MIL Asia Pacific Publishing Engine

Source: Hong Kong Government special administrative region – 4

The Innovation and Technology Commission (ITC) today (November 18) launched the Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+) under the New Industrialisation Support Scheme of the Innovation and Technology Fund (ITF) and enhanced the existing New Industrialisation Acceleration Scheme (NIAS) to further drive the development of new industrialisation in Hong Kong.

“By launching Manufacturing+ and enhancing the existing NIAS, the Government aims to promote new industrialisation and foster diversified economic development. Announced in this year’s Budget, Manufacturing+ seeks to encourage local manufacturing enterprises, particularly small and medium-sized enterprises with no prior experience in smart production investment, to adopt smart production technologies and upgrade their production lines, thereby driving the development of new quality productive forces. As well, the Chief Executive announced in this year’s Policy Address that the application threshold for the NIAS will be relaxed and funding would be provided on a matching basis for enterprises to employ relevant technical personnel. This will help attract more enterprises engaging in strategic industries to set up new smart production facilities in Hong Kong, driving high value-added advanced manufacturing,” a spokesman for the Commission said.

The spokesperson continued, “The Government will proactively leverage innovation and technology to drive high value‑added manufacturing, promote new industrialisation, and remain committed to providing timely and appropriate support to relevant enterprises.”

Under Manufacturing+, the Government will provide funding of up to $250,000 per eligible enterprise on a 1 (Government): 2 (enterprise) matching basis to enterprises operating production lines in Hong Kong to assist them to formulate smart production strategies and introduce advanced technologies into existing production lines. The funding scope covers relevant consultancy fees, costs for purchasing equipment and integrating smart technologies into existing production lines, as well as training and development expenses. To ensure effective use of resources, Manufacturing+ will be overseen by the Committee on Technology Adoption and Production Line Upgrade, with the Hong Kong Productivity Council serving as its Secretariat.

In addition, the application threshold for the NIAS will also be relaxed, with the minimum total project cost lowered from $300 million to $150 million. Enterprises shall contribute no less than $100 million while the matching ratio of 1 (Government) to 2 (enterprise) remains unchanged. Moreover, the ITC will also provide funding on a 1 (Government) to 1 (enterprise) basis for companies approved under the NIAS to employ up to 10 technical personnel required for setting up or operating smart production facilities.

Manufacturing+ and the NIAS accept applications year-round. Details are available on the Innovation and Technology Fund website (www.itf.gov.hk). For enquiries, please contact the Secretariat of the schemes (Tel: 3543 5904; email: enquiry@itf.gov.hk).

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Information Services

The seasonally adjusted unemployment rate decreased from 3.9% in the July to September period to 3.8% in the August to October period, the Census & Statistics Department announced today.

The underemployment rate remained at 1.6%.

Total employment was 3,672,700, down around 1,800 from July to September, while the labour force also decreased by around 7,800 to 3,822,300.

Looking ahead, Secretary for Labour & Welfare Chris Sun said the solid expansion of the Hong Kong economy, along with improvements in business sentiment and a gradual recovery in consumption confidence, should give support to the labour market. 

“However, the employment situations of some sectors would continue to face challenges from economic restructuring,” he added.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     The Government announced today (November 18) that the Chief Executive in Council has approved the establishment of the third medical school, and has approved in principle for the new medical school to be established by the Hong Kong University of Science and Technology (HKUST).

     The Chief Executive, Mr John Lee, said, “Hong Kong is proactively developing into an international medical training, research and innovation hub. The establishment of the third medical school to train more healthcare professionals is crucial to enhancing local healthcare services. I thank the expert advisors of the Task Group on New Medical School for their efforts in the past year for completing the evaluation in an efficient, professional and fair manner within a short period of time, laying a solid foundation for the establishment of the third medical school. The third medical school will work closely with the two existing medical schools to complement each other’s strengths, enhance the standard and capabilities of Hong Kong’s scientific research and medical education, and respond to the national strategy of building the nation into a leading country in education.” 

     A Government spokesman said that the expert advisors and members of the Task Group conducted an in-depth review of the proposals submitted by the three universities from various perspectives including innovative strategic positioning, curriculum structure and financial sustainability. Having regard to the Task Group’s evaluation outcome and recommendation, the Chief Executive in Council has approved in principle for the new medical school to be established by the HKUST to launch a new four-year graduate-level entry medical programme. The HKUST shall aim to admit its first cohort of 50 students in the 2028/29 academic year. Before commencement of student admission, the HKUST must obtain an in-principle approval from the Medical Council of Hong Kong for the accreditation of its medical curriculum.

