, innovative products and world-class investor protection. As the only city in the world that counts as many as five universities in the global top 100, Hong Kong boasts a highly educated workforce, and a welcoming environment for global talent.
      
     These, and many other advantages, have helped to make Hong Kong the world’s number three in global competitiveness, and number four in the World Talent Ranking and World Digital Competitiveness Ranking.
      
     With this unparalleled positioning, Hong Kong has consistently served as a platform that brings together international capital, talent and information, continuing to expand our global markets and reach.
      
     The world of Web3 and digital assets carries with it vast potential. They help to realise more efficient financial transactions, at a lower cost and with more inclusive options. The HKSAR (Hong Kong Special Administrative Region) Government is committed to establishing Hong Kong as a global hub for innovation in digital asset. That’s why over the past few years, Hong Kong has been actively building the regulatory framework to promote the steady, and sustainable, development of our Web3 ecosystem.
      
     Last June, the HKSAR Government issued the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong. It sets out a vision for a trusted and innovative digital asset ecosystem – one that prioritises risk management and investor protection, while delivering concrete benefits to the real economy and financial markets.
      
     I’m pleased that a lot of our initiatives in the area are in good progress. One key initiative is our implementation of the Stablecoins Ordinance last August. This new law provides for a licensing regime for issuers of fiat-referenced stablecoins in Hong Kong. The Hong Kong Monetary Authority is actively processing licensing applications, and we believe the first batch of stablecoin issuer licences will be issued within next month.
      
     Meanwhile, our Securities and Futures Commission announced last year the “ASPIRe” roadmap, its plan for regulating Hong Kong’s virtual asset (VA) market. We have since implemented a series of measures to boost liquidity of the VA market, and expand VA product offerings and services. All for the purpose of facilitating the development of this vibrant area of growth.
      
     Ladies and gentlemen, Hong Kong is in a strong position in promoting Web3 development. Hong Kong will continue to go all out to stay at the forefront of this pivotal shift in finance and technology. We welcome companies and institutions from around the world to join hands with us, and build a brighter digital future together.
      
     On that note, I wish you all a fruitful conference these two days. Do remember to take some time to experience the life and culture of Hong Kong, Asia’s world city. With the advent of the Lunar New Year, I wish you a healthy and prosperous Year of the Horse. Thank you.      
Issued at HKT 10:30

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Hong Kong Customs inspects Lunar New Year Fairs (with photo)     ​
     Members of the public may report any suspected infringing activities to Customs 24-hour hotline 182 8080 or its dedicated crime reporting email account (crimereport@customs.gov.hkIssued at HKT 16:35

Speech by FS at Consensus Hong Kong 2026 (English only) (with photos/video) 
Michael (Chairman of Consensus, Mr Michael Lau), Tom (Chief Executive Officer of Bullish Group, Mr Tom Farley), Jay (President of CoinDesk, Mr Jay Yarow), industry leaders and innovators, friends from around the world,
 
     It is a pleasure to join you all at the Consensus Conference in Hong Kong for the second consecutive year. Let me begin by thanking CoinDesk for once again choosing Hong Kong to host this iconic event. This conference has become a powerful platform in Asia for exploring the cutting-edge trends in the Web3 space and for fostering partnerships and collaboration.
 
Evolving global trends
 
     Globally, the application of Web3 technologies in finance continues to broaden in both scope and sophistication. A few trends are more prominent. The first is tokenisation of RWAs (real-world assets). In a growing number of markets, tokenisation initiatives are moving from “proof of concept” to real-word deployment, supported by more institutional adoption. Government bonds, money market funds and other more traditional financial instruments are increasingly being issued or mirrored on-chain, using digital ledgers to enhance settlement efficiency, enable fractional ownership and unlock liquidity in assets that have traditionally been less liquid.
 
     Hong Kong is one of the pioneers in this space. The HKSAR Government was the first in the world to issue tokenised government green bonds. Last year, we build on this foundation by issuing the world’s largest digital green bond, with a multi-currency offering of HK$10 billion. Meanwhile, financial institutions are becoming more receptive to digital assets. By the end of last year, banks in Hong Kong held over HK$14 billion in digital assets under custody, a year-on-year increase of about 180 per cent. Banks have also begun offering tokenised deposit services, with the total value of such deposits reaching HK$29 billion by the end of last year.
 
     The second trend is a related and evolving one: that is, the interaction between “TradFi” (traditional finance) and “DeFi” (decentralised finance). Traditional institutions are now importing DeFi mechanisms into their own architectures – such as automated market-making, programmable liquidity pools and the use of on-chain collateral – to support more efficient trading, funding and settlement. At the same time, DeFi is coming under growing regulatory and supervisory pressure in multiple jurisdictions, particularly in relation to anti-money laundering, investor protection, and broader financial stability. There have been growing calls for DeFi to be brought under existing or emerging digital-asset regulatory frameworks.
 
     The third trend is the growing intersection between AI and digital assets. AI systems are being designed to interact with tokenised money and smart contracts, enabling the autonomous execution of certain transactions and settlements. At the same time, AI tools are making digital asset markets more intelligent, efficient and data-driven. As AI agents become capable of making and executing decisions independently, we may begin to see the early forms of what some call the “machine economy”: where AI agents can hold and transfer digital assets, pay for services, and transact with one another on chain. While this shift could deliver substantial efficiency gains, it also raises important questions around AI governance, accountability, and cybersecurity.  
 
Hong Kong’s approach
 
     Against this backdrop of rapid global experimentation, what are we doing in Hong Kong? We are charting our course, leveraging our unique strengths as an international financial centre to stay at the forefront of innovation and keep pace with emerging developments. A few principles are guiding our strategy.  
 
     First, under the “one country, two systems” framework, Hong Kong is free to explore financial innovation, including in digital assets. We stand out as a market with consistent, predictable, forward-looking policies, and a balanced and trusted regulatory framework. We welcome Web3 innovators and institutions from around the world to develop and scale their businesses here.  
 
     At the same time, we recognise that innovation often moves faster than regulation, potentially creating gaps and new risks. We are therefore carefully balancing the promotion of innovation with the need for sound risk management. Our objective is to embrace new technologies while safeguarding investors, consumers and the overall financial stability. The principle of “same activity, same risk, same regulation” continues to underpin the design of our regulatory framework.
 
     Second, we see Web3, blockchain technology and AI as powerful enablers of the real economy, rather than ends in themselves. Our policy focus is therefore on how these technologies can be applied to enhance efficiency, lower costs and support concrete, real-world use cases. Ultimately, our aim is to make financial services more inclusive and accessible, while addressing long-standing pain points in transactions and market operations.  
 
     Third, we are committed to pro-innovation regulation. Our regulators operate with a dual mandate: they not only exercise prudent supervision, but also actively facilitate market and product development. Through mechanisms such as regulatory sandboxes, we support experimentation and, in some cases, co-create solutions in close collaboration with innovators and industry participants.
 
Some latest initiatives
 
     Ladies and gentlemen, with these guiding principles in mind, we are pressing ahead to advance Web3 development in Hong Kong. Let me highlight some of our latest initiatives.   
 
     First, on regulation. We continue to enhance Hong Kong’s regulatory framework for digital assets, including the launch of a regulatory regime for stablecoin issuers in August last year. We see stablecoins as a practical tool for addressing the pain points in the real economy, particularly in payments and settlements. In giving out licences, we ensure that licensees have real-world use cases, a credible and sustainable business model, as well as strong regulatory compliance capabilities. Our strategy is moving forward fast, step by step. Therefore, we plan to issue only a small number of stablecoin issuer licences in the first batch in March this year.  
 
     Meanwhile, we are also finalising the details of a new licensing regime for digital asset dealers and custodian service providers, with the aim of introducing the relevant legislation this summer. Together with the frameworks already in place, this will ensure that our overall regulatory regime comprehensively covers the key nodes of the digital asset ecosystem.
 