     The HKUST should proceed with the planning, preparation and establishment of the third medical school. It shall sign a Memorandum of Understanding with the Government on key implementation requirements, including curriculum accreditation, financing, staffing, campus development and teaching hospital arrangements, and collaborate closely with the Government and the Task Group on relevant matters during the implementation stage. The HKUST has pledged to commit its own resources (including donations and funds) to partially fund for the establishment of the new medical school, including contributing over $2 billion to build a new complex on its Clear Water Bay campus as the premises for the new medical school.

     The Secretary for Health, Professor Lo Chung-mau, said, “Today is an important day for Hong Kong’s healthcare system. The establishment of the new medical school will nurture more outstanding doctors to support the local healthcare system in providing quality services, while at the same time raising the standard and capacity of Hong Kong’s scientific research and medical education, developing Hong Kong into a leading hub for nurturing scientific research and clinical talent in health and medical innovation. The Task Group and the HKUST have a tight schedule ahead. I look forward to the HKUST finalising the implementation details of the third medical school’s establishment plan shortly. We are confident that the establishment of the new medical school will introduce healthy competition, and expect the two existing medical schools to fully support its development, thereby creating synergy.”

     The Secretary for Education, Dr Choi Yuk-lin, said, “The proposals submitted by the three universities are detailed and each has its own merits, with institutional characteristics and innovative ideas. They demonstrate the higher education sector’s unity in medical education and related professional training to jointly create a better future for Hong Kong. Education is the foundation for building China into a great country and achieving national rejuvenation. Hong Kong is currently the only city in the world with five universities in the world’s top 100, and the establishment of the new medical school will inject new impetus into our higher education, further consolidating Hong Kong’s position as an international post-secondary education hub and an international hub for high-calibre talent. The new medical school will also accelerate Hong Kong’s alignment with the national blueprint of the 2024-2035 master plan on building China into a leading country in education for building world-class universities and academic subjects. I expect the university to continue to seize the opportunities of the Northern Metropolis University Town, to develop synergy with neighbouring industries, and to provide talent support for the country and Hong Kong.”

     Professor Lo added, “The three proposals are each distinctive and demonstrate their unique strengths. The proposal from Hong Kong Baptist University (HKBU) advocates for an integrated Chinese-Western medicine programme; the proposal from the Hong Kong Polytechnic University (PolyU) focuses on inter-professional training and the application of artificial intelligence; while the HKUST concentrates on training physician-scientists who possess both clinical capabilities and scientific research expertise. I am deeply encouraged that the three universities have submitted proposals for the establishment of a new medical school, demonstrating their commitment to the development and innovation of healthcare in Hong Kong.”

     The Chief Executive announced in the 2024 Policy Address that the Government supports the establishment of the third medical school by a local university to nurture more outstanding medical practitioners to support the local healthcare system in providing quality services, while at the same time promoting the development of Hong Kong into an international medical training, research and innovation hub. The Task Group was established in October 2024, comprising seasoned local, Mainland and overseas academics in medical education and university management, professionals, representatives from the Medical Council of Hong Kong and the Hong Kong Academy of Medicine, as well as representatives from the relevant government bureaux and departments. The Task Group issued a letter of invitation in December 2024 to all University Grants Committee-funded universities to submit proposals for the establishment of the third medical school. By the deadline in March 2025, three proposals were received from HKBU, the PolyU and the HKUST. The Task Group held two rounds of meetings with the universities that submitted proposals in May and June 2025.

Source: Republic of China Taiwan

The Department of Industrial Technology (DoIT) of the Ministry of Economic Affairs (MOEA) 17th held the Sports Technology R&D Achievements Press Conference, highlighting three major opportunities-cross-industry collaboration, cross-domain integration, and startup engagement-and showcasing five cutting-edge innovations that enhance athletic training, sports viewing, and safety protection. These achievements demonstrate Taiwan’s continued advancement toward next-generation “Sports Everywhere” smart sports applications.

Among the highlights, the “Taiwan Hawk-Eye” Baseball Tracking System drew significant attention. Featuring a pitching-trajectory error of less than one centimeter, the system delivers accuracy comparable to that used in Major League Baseball. It has already been deployed at Tianmu Baseball Stadium, Taichung Intercontinental Baseball Stadium, and the Taipei Dome, and has been introduced to Hongye Elementary School in rural Taitung to support scientific baseball training. The innovation underscores how technology is strengthening Taiwan’s national sport and promoting broader sports-industry development.