     Second, on product innovation and development. We will regularise the issuance of tokenised green bonds. At the same time, we encourage market innovation and nurture the broader ecosystem. For example, building on the Project Ensemble sandbox, Ensemble TX was launched by the HKMA (Hong Kong Monetary Authority) in November last year. It is a new pilot phase that enables faster, more transparent and more efficient settlement of real-value tokenised transactions.
 
     Looking ahead, as the convergence of AI and blockchain continues to accelerate, the Government and our regulators will work with the industry to foster concrete, high-impact use cases, while ensuring that emerging risks are properly identified, monitored and managed. 
 
Concluding Remarks
 
     Ladies and gentlemen, before I close, let me leave you with this message: the Hong Kong SAR Government and our financial regulators fully recognise the need of and are committed to keeping pace with rapid technological change, and building a vibrant digital asset ecosystem here in Hong Kong. We welcome global innovators like you to join us on this journey.
 
     In less than a week, we will celebrate the Chinese New Year. The Year of the Horse symbolises agility, stamina and strength. May I wish you all a prosperous and energetic year ahead. And for those who have travelled from afar, I hope you will take some time to enjoy the festive spirit and unique charm of Hong Kong.
 
     My thanks once again to CoinDesk for hosting this remarkable event in Hong Kong. May this event inspire many more fresh ideas and lasting partnerships. Thank you very much.
Issued at HKT 13:44

Hong Kong Customs alerts public to one model of unsafe toy truck (with photo)      Customs is committed to the protection of consumer interests and regularly conducts spot checks and safety tests on toys and children’s products to ensure that they are reasonably safe for use by consumers.

     Under the TCPSO, it is an offence to supply, manufacture or import unsafe toys or children’s products. The maximum penalty upon conviction is a fine of $100,000 and imprisonment for one year on first conviction, and a fine of $500,000 and imprisonment for two years on subsequent conviction.Issued at HKT 17:00

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Speech by SFST at Inaugural Family Office Forum “Stewardship in the Chinese Context: Family, Legacy, Future” (English Only) 
Zhou Li (Deputy Editor-in-Chief of China Daily), ladies and gentlemen, distinguished guests,
 
     Good morning. It is a great privilege to address you today at this Inaugural Family Office Forum. As we work together to position Hong Kong as Asia’s premier strategic hub for family offices, we recognise the profound interplay in the Chinese context between family wealth, legacy building, and future planning. Here, wealth stewardship extends beyond financial growth to embrace social responsibility, intergenerational harmony, and lasting impact. Hong Kong is committed to fostering an ecosystem that supports sustainable, responsible, and enduring wealth preservation for families worldwide.
 
     Hong Kong has long been a leading global wealth management centre. As of the end of 2024, total assets under management in our asset and wealth management sector surpassed HK$35 trillion, with more than 54 per cent originating from outside Hong Kong and the Mainland. The private banking and private wealth management business linked to family offices and private trusts reached HK$1,551 billion. Hong Kong ranks as Asia’s largest cross-border wealth management centre, and holds the second position in private equity capital under management in Asia after the Mainland. These strengths create a natural, robust platform for family offices to manage, protect, and grow their wealth effectively.
 
     With a long history of expertise in private wealth management, underpinned by the rule of law, world-class professional services, and unparalleled connectivity, Hong Kong is ideally positioned as a trusted base for global high-net-worth families establishing or expanding family offices. Globally, over 2.3 million individuals have a net worth exceeding US$10 million, with more than 36 per cent in Asia. Recent data shows Hong Kong hosts the highest number of ultra-high-net-worth individuals in Asia – over 17 000 – making us a magnet for talent and capital in this space.
 
     In March 2023, we issued the Policy Statement on Developing Family Office Businesses in Hong Kong, outlining targeted measures to build a competitive and supportive ecosystem. These include, among others, a tax concessions regime, the New Capital Investment Entrant Scheme (New CIES), and the establishment of the Hong Kong Academy for Wealth Legacy. As of end-January this year, the New CIES has received over 3 000 applications, with potential investments exceeding HK$90 billion if all approved. More than 1 600 applications have been formally approved, with investments in equities, debt securities, certificates of deposit, eligible collective investment schemes, limited partnership funds, and real estate with certain restrictions in place.
 