Director-General Chao-Chung Kuo of DoIT stated that the showcased technologies were developed under the Executive Yuan’s Taiwan Sports x Technology Industry Strategy (SRB) Action Plan, focusing on two key directions: “technologizing the sports industry” and “sportifying the technology industry.” This year’s achievements span baseball, golf, cycling, and mountaineering-leveraging Taiwan’s competitive sports strengths to advance technological leadership, drive industrial value creation, and foster an emerging sports-technology ecosystem with global market potential.

Technologizing the Sports Industry
With the rapid growth of Taiwan’s hiking and outdoor sports culture, the demand for safe mountaineering solutions has increased significantly. The “Tech Mountaineer – MountLink Remote Guardian Platform” integrates base-station-free long-range communication with SOS alert functionality, and has been adopted in collaboration with government agencies and fire-rescue units to strengthen mountain-safety management and emergency response.

Taiwan also holds a strong global position as a “bicycle kingdom,” supported by a complete and competitive industry chain. The Indoor Cycling Training System, developed with DoIT support, integrates smart trainers with interactive software, enabling coaches to monitor incline changes and athletes’ physiological responses in real time. This enhances training precision and demonstrates Taiwan’s strong capability in connecting R&D, industrialization, and cross-domain applications-driving momentum for future smart cycling innovations.

Sportifying the Technology Industry
On the technology-industry front, the Smart Golf Service System is the first portable, all-in-one multi-sensor solution capable of providing instant swing-movement feedback. With its lightweight and integrated design, the system shortens setup time and supports deployment in diverse golf environments. It accelerates the shift toward mobile and intelligent golf training, helping domestic equipment manufacturers transition from hardware suppliers to complete solution providers.

Meanwhile, “GolfMaster AI Coach ” and AI Golf Fitness Assessment & Training Service deliver comprehensive biomechanical analysis and automatically generate personalized training programs. These solutions support self-directed learning for recreational players and enhance professional instruction for coaches. Above systems were deployed at Sunrise Golf & Country Club and Wu Fong Golf Course during the World Masters Games 2025, demonstrating how technology enables safer, smarter, and more effective sports participation across diverse user groups-from rural communities to metropolitan areas, and from beginners to elite athletes.

In addition, representatives from research institutes, end-user organizations, and industry partners were invited to the press conference to learn more about government policy directions and available resources. Attendees included Tai-Shan Chang, General Manager of NiceSports; Asian Games golf gold medalist and coach Jui-Hui Lee; Ching-Larng Su, Honorary President of Taiwan Golf Course Association; Ching Chu Huang, General Manager of Wu Fong Golf Course; Yung-Ting Chen from the Sixth Rescue and Emergency Response Battalion of the Kaohsiung City Fire Department; Ke-Hsin Tseng, cycling coach at the National Taiwan University of Sport; Chieh-Cheng Chen, General Manager of XPORTS; Yo-Kuang Wang, CEO of OSENSE Technology; Yu-Wei Chung, Co-founder of Preciser; Yi-Chin Wang, head of Joyhike; and Tzu-Hao Huang, CEO of Justhings Technology.

Also attending were Jen-Chieh Cheng, General Director of the Service Systems Technology Center of the Industrial Technology Research Institute (ITRI); Tse-Ming Tsai, Senior Deputy Director-General of the Institute for Information Industry (III) Software Research Institute; and Chin-Yang Lee, Deputy General Manager of the Cycling & Health Tech Industry R&D Center (CHC).

This initiative enables enterprises to more effectively adopt AI and smart-sensing technologies, enhancing training precision, accelerating product commercialization, and expanding international market opportunities-demonstrating new growth potential for Taiwan’s sports-technology industry.

DoIT emphasized that these technological breakthroughs not only bring direct benefits to the public but also create new opportunities for industrial collaboration, commercialization, and international expansion. From equipment manufacturing to data-driven service applications, Taiwan demonstrates comprehensive capabilities in smart sports technology. Moving forward, MOEA will continue collaborating with ITRI, III, CHC, local governments, and enterprise partners to establish an innovation ecosystem that connects field validation with global market deployment-making technology-enabled sports and wider public participation an integral part of daily life in Taiwan.

The “Sports x Technology Action Plan,” launched in 2023, spans 2023-2026 (ROC years 112-115) with a total budget exceeding NT$5 billion. The plan focuses on emerging sports-technology applications, promoting hardware-software integration and virtual-physical fusion services, encouraging high-tech industries-including equipment manufacturers, sports-gear producers, and ICT companies-to accelerate sports-technology adoption, and supporting the industrialization of Taiwan’s competitive sports sectors such as baseball, golf, and indoor/outdoor sports venues. By its conclusion, the plan is expected to stimulate around NT$3 billion in private-sector investment and generate over NT$7.5 billion in industry output, advancing Taiwan’s sports-technology development from R&D to full-scale implementation.

Source: Hong Kong Information Services

The Chief Executive-in-Council has endorsed the University of Science & Technology (UST) to establish Hong Kong’s third medical school, with the inaugural cohort of 50 medical students expected to be admitted in 2028.

Secretary for Health Prof Lo Chung-mau made the announcement at a media session today while providing an update on the latest progress of the establishment of a new medical school.

He said the decision took into consideration the Task Group on New Medical School’s recommendations, after a holistic assessment based on 10 major criteria.

“The UST has got a lot of important advantages in terms of, for example, their innovative strategic positioning, building up clinician scientists, (and) their university ranking is certainly one of the matters that we considered as we see the UST has a more global outlook. And the financial model that they propose is more in line with the policy of having matching in our subsidy in this important venture.”

The university proposed to self-fund $2 billion to build a medical school complex in Clearwater Bay.

Prof Lo said: “About the reason for having an interim campus in Clear Water Bay, the Ngau Tam Mei site would not be ready by the year 2028, which is the proposed year for the initiation of this medical curriculum for the UST, so we have to have an interim campus for teaching. The Ngau Tam Mei campus will likely be ready at around 2034 to 2035, so we have to rely on the interim campus for teaching for the time being.

“And also because the teaching hospital in Ngau Tam Mei will not be ready for quite a while, we will need to rely on some other teaching hospitals, which is actually included in the proposal by the UST. And this is also the reason that we have to seek support from the Hospital Authority.”

The inaugural graduates are expected to begin housemanship in 2032, he added.

Source: Hong Kong Government special administrative region

     The Lianlian DigiTech Co Ltd (Lianlian DigiTech), a leading Mainland digital payment solutions provider, established its overseas business headquarters in Hong Kong today (November 18), leveraging the city’s pivotal role as a “super connector” and “super value-adder” between the Chinese Mainland and the world to expand globally.
      
     The Deputy Financial Secretary, Mr Michael Wong, delivered a speech at the opening ceremony and officiated the event with the Secretary for Financial Services and the Treasury, Mr Christopher Hui; the Director-General of Investment Promotion of InvestHK, Ms Alpha Lau; and the Director-General of the Office for Attracting Strategic Enterprises, Mr Peter Yan. 

     Mr Wong said, “Hong Kong is the place where the Government and the regulatory authorities are working close partnership with enterprises so that enterprises will succeed in Hong Kong, in the region and the entire world. We provide first-class hardware and software such that fintech enterprises can leverage our strengths and become successful in whatever products or services that they might choose to deliver.”
      
     He added, “Currently we have around 1 200 fintech companies in Hong Kong, up 10 per cent from last year. The Hong Kong Monetary Authority unveiled Fintech 2030, a strategy for driving Hong Kong’s fintech development at Hong Kong FinTech Week 2025 earlier this month. We aim to provide a user-friendly ecosystem that will support the growth and development of enterprises in fintech and other sectors.”
      
     At the panel discussion after the opening ceremony, Ms Lau said, “Hong Kong has always served as the homeport for Mainland enterprises sailing to the world. We will continue to play a guiding role in navigating Mainland enterprises to the international stage, offering one-stop support through the GoGlobal Task Force platform on supporting Mainland enterprises, such as Lianlian DigiTech and other enterprises aiming to leverage Hong Kong as a springboard to go global.”  
      
     The Chairman of the Board and Executive Director of Lianlian DigiTech, Mr Zhang Zhengyu, said that Hong Kong is renowned as a global financial hub and innovation powerhouse. It boasts a mature legal ecosystem, open capital markets, and an unparalleled pool of global tech talent – all unique advantages that make it a gateway to the world. The city’s DNA of “connecting globally and embracing innovation” resonates deeply with Lianlian’s mission to “make global commerce easy through digitalisation”.
      
     “As an enterprise contributing to connect the Chinese Mainland economy and the global market, Lianlian is dedicated to providing efficient, secure, and intelligent digital payment and financial solutions to global customers through technological innovation and compliant development. The establishment of our overseas business headquarters in Hong Kong will serve as Lianlian’s global strategic hub expanding globally and a cutting-edge innovation  ‘testing ground’,” Mr Zhang said.
      
     He added, “Looking ahead, we will not only focus on assisting Chinese enterprises in sailing into international waters and expanding into global markets but also strive to build a pivotal hub connecting traditional finance with the digital future. Simultaneously, we are eager to contribute to the flourishing of Hong Kong’s fintech ecosystem and to position it as a new global financial hub in the Web3.0 era. Together, we envision a smarter, more interconnected and more trustworthy digital future.”
      
     Founded in 2009 and listed on the main board of the Hong Kong Stock Exchange in 2024, Lianlian DigiTech is a leading digital payment solutions provider on the Chinese Mainland, with capability to serve customers worldwide. As of now, it has established a global payment license network comprising 66 payment licenses and related qualifications, and holds a virtual asset trading platform license issued by the Securities and Futures Commission of Hong Kong. As of June 30, Lianlian DigiTech provides services in more than 100 countries and regions, supporting transactions in over 130 currencies, and has served a cumulative total of over 7.9 million customers. In the first half of 2025, the total payment volume of its digital payment business reached RMB2.1 trillion.
      
     For more information about Lianlian DigiTech, please visit www.lianlian.com.
      
     To obtain a copy of the photos, please visit www.flickr.com/photos/investhk/albums/72177720330390297.

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) today (November 18) published a research report titled Scaling Sustainable Debt in Emerging Markets, with BloombergNEF as a knowledge partner, which presents key findings from a joint research project that explores the potential of labelled debt for facilitating sustainable development in emerging markets.
      
     The research report shows that labelled sustainable debt markets across the Middle East and North Africa (MENA) and emerging Asia Pacific (APAC) have significant room to grow, with many issuers and borrowers financing sustainable projects with unlabelled instruments. Government support to offset labelling costs and provide guidance can ease the challenges when issuers go to market. Encouraging greater corporate issuance and expanding beyond the green label as well as typical structures present other avenues for growth.  
      
     The report also features three case studies showcasing innovation in sustainable finance beyond conventional labels, tenors and structures: a blue bond from DP World, a sustainability-linked loan bond from Emirates NBD, and long-tenor green bond and loan from MTR Corporation Limited.
      
     The Chief Executive of the DFSA, Mr Mark Steward, said, “This research provides valuable insight into how sustainable debt is evolving across the MENA and emerging APAC regions. The US$94 billion issuance record in 2024 reflects growing investor confidence and the resilience of our markets. Our focus remains on supporting all forms of sustainable and transition finance to ensure that the market within the DIFC (Dubai International Financial Centre), United Arab Emirates (UAE), and across the region remains robust and credible for the long term.”
      
     The Chief Executive of the HKMA, Mr Eddie Yue, said, “Sustainable debt is a promising tool for bridging the multi-trillion-dollar climate financing gap in emerging markets. Through this joint research, we aim to explore solutions to remove the barriers faced by issuers and identify opportunities for growth. As Asia’s leading sustainable finance hub that arranges 45 per cent of the region’s international green bond issuances in 2024, Hong Kong is committed to leveraging our infrastructure and know-how to support emerging markets in reaching their sustainable development goals.”
      
     The Chief Executive of BloombergNEF, Mr Jon Moore, said, “Sustainable debt helps build trust and transparency in the financial market. The effort by the HKMA and the DFSA to drive the development of sustainable debt markets provides valuable support to scale up finance and investment for energy transition. We hope this report and our industry leading insights can help regulators and market participants navigate this transition and capture opportunities that advance global sustainability objectives.”
      
     The insights from the report will be discussed during the DFSA-HKMA Joint Climate Finance Conference on November 26 in Dubai.
      
     The full report is available here.
      
     More information on the DFSA-HKMA Joint Climate Finance Conference is available here.
 
About HKMA

     The HKMA is Hong Kong’s central banking institution. The HKMA’s main functions are: (i) maintaining currency stability within the framework of the Linked Exchange Rate System; (ii) promoting the stability and integrity of the financial system, including the banking system; (iii) helping to maintain Hong Kong’s status as an international financial centre, including the maintenance and development of Hong Kong’s financial infrastructure; and (iv) managing the Exchange Fund.
 
About DFSA

     The DFSA is the independent regulator of financial services conducted in and from the DIFC, a purpose-built financial free zone in Dubai, UAE. The DFSA regulates and supervises financial services firms and markets in the DIFC. These include asset managers, banks, custody and trust services, commodities futures traders, fund managers, insurers and reinsurers, traders of securities and fintech firms. The DFSA supervises exchanges and trading platforms for both conduct and prudential purposes, overseeing an international securities exchange (Nasdaq Dubai) and an international commodities derivatives exchange (Gulf Mercantile Exchange). The DFSA is also responsible for supervising and enforcing anti-money laundering and countering the financing of terrorism requirements applicable in the DIFC. Please refer to the DFSA’s website for more information.