     Invest Hong Kong’s dedicated FamilyOfficeHK team provides one-stop support for family offices seeking to establish or expand in our market. By the end of last year, the team had assisted more than 200 family offices to set up or grow their presence in Hong Kong.
 
     Building on this momentum, market research just revealed yesterday that Hong Kong now hosts over 3 300 single family offices, an increase of over 25 per cent over a two-year period. We achieved our 2022-25 target of facilitating at least 200 family offices to set up or expand in Hong Kong ahead of schedule. Looking forward, as we plan to further develop the sector, we aim to attract at least 220 more family offices to establish or expand operations here from 2026 to 2028, broadening our reach to include more markets, for example Europe, the Middle East and ASEAN (Association of Southeast Asian Nations). Beyond investments, family offices contribute substantially through other economic and social channels. It is estimated that single family offices in Hong Kong collectively contribute about HK$12.6 billion annually to the local economy through operating expenditure alone, and that they directly employ over 10 000 full-time professionals within their operations.
 
     Over the past two years, proactive promotion and supportive policies have made family offices a vital pillar of Hong Kong’s financial ecosystem. The city offers a unique blend of top-tier professional services, an exceptional quality of life, and leadership in emerging areas such as green and sustainable investments, art, culture, and philanthropy. We will continue refining our measures – including further expansion of scope for qualifying investment for the preferential tax regimes offered to funds and single-family offices, covering for example precious metals, loans and private credit investments, and digital assets – to maintain this strong growth trajectory.
 
     Combined with Hong Kong’s absence of capital gains tax and estate duty, our tax concession enables families to enhance after-tax returns, preserve wealth across generations, and direct more resources toward philanthropy, legacy-building, and innovative investments. As Asia’s leading cross-border wealth hub, Hong Kong provides unmatched tax certainty and access to diverse opportunities.
 
     We have intensified global outreach through roadshows in the Mainland, Europe, and ASEAN. We are also extensively featured in international media, and conduct direct engagement with ultra-high-net-worth individuals. Our flagship Wealth for Good in Hong Kong Summit has been a major success. The March edition last year, themed “Hong Kong of the World, for the World”, brought together influential family office principals to explore technology, artificial intelligence, philanthropy, succession planning, and cultural innovation. Preparations are underway for the next Summit in March this year to sustain this momentum, and reinforce Hong Kong’s status as the premier global family office hub.
 
     In closing, we warmly invite family offices from around the world to join us in Hong Kong. By leveraging our unique advantages – connectivity to the Mainland and the world, robust infrastructure, and a commitment to stewardship – we can together honour family legacies while shaping a prosperous, sustainable future.
 
     Thank you.
Issued at HKT 10:33

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TD to implement special arrangements for licence renewals before and after Budget Day             “Eligible licence holders do not need to rush to the Licensing Offices to submit renewal applications for their vehicle or driving licences on speculation that their fees may increase in the Budget. The special arrangements are not related to the content of the Budget, about which the TD has no information,” a spokesman for the TD said.
 
Note: For electric private cars, the present rate refers to the licence fee structure and levels effective from November 1, 2025. Since the Government provides a four-month grace period fee arrangement for eligible vehicle owners, if their vehicle licences expire on or before February 28, 2026, they may be renewed on or before the licence expiry date at the old fee level in effect before November 1, 2025.
Issued at HKT 11:00

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Hong Kong Customs combats traders supplying shortweight Chinese New Year products     ​
     Members of the public may report any suspected violations of the WMO to the Customs 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hkIssued at HKT 12:45

Candidate Eligibility Review Committee announces 25 registrations of ex-officio members of Election Committee as valid      
     In accordance with section 5J of the Schedule to the Chief Executive Election Ordinance (Cap. 569), a person holding a specified office under Part 2A of the Schedule may register as an ex-officio member of the EC.  
      
     The Registration and Electoral Office has received 25 registrations of ex-officio members. After review, the CERC has determined that those registrations are valid. The subsectors and specified offices involved are listed below: