Category: Economy

MIL-OSI Asia-Pac: LCQ19: Operation of Hong Kong Investment Corporation Limited

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Adrian Ho and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (April 16):

Question:

     The Chief Executive announced in the 2022 Policy Address the establishment of the Hong Kong Investment Corporation Limited (HKIC) to be responsible for managing $62 billion of investments. It has been reported that as at March this year, HKIC has invested in about 100 projects at different stages of development. There are views that while HKIC has been in operation for more than two years, there is a lack of transparency as it has yet to disclose detailed information on, among others, the progress of its investments and the remuneration levels of its various senior management staff. This has also aroused concern about whether HKIC can really do a good job in vetting its investments in cutting-edge industries, such as biotechnology, financial technology and big data. In this connection, will the Government inform this Council whether it knows:

(1) the total amount of investments currently managed by HKIC; the respective total expenditure (other than staff remuneration) and total income of HKIC in the past year;

(2) the establishment (including staff at all levels) approved by the Board of Directors of HKIC since its establishment; the total expenditure on the remuneration of its staff and the expenditure on the remuneration of its various senior management staff in the past year;

(3) the composition of the Investment Committee under the Board of Directors of HKIC, the investment experience of its members (e.g. the direct or indirect investment and merger and acquisition projects in which they have taken part, and the corresponding amounts of investments made in such projects), and the respective investment decision-making process of the Investment Committee;

(4) the number of days HKIC has operated since its establishment, the total number of investment projects vetted and screened, and the average number of hours required for vetting and screening an investment project;

(5) among the 100 or so investments made by HKIC, of the names of the enterprises in each investment, industries to which they belong, their nature (that is, whether they are direct or indirect investments), the percentage of shareholding, the projected rate of return on the investments, the investment period, and whether there is any exit mechanism;

(6) given that HKIC will organise the Roundtable for International Sovereign Wealth Funds and the Summit on Start-up Investment and Development in Hong Kong, of the respective estimated expenditure and objectives of these two events; and

(7) whether HKIC has formulated various performance indicators or quantifiable standards (including but not limited to the number of enterprises facilitated to be listed in Hong Kong, the number of new job opportunities, the share of the industries in the Gross Domestic Product, and the definition of reasonable medium-to-long-term financial returns, etc.), so as to achieve the objective of enhancing Hong Kong’s long-term competitiveness and economic vitality?

Reply:

President,

     In consultation with the Hong Kong Investment Corporation Limited (HKIC), the reply to the seven parts of the question is as follows:

     In the 2022 Policy Address, the Chief Executive announced the establishment of the HKIC to manage a total of HK$62 billion under the Hong Kong Growth Portfolio, Greater Bay Area Investment Fund, Strategic Tech Fund, and Co-Investment Fund. The positioning of the HKIC is to capitalise the power of “Patient Capital” to channel market capital and leverage market resources, with a view to attracting technology enterprises to set up and continue their operations in Hong Kong, thereby accelerating the development of a vibrant strategic industry ecosystem, while seeking a reasonable financial return over the medium to long term.

Investment Work Progress and Due Diligence

     Since its establishment, the HKIC has invested in more than 100 projects, including enterprises with cutting-edge technologies or in key industries. These projects are medium-to-long-term investments. Key themes include Hard & Core Technology, Biotechnology and New Energy & Green Technology, with the proportions being 56 per cent, 16 per cent and 11 per cent respectively based on the invested amount.

     With the further implementation of the HKIC’s investment, the relevant impact has become increasingly apparent, including (1) further activating the relevant innovation and technology (I&T) ecosystem in Hong Kong, attracting more cutting-edge technology enterprises to set up their operations in Hong Kong or expand their scientific research teams in Hong Kong, enabling Hong Kong-based start-ups to explore and expand into Asian and international markets, and facilitating more cross-sector and cross-industry exchanges between the technology and industry segments; and (2) leveraging market capital to support the development of local technology enterprises.

     The HKIC actively collaborates with different investment institutions, jointly making investment with them, and promoting the continuous development and application of cutting-edge technologies in Hong Kong. As of March 2025, every Hong Kong dollar invested by the HKIC has attracted over four Hong Kong dollars from long-term capital in the market for investment. Each of the above projects has on average investment participation from two to three investment institutions.

     The HKIC has clear requirements for investee companies to contribute to Hong Kong’s development in a sustainable manner, such as requiring the companies to establish offices in Hong Kong, nurture and attract talents, establish research and development departments and/or corporate venture capital (corporate VC) departments in Hong Kong, and prioritise Hong Kong for their listing. Many investee companies have made good progress in attracting capital and talents as well as exploring new markets, which has accelerated their planning for business development with Hong Kong as the platform. Certain investee companies have submitted their listing applications to the Hong Kong Exchanges and Clearing Limited.

     In order to maximise the contribution of each investment to Hong Kong and to fully leverage the channelling force of the HKIC’s capital, the HKIC currently focuses on making direct and co-investments. Notwithstanding, having regard to the specific circumstances of each project (including geographical locations, investment themes, financing rounds, legal and compliance considerations), the HKIC will flexibly adopt different strategies, including but not limited to modes of investment such as equity, debt, or a combination of both, as well as different holding arrangements (including structure, holding period, and design of exit clauses).

     The HKIC has a robust due diligence and risk assessment mechanism. Drawing reference from the approach adopted by other long-term capital and institutional investors in the market, in addition to its internal team, the HKIC will hire external experts and institutions to support its relevant work when necessary. The time required for reviewing and screening varies for each project having regard to the differences in the specific circumstances of the project. Moreover, all investment projects are reviewed and approved by the Board of Directors (Board) or the Investment Committee under the Board.

Organisational Structure and Governance and Operational Arrangements

     The HKIC’s organisational structure and operational arrangements (including budget) are reviewed and approved by the Board. Currently, the HKIC has four major departments, namely the Investment Department, Risk and Compliance Department, Legal Department and Corporate Affairs Department, with a total headcount of 53. With the full commencement of the HKIC’s work, the organisational structure is expected to be further strengthened, particularly on post-investment monitoring and legal areas.

     The HKIC reports to its Board on matters relating to its operations and investments. Apart from officials from the relevant government bureaux, the Board also comprises industry leaders from non-official backgrounds, including experts, academics and professionals with specialised technological backgrounds and extensive start-up experience. All investment projects are reviewed and approved by the Board or the Investment Committee under the Board. The Board will continue to review the governance and operational arrangements of the HKIC as and when appropriate, taking into account the direction of investment and the development needs of Hong Kong.

     With a view to allowing the public to have a more comprehensive understanding of the HKIC’s operation and business outcomes, the HKIC plans to publish its inaugural annual report in the second half of this year to present the progress of its operation and investment.

Events to Promote Investment

     The HKIC is pressing ahead with the organisation of the 2025 Hong Kong Start-up Investment and Development Summit and the International Forum for Patient Capital (Forum). These two events will bring together key stakeholders from I&T field spanning government, industry, academic, research and investment sectors, providing them with a platform to exchange multi-dimensional views regarding topics on I&T, entrepreneurship and venture investment of Hong Kong, with a view to joining hands in building a vibrant ecosystem. In addition, the Forum will invite international “Patient Capital” investment organisations, including sovereign wealth funds, to attend, and encourage them to actively engage in Hong Kong’s financial market and I&T ecosystem. The HKIC is taking forward the preparatory work and will announce the details of the events in due course.

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: Hong Kong/Shanghai Co-operation Open Data Challenge 2025 promotes collaborative development of digital economy in two cities (with photos)

Source: Hong Kong Government special administrative region

With the continuous acceleration of global digital transformation, data has become an important resource driving economic growth and innovative development, as well as a new production factor in the digital economy era. The Digital Policy Office (DPO) of the Hong Kong Special Administrative Region Government and the Shanghai Municipal Bureau of Data continue to jointly organise the Hong Kong/Shanghai Co-operation Open Data Challenge 2025 (HSODC 2025) this year to inspire more innovative applications and collaborations in open data through the competition.

Under the theme “Co-creating a Data Industry Platform for the Two Cities,” the HSODC 2025 invites participants to harness the extensive open data resources available in the two cities. The goal is to inspire innovative projects and develop advanced applications that emphasise four key areas: Smart Mobility, Smart Living, Smart Environment, and Smart Economy, thereby jointly driving deeper integration and fostering synergy between the digital economies of the two cities.

Besides the competition, the organisers also hosted a forum titled “Hong Kong/Shanghai Data Co-operation – Our data Stories”. The forum brought together data scientists, industry leaders, and entrepreneurs from both cities to share their expertise in transforming complex data analyses into intuitive and compelling narratives. Meanwhile, the Hong Kong/Shanghai Data Co-operation Pavilion at the InnoEX showcased innovative data applications of the two cities across various sectors including transportation, environment, healthcare and education. These exhibits highlighted how data-driven solutions help tackle real-world challenges, create social value, and unlock new opportunities. The Pavilion also serves as a unique platform for visitors to gain an in-depth understanding of the open data resources of the two cities and the potential for groundbreaking business collaborations.

Registration for HSODC 2025 is now open until June 16. The competition is not only aimed at advancing the robust development of open data ecosystems in the two cities but also cultivating data talent. Participants will benefit from professional training to deeply explore the distinctive features and strengths of urban data resources in both cities. Shortlisted teams will receive specialised technical training from June to mid-August, culminating in an opportunity to present their innovative and unique data technology solutions at the grand finale in Shanghai this August. Exceptional projects may even be recommended to participate in the National Data Administration’s “Data Element x” national level competition. For more details, please visit the official website: www.eng.hkshadata.org.
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The DPO orchestrated an impressive lineup of flagship innovation and technology (I&T) flagship events in April, spotlighting Hong Kong’s dynamic and thriving I&T ecosystem. Highlights include the Smart Hong Kong Pavilion at the InnoEX, the World Internet Conference Asia-Pacific Summit, hosted in Hong Kong for the first time, and the highly anticipated HSODC 2025.

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: LCQ5: Work on attracting enterprises and investments

Source: Hong Kong Government special administrative region

Following is a question by the Hon Sunny Tan and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (April 16):

Question:

     There are views that the fruitful results of Invest Hong Kong (InvestHK) in attracting enterprises and investments last year demonstrate that overseas and Mainland enterprises have full confidence in Hong Kong. In this connection, will the Government inform this Council:

(1) as InvestHK indicated last year that it would first focus on attracting medium-sized Mainland enterprises that had needs to go global to invest in Hong Kong, and it has been reported that the number of micro, small and medium-enterprises on the Mainland exceeds 52 million, of the authorities’ deployment for the aforesaid work;

(2) as it has been reported that some enterprises face problems in aspects such as talents, supporting resources and financing in Hong Kong when establishing presence in Hong Kong, and the Secretary for Innovation, Technology and Industry has pointed out the need for the entire Government to be involved in resolving such problems, whether the authorities have conducted an in-depth study on the problems and difficulties encountered by Mainland enterprises when establishing presence in Hong Kong; if so, of the details; if not, the reasons for that;

(3) as the 2024 Policy Address proposes that InvestHK and the Hong Kong Trade Development Council will set up a mechanism to provide one-stop, diversified professional advisory services for enterprises in Hong Kong looking to go global, whether the authorities have conducted a comparative analysis of the effectiveness of Mainland enterprises venturing overseas markets directly vis-a-vis doing so through Hong Kong, so as to grasp Hong Kong’s advantages; and

(4) whether it will consider identifying the problems faced by Mainland enterprises venturing overseas markets when establishing presence in Hong Kong, and strengthening cross-departmental collaboration among various policy bureaux and government departments having regard to the needs of enterprises in terms of products, production, talents, as well as financial, legal, dispute resolution and other professional services relating to venturing overseas markets, so as to formulate targeted relief policies and helping measures, such as providing more targeted talent and fund matching services; if so, of the details; if not, the reasons for that?

Reply:

President,

     According to the latest annual survey jointly conducted by Invest Hong Kong (InvestHK) and the Census and Statistics Department, the number of companies in Hong Kong with overseas or Mainland parent companies rose to 9 960 in 2024, reaching a record high. The number of start-ups in Hong Kong also increased to a record high of almost 4 700 in the same year.

     In 2024, InvestHK assisted 539 Mainland or overseas enterprises in establishing and expanding their businesses in Hong Kong, representing an increase of over 40 per cent as compared with the full year figure of 2023. On a pro-rata basis, the figure well exceeded the performance indicator as set out in the 2022 Policy Address by the Chief Executive. Among those 539 companies, 273 of them were from the Mainland.

     The above fruitful investment promotion results fully demonstrate InvestHK’s work achievements and that Mainland and overseas enterprises continue to have full confidence in Hong Kong despite geopolitical impact. Those enterprises have selected Hong Kong as their base to expand regional businesses in Asia so as to leverage the commercial values that Hong Kong could offer as a “super connector” and a “super value-adder” when assisting their global business expansion.

     In response to the Hon Sunny Tan’s question, our reply is as follows:

     The global trade landscape and geopolitics are rapidly changing, with parts of the supply chains shifting to the Global South and Belt and Road countries, while Mainland enterprises are also proactively establishing their presence abroad. According to statistics, there are currently more than 50 000 medium-sized manufacturing enterprises in the Pearl River Delta and the Yangtze River Delta alone, many of which involve overseas operations and have the need to go global with some of their manufacturing processes. Hong Kong’s rich experience in international trade and world-class professional services will be of assistance to such enterprises in seizing business opportunities when they plan to cope with the aforesaid changes.

     It was announced in the 2024-25 Budget that the Government’s goal was to develop Hong Kong into a multinational supply chain management centre. In his 2024 Policy Address, the Chief Executive further requested InvestHK and the Hong Kong Trade Development Council (HKTDC) to set up a high value-added supply chain services mechanism for attracting Mainland enterprises to establish international or regional headquarters in Hong Kong for managing offshore trading and supply chain, and providing one-stop professional advisory services for enterprises in Hong Kong looking to go global. In December 2024, InvestHK and the HKTDC established the above mechanism. The two agencies are also proactively collaborating with relevant “Team Hong Kong” organisations, including the Hong Kong Export Credit Insurance Corporation (ECIC), the Hong Kong Productivity Council, etc., to jointly support those Mainland enterprises in Hong Kong to go global.

     Despite that those Mainland enterprises would need to react to the United States’ tariffs imposed on different regions by re-constructing their supply chain networks, Hong Kong’s rich experience in international trade and world-class professional services allow it to become the destination for international or regional headquarters of those enterprises to manage offshore trading and supply chain. The enterprises could also leverage Hong Kong as a springboard for their multinational business development. On the one hand, through its Dedicated Teams for Attracting Businesses and Talents based in the Mainland Offices, InvestHK is proactively organising activities under the theme of multinational supply chain, so as to actively reach out to more Mainland enterprises for investment promotion work. As at end-February 2025, InvestHK had organised and co-organised around 20 relevant investment promotion activities in various Mainland cities, including Hangzhou, Nanjing and Xiamen, etc. within around one year’s time. InvestHK will identify Mainland enterprises wishing to go global through various activities and attract them to use Hong Kong as a platform for them to develop overseas businesses and establish supply chain.

     On the other hand, the HKTDC is providing one-stop professional advisory services for enterprises in Hong Kong. Towards enterprises with plans of going global, the HKTDC will, through its overseas offices, render on-site support services. These include assisting enterprises in establishing connections with overseas markets and understanding overseas laws and regulations; providing market research covering various emerging markets such as the Middle East, Central Asia and Latin America; as well as providing information on various areas including environmental, social and governance (ESG), testing and certification and export credit risk management. Furthermore, in view that Hong Kong’s business sector possesses rich knowledge and profound experience in compliance, labour protection and environmental protection of overseas markets, the HKTDC facilitates collaboration between enterprises and different organisations and industry stakeholders to provide ESG training, etc. for Mainland enterprises seeking to expand their reach to overseas markets. This will help them build goodwill with business partners and expand their markets.

     Besides, the ECIC will provide credit insurance for export services relating to multinational supply chain so as to render more comprehensive support for enterprises seeking to go global. To assist Hong Kong exporters in expanding into Mainland and emerging markets, the ECIC has also increased the number of free buyer credit checks from 12 to 20.

     In fact, Hong Kong’s advantages for assisting Mainland enterprises to go global are very obvious and important. Apart from possessing quality talents who have rich experience in offshore trading and supply chain management and the relevant network, Hong Kong has the distinctive advantages of enjoying strong support of the motherland and being closely connected to the world, as well as plays the important roles as a “super connector” and a “super value-adder”, under “one country, two systems”. All these make Hong Kong a two-way springboard for Mainland enterprises to go global and for attracting overseas enterprises. Hong Kong’s institutional fundamentals, including the exercise of the common law system, independent Judiciary, a favourable business environment with efficient and transparent markets, a regulatory regime in line with international rules, a simple and low tax system, world-class professional services, and free flow of goods and factors of production including talents, capital and information, as well as key national strategies, including the National 14th Five-Year Plan, the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt and Road Initiative, provide Hong Kong with unlimited opportunities and make it the only economy in the world where the global advantage and the China advantage come together.

     In addition, Hong Kong’s advantages and experiences especially meet the needs of small and medium enterprises from the Mainland (Mainland SMEs). Mainland SMEs’ demand for high value-added supply chain services is also consistent with InvestHK’s observations. During the past year, the Department noted at various investment promotion events that many Mainland SMEs had, upon understanding the aforementioned advantages of Hong Kong and the professional services it could offer, concurred that it would be far more effective and convenient for them to go global via Hong Kong instead of venturing overseas markets direct by themselves. They also expressed interest in establishing headquarters in Hong Kong for managing their offshore trading and supply chain. InvestHK and the HKTDC will provide these enterprises with one-stop supply chain advisory services and other relevant assistance through the high value-added supply chain services mechanism.

     To further step up co-ordination between bureaux and departments, with the support of the Financial Secretary, InvestHK set up an inter-departmental/agency referral mechanism led by the Director-General of Investment Promotion last year. By proactively collecting Mainland and overseas enterprises’ concerns and pain points when they plan to establish presence in Hong Kong, InvestHK reflects them to relevant bureaux, departments or agencies accordingly for exploring suitable solutions as appropriate. Since the establishment of the mechanism more than half a year ago, various issues have been successfully addressed to meet the needs of the trade, including opening of bank accounts, application and work arrangements for imported workers, application for use of vacant land, thereby facilitating Mainland and overseas enterprises to set up and expand their businesses in Hong Kong.

     Looking ahead, InvestHK will ride on the good momentum of 2024 and make every effort in attracting more Mainland and overseas enterprises to invest in Hong Kong, so as to continue to implement the performance indicator as set out in the 2022 Policy Address. At the same time, the Department will continue to work with relevant “Team Hong Kong” organisations to further enhance the high value-added supply chain services mechanism in order to attract and assist more Mainland enterprises looking to go global to come to Hong Kong and make good use of the city as a springboard to develop their multinational businesses. This will be conducive to Hong Kong’s economic development on the one hand, and facilitate the deepening of its international exchanges and co-operation on the other hand, thus responding to meet Premier Li Qiang’s expectations for Hong Kong, as set out in his work report this year, integrating into the overall national development while making contribution to the country.

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: LCQ6: Measures to attract inward investment

Source: Hong Kong Government special administrative region

Following is a question by Dr the Hon Kennedy Wong and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (April 16):

Question:

     Regarding measures to attract inward investment, will the Government inform this Council:

(1) of the respective numbers of applications received, approved and rejected by the authorities under the New Capital Investment Entrant Scheme (New CIES) since its enhancement measures took effect on the first of last month, together with a breakdown by the applicants’ place of domicile and total investment amount; and the reasons for rejecting applications under New CIES;

(2) whether it has compiled statistics on, among the approved applications mentioned in (1), the number of successful applicants who have already made investments in Hong Kong; whether it has assessed the effectiveness of the enhancement measures for New CIES in promoting the development of family offices in Hong Kong;

(3) as it has been reported that the delegation of Hong Kong deputies to the National People’s Congress has proposed to establish a dedicated remittance mechanism called “Property Purchase Capital Connect” to allow residents of the Mainland and Hong Kong to make cross-‍boundary remittances for purchasing properties in Hong Kong or on the Mainland, with a view to further facilitating the flow of talents and economic integration between the two places, whether the authorities will look into this proposal and communicate with the relevant Mainland authorities in this regard; if so, of the details; if not, the reasons for that;

(4) as it has been reported that even though the policies adopted by some countries to combat investment immigrants’ money laundering are more stringent compared to Hong Kong, such money laundering still exists in those countries, how the authorities strike a balance between anti-money laundering on the one hand and facilitating the entry of and attracting investment immigrants to Hong Kong on the other; and

(5) as it is learnt that while persons who have been granted visas under New CIES may apply to become Hong Kong permanent residents after meeting the relevant requirements and having resided in Hong Kong continuously for seven years, there is no such arrangement for the major asset managers of family office who have also come to Hong Kong for investment, whether the authorities will consider putting in place an identical arrangement for the aforesaid major asset managers with reference to New CIES; if so, of the details; if not, the reasons for that?

Reply:

President,

     In consultation with the Hong Kong Monetary Authority, the Immigration Department (ImmD) and Invest Hong Kong (InvestHK), the reply to various parts of the question is as follows:

(1) and (2) Since the implementation of the enhancement measures for the New Capital Investment Entrant Scheme (the Scheme) from March 1, 2025 up to end-March, a total of 174 applications have been received. The applications are being processed and no application has been rejected so far. Under the Scheme, applicants must invest a minimum of HK$30 million in the permissible investment assets. If all the aforementioned applications are approved, it is estimated that they will bring more than HK$5.2 billion to Hong Kong. Besides, since the Scheme opened for application from March 2024, a total of 1 092 applications have been received, having a positive impact on attracting more new capital to Hong Kong and strengthening the development of our asset and wealth management business, financial services and related professional services.

     In accordance with the application procedures under the Scheme, after InvestHK has verified that the applicant fulfills the net asset requirement, he/she may submit to the ImmD an entry application for a visa/entry permit to enter Hong Kong for residence (entry application). Upon “approval-in-principle” after assessment from the immigration perspectives, the ImmD will grant a visa/entry permit to the applicant for entering Hong Kong as a visitor for not more than 180 days for making the committed investment within the period. Among the 174 applications received in March, InvestHK has approved 99 applications for Net Asset Assessment, and the ImmD has received 65 entry applications. The ImmD will generally complete the assessment of “approval-in-principle” in around three weeks, upon receipt of all needed documents. Since no application has been granted “approval-in-principle” so far, applicants have yet to commence their investments in Hong Kong. The detailed breakdown of the 65 entry applications received by the ImmD is set out in the table below:

Entry applications received by the ImmD

Guinea-Bissau 41

Vanuatu 15

Hungary 2

New Zealand 2

Australia 1

Canada 1

France 1

Greece 1

Malta 1

Total 65

     Since the enhancement measures under the Scheme have only been implemented for a short period of time, the Government will continuously review the applicants’ investment arrangement and suitably evaluate its effectiveness.

(3) The Government has maintained communication with financial regulatory authorities in the Mainland on various cross-boundary remittance arrangements to seek to provide more facilitation arrangements for the convenience and benefit of the public and the business sector while ensuring that the risks are manageable. On facilitation for cross-boundary property purchases, the facilitative payment arrangement for Hong Kong and Macao residents purchasing properties in the Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), announced in January 2024, has been implemented. This arrangement applies to both newly built and second-hand residential properties purchased by individual Hong Kong and Macao residents, and allows them to remit funds in Renminbi or foreign currencies from outside the Mainland for property purchases and repayment of mortgage loans in the Mainland following the relevant procedures for settlement and payment.

     For cross-boundary remittance arrangements (including that for property purchases) for Mainland residents or Mainland talents admitted to Hong Kong, since it involves different regulatory regimes (including requirements for capital inflows and outflows), the Government has been, with regard to their practical needs, exploring facilitation arrangements with the Mainland authorities concerned, with an aim to explore a gradual approach for seeking suitable policies and solutions through close collaboration between the two places within their regulatory framework and existing practices. Any facilitation arrangements will be announced in due course.

(4) Under the Scheme, an applicant is required to appoint eligible financial intermediary(ies) to manage the permissible investments in his/her designated account(s). The appointed financial intermediary(ies) is/are required to carry out customer due diligence and fulfill relevant anti-money laundering and counter-terrorist financing obligations under the Anti-Money Laundering and Counter Terrorist Financing Ordinance (Cap. 615), and report to InvestHK on the applicant’s continuous compliance with the Scheme Rules. When processing the applications for Assessment on Investment Requirements, InvestHK will also check the fund flow and investment arrangement of the applicant, and examine contract notes/reference letters, etc as provided by the applicant or issued by the appointed financial intermediary(ies). If necessary, InvestHK will also request the applicant to provide other supporting documents and information to certify that the applicant’s investment complies with the requirements of the Scheme.

(5) Since the enhancement measures to the Scheme effected in March 2025, applicants may make investments through eligible family-owned investment holding vehicles or family-owned special purpose entities. The Government has included experienced management professionals in asset and wealth management under the Talent List to promote the development of Hong Kong as an asset and wealth management hub. Outside talents who meet the eligibility criteria for the relevant profession (including family office professionals and asset managers) may apply for entry under the Quality Migrant Admission Scheme, the General Employment Policy or the Admission Scheme for Mainland Talents and Professionals. Persons admitted under the above various talent admission schemes who have ordinarily resided in the Hong Kong Special Administrative Region (HKSAR) for a continuous period of not less than seven years may apply for the right of abode in the HKSAR in accordance with the law.

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: Karad, Maharashtra has set a benchmark in sanitary waste management by ensuring the safe disposal of sanitary waste

Source: Government of India

Posted On: 16 APR 2025 11:09AM by PIB Delhi

Sanitary waste management remains a major challenge across India, with improper disposal leading to environmental and health hazards. However, Karad, a small city in Maharashtra’s Satara district, has emerged as a role model in tackling this issue. With 100% segregation, collection, and processing of sanitary and biomedical waste, Karad has set a benchmark for effective and sustainable waste management. Ensuring the proper disposal of sanitary waste—such as sanitary napkins, diapers, and other hygiene products—has helped prevent health risks, environmental harm, and social stigma in Karad.

In Karad, approximately 300 to 350 kg of sanitary waste is collected daily from hospitals, clinics, households, and other facilities. One of the key steps taken by the administration was to break the taboo surrounding sanitary waste. This involved raising awareness and educating the community about the importance of proper sanitary waste management and the potential health risks associated with improper disposal. The city has adopted innovative strategies to educate residents on waste segregation via initiatives like workshops, community outreach programs, and public service announcements which played a key role in promoting responsible waste segregation and disposal.

Karad Municipal Council (KMC) collaborated with female residents, leading to the formation of women groups that played a pivotal role in raising awareness on proper sanitary waste disposal and segregation in the residential areas. To facilitate this, separate red bins have been installed in public toilets across the city, making it easier for women to dispose of sanitary waste responsibly.

Schools are also encouraged to install sanitary pad vending machines and disposal systems. Additionally, the city’s IEC team promote hygienic disposal practices, such as wrapping used sanitary pads in paper before discarding them. This initiative has led many schools to install incinerators, ensuring proper processing of sanitary waste, with the remaining residue sent to the biomedical waste treatment plant.

The Garbage Collection Vehicle in the city carries a separate bin for collection of sanitary waste. To ensure proper disposal, sanitation staff collect this waste separately, allowing only suitable materials to be incinerated. The sorted waste is then processed at a high-temperature incinerator, operated by the Karad Hospital Association, where it is burned at high temperatures. During incineration, organic materials are oxidized, generating heat, gas, and ash. To minimize environmental impact, the gases produced are filtered to remove harmful substances. The facility’s emissions are continuously monitored to meet air quality standards, with real-time data linked to the State Pollution Control Board (SPCB) monitoring system for regulatory oversight.

To enhance sanitary waste disposal, the Karad Municipal Council (MC) has partnered with the Karad Hospital Association for the treatment of sanitary and biomedical waste. Under this agreement, KMC has allocated land for the construction of a biomedical waste treatment plant, which the hospital association is responsible for operating and maintaining. As part of the arrangement, the hospital association established the 600 kg/day ‘Common Biomedical Waste Treatment Facility’ (CBWTF) where the sanitary waste collected by the municipal council free of charge is processed. All sanitary waste in the city is incinerated at this facility, which houses a centralized incinerator capable of reaching temperatures up to 1200°C. This high-temperature incineration effectively minimizes contamination risks and health hazards, ensuring a safer working environment for sanitation staff.

The improved sanitary waste management system in Karad City has had a significant positive impact on both public health and environmental sustainability. The agreement with the Karad Hospital Association has notably reduced the financial burden on the Karad Municipal Council, as it only bears the cost of waste collection and transportation. This partnership highlights the effectiveness of the Public-Private Partnership (PPP) model in solid waste management. The high-temperature incineration of sanitary waste has greatly minimized health risks and contamination, particularly safeguarding sanitation workers who handle the waste. By eliminating the open dumping of sanitary waste, the city has also prevented environmental degradation and curbed the spread of diseases.

By implementing proper waste segregation, increasing awareness, and developing more effective infrastructure, Karad prevented the public health and environmental hazards posed by inadequate sanitary waste management. This is not only contributed to the city’s cleanliness but also helped to improve the quality of life for the residents, particularly women, who are most directly affected by the challenges surrounding sanitary waste disposal.

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MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: Over 1.3 Crore Persons Insured through GeM in FY 2024-25

Source: Government of India

Over 1.3 Crore Persons Insured through GeM in FY 2024-25

GeM facilitates hiring of 1 million people in FY 2024-25

Posted On: 16 APR 2025 10:53AM by PIB Delhi

Government e Marketplace (GeM), India’s largest e-marketplace for public procurement, sets yet another milestone in services delivery in the FY 24-25. Apart from facilitating hiring of 1 million manpower resources in FY 24-25, GeM has successfully facilitated insurance of more than 1.3 crore individuals covering Health, Life and Personal Accident Insurance policies.

The Insurance Services category was introduced on GeM in January 2022 to bring greater efficiency, transparency and cost-effectiveness in procuring insurance policies. By ensuring that only Insurance Regulatory and Development Authority of India (IRDAI) -approved service providers are onboarded. GeM has established a reliable and trusted mechanism for availing insurance services. Through this platform, buyer organizations can seamlessly procure Group Mediclaim, Personal Accident and Term Insurance policies, thereby offering financial security to a vast number of beneficiaries.

While commenting on this milestone, CEO-GeM Shri Ajay Bhadoo said, “GeM remains committed to continuously enhancing its platform to provide seamless, secure and cost-effective procurement solutions. The milestone of 1.3 crore insured persons reflects the growing confidence of government organizations in leveraging GeM for their insurance needs, reaffirming its role as a transformative force in public procurement.”

A key advantage of GeM’s insurance services is that it facilitates direct transactions between government buyers and insurance providers without intermediaries. This streamlined approach has significantly expedited the process while also reducing insurance premiums thereby ensuring cost savings for government organisations.

Beyond Life and Health insurance, the platform has expanded its insurance offerings to include a comprehensive range of insurance services such as Asset Insurance, Transit and Marine Insurance, Liability Insurance, Livestock Insurance, Motor Insurance, Crop Insurance and Cyber Insurance. Such broad spectrum of services ensures that various insurance needs are met through a single, transparent and efficient platform to enhance accessibility and cost-effectiveness in availing Insurance services by Government Buyers.

****

Abhishek Dayal/Nihi Sharma

(Release ID: 2122023) Visitor Counter : 95

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: LCQ20: Measures to support carers

Source: Hong Kong Government special administrative region

     Following is a question by Dr the Hon Tik Chi-yuen and a written reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (April 16):

Question:

     It has been reported that in recent years, a prolonged lack of external support has caused heavy physical and mental pressure to quite a number of carers and even led to unfortunate incidents. Hence, some community groups have advocated the establishment of a “register of carers”, with a view to accurately and promptly identifying high-risk cases and providing relevant support to prevent the recurrence of tragedies. In addition, the Government has proposed in the 2024 Policy Address the setting up of an inter-‍disciplinary and inter-organisation database for carers for early identification of high-risk cases and provision of support, and the Secretary for Labour and Welfare indicated in a media interview in February this year that the authorities were pressing ahead with the preparatory work for the database. In this connection, will the Government inform this Council:

(1) how the Government defines “carers”, and what specific criteria and parameters the Government will adopt in identifying carers;

(2) of the specific benchmarks adopted by the Government for classifying “high-risk”, “medium-risk” and “low-risk” carers, including whether factors such as the carers’ physical and mental health, financial situation, social support network and care burden will be taken into account in classifying them;

(3) of the Government’s specific implementation timetable (including phased implementation arrangement) for setting up the database for carers;

(4) of the major difficulties currently faced by the Government in taking forward the setting up of the database for carers (including but not limited to challenges in areas such as cross-departmental collaboration, information collection, privacy protection and resource allocation); and

(5) apart from identifying high-risk carers, whether the Government will concurrently expand the relevant support services (including but not limited to increasing the provision of day care services and respite services for the elderly and persons with disabilities, as well as psychological support services for carers) and regularise the carer allowance schemes with the exemption from the restrictions on double benefits?

Reply:

President,

     In response to the Dr the Hon Tik Chi-yuen’s question, our reply is as follows:

(1) The Government is committed to providing diversified services to support carers. To meet the needs of individuals, government bureaux and departments may define carers for individual measures in ways aligned with their specific goals and target groups to ensure appropriate support is provided to carers under their respective programmes and policy objectives.

     As far as welfare policy is concerned, the Government has been progressively implementing a number of measures since 2023 to enhance support for carers of elderly persons and carers of persons with disabilities. The Labour and Welfare Bureau and the Social Welfare Department are committed to providing various services to support carers of elderly persons and carers of persons with disabilities, including financial assistance, care skills training, counselling and emotional support, and in parallel, providing the elderly and persons with disabilities with personal care, home cleaning, rehabilitation training, respite services, etc, to enhance the carers’ caring capacity and relieve their pressure.

(2) to (4) The Chief Executive announced in the 2024 Policy Address that the Government is exploring the setting up of an inter-disciplinary and inter-organisation database on carers of elderly persons and carers of persons with disabilities, with a view to identifying high-risk cases for early intervention and support. Preliminary, the database will cover older carers and low-income carers. As the purposes of data collection by different organisations may not have included the provision of social welfare support services to the persons concerned, the Government is in discussion with the Office of the Privacy Commissioner for Personal Data on the design of data-sharing schemes to ensure they qualify for the relevant exemptions under the Personal Data (Privacy) Ordinance (PDPO). Meanwhile, we are preparing data from various databases with the aim of carrying out pilot projects in full compliance with the PDPO.

(5) Since 2023, the Government has been progressively implementing various measures to enhance support for carers. Key support measures include:

(i) Designated Hotline for Carer Support (Carer Hotline): Launched in September 2023, the 24-hour Carer Hotline (182 183) offers immediate consultation and counselling, outreach, emergency support and referral services. It also matches respite services for care recipients in need and provides transportation allowances for carers, assisting them in escorting elderly persons or persons with disabilities to receive respite services;

(ii) Information Gateway for Carers: Launched in November 2023, the one-stop Information Gateway for Carers provides information on services for elderly persons, persons with disabilities and their carers; caring skills; and community activities and resources for carers;

(iii) Extension of the District Services and Community Care Teams – Scheme on Supporting Elderly and Carers (the Scheme): In April 2025, the Scheme extended from piloting in Tsuen Wan and Southern District to all 18 districts across the territory. Care Teams will help identify households of singleton and doubleton elderly, and carers of elderly persons and persons with disabilities, with a view to providing them with care and support services including information on social welfare services and community resources, referring eligible elderly persons and persons with disabilities to install and use the indoor emergency alarm system (known as “Safety Bell”); and referring cases in need to social welfare service units for follow-up;

(iv) Expansion of the respite service network: Starting from October and December 2023 respectively, around 20 Homes under the Bought Place Scheme (BPS) for Private Residential Care Homes for Persons with Disabilities and around 140 private residential care homes for the elderly participated in the Enhanced BPS, offering day respite services to persons with disabilities and elderly persons in need respectively when vacancies in residential respite placements arise. From December 2024, about 120 service units participating in the Community Care Service Voucher Scheme for the Elderly have expanded their day care services from center-based services that only serve voucher holders to providing day respite services for any elderly persons in need, allowing carers to select respite service points in the vicinity according to their needs;

(v) Utilising technology to relieve carer burden and stress: The Government has injected an additional $1 billion to the Innovation and Technology Fund for Application in Elderly and Rehabilitation Care (I&T Fund) in 2024-25, and expanded the scope of the I&T Fund to cover technology products suitable for household use. Eligible elderly and rehabilitation services units can apply to purchase suitable technology products for lending to elderly persons, persons with disabilities and their carers for use at home, so as to improve the quality of life of service users and relieve the burden and pressure of carers; and

(vi) Scheme on Living Allowance for Carers of Elderly Persons from Low-income Families and Scheme on Living Allowance for Low-income Carers of Persons with Disabilities (the Carer Allowance Schemes): The Carer Allowance Schemes have been incorporated into the Government’s regular assistance programmes since October 2023, providing a cash living allowance to the carers of low-income families who do not receive Comprehensive Social Security Assistance or Old Age Living Allowance, to help supplement their living expenses.

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: Speech by FS at Deutsche Bank Emerging Markets Family Office Forum in Hong Kong 2025 (English only) (with photo)

Source: Hong Kong Government special administrative region

Alexander (Chief Executive Officer Asia-Pacific, Europe, Middle East and Africa, and Germany of Deutsche Bank, Mr Alexander von zur Mühlen), Marco (Head of Emerging Markets of Deutsche Bank Private Bank, Mr Marco), Salman (Vice Chairman of Deutsche Bank Private Bank, Mr Salman Mahdi), distinguished guests, ladies and gentlemen,

Good morning.

It is a great pleasure to join you all at this year’s Deutsche Bank Emerging Markets Family Office Forum. My sincere thanks to Deutsche Bank for bringing to Hong Kong such a distinguished group of family principals, next-generation leaders and senior decision-makers from across the globe.

Stability, for family offices

While the focus today is on family offices, it would be remiss of me not to address a broader issue: that is, the so-called “reciprocal tariffs” imposed by the US (United States) on its trading partners. And why it further illustrates that Hong Kong is the right destination for family offices.

Much has been said about the flip-flopping of the Trump Administration and the prospects of the tariff war. For family offices, this uncertainty and unpredictability have added new complexities to their asset allocation strategies.

Currently, across the world, sovereign governments and investors are seeking to de-risk their allocations and expand their portfolios to markets that provide policy clarity, consistency and credibility. The same holds true for family offices looking to preserve and grow their wealth in a secure and predictable environment.

In this context, Hong Kong stands out as a robust destination of choice. Allow me to share a few observations.

First, our stock market. With a capitalisation of nearly US$5 trillion, it is deep and liquid, and has demonstrated remarkable resilience. Following the tariff announcements, the Hang Seng Index saw a sharp fall on Monday last week. But the market has since been regaining ground. Trading volumes have been high, indicating the strong underlying liquidity. Over the past week, the average daily turnover of our stock market was about HK$360 billion, about 2.8 times of that in 2024. That speaks volumes about investors’ interest and confidence in our market.

In fact, over the past few years, the Government, along with our financial regulators, have put in place a round-the-clock, cross-market surveillance system to detect and address potential threats associated with market volatility. We focus on whether the markets are functioning in an orderly manner, and whether there are irregularities or systemic risks that will threaten Hong Kong’s financial stability. So far, there has been no cause for concern.

Second, the Hong Kong dollar remains firm, trading on the strong side of its convertibility range, which indicates that there is no capital flight. Indeed, our bank deposits have been on a rising trend over the past year. In February, we had over US$2.2 trillion in bank deposits, rising by some 10 per cent compared to a year ago. Our Linked Exchange Rate System continues to function smoothly, underscoring the strength and stability of our monetary system.

Beyond financial security and stability, Hong Kong offers compelling reasons for family offices to anchor their operations and allocate their assets here.

First, it is the “one country, two systems” principle which provides the foundation for long-term prosperity and reinforces the IFC (international financial centre) status of Hong Kong. President Xi Jinping has reaffirmed on multiple occasions that the “one country, two systems” arrangement will remain in place in Hong Kong in the long run. Hong Kong’s unique position as a gateway between the Mainland and the world is highly cherished by the Central Authorities.

In essence, Hong Kong will continue to uphold the defining features that set us apart from the rest of China: a free port; free trade policy; free flow of capital, goods, people and information; and a freely convertible currency. We remain open, diverse, cosmopolitan and committed to welcoming capital, business and talent from around the world. This is deep in our DNA.

A crucial element of the “one country, two systems” principle is the common law system underpinned by an independent judiciary. Despite misconceptions about our city, the facts are convincing: in the World Justice Project’s Rule of Law Index, Hong Kong ranks ahead of the US and many European countries.

According to a recent survey by the American Chamber of Commerce in Hong Kong released in January this year, 83 per cent of its members expressed confidence in our rule of law. The figure has registered a consistent rise over the past two years.

Our simple, low-tax regime is another strong advantage. We impose no capital gains tax, no estate tax and no tax on dividends, offering a highly enviable environment for wealth preservation and growth.

Our international competitiveness is evident by various global rankings. We are the world’s freest economy, Asia’s top financial centre, and the fifth-most competitive economy globally.

Here in Hong Kong, your capital is safe. Protection of capital and private property is enshrined in our Basic Law. We honour our international obligations and have never implemented any sanctions unilaterally imposed by other jurisdictions.

Opportunities for investments and businesses

Ladies and gentlemen, beyond the above institutional fundamentals, Hong Kong is a city of immense opportunities. Let me highlight three points.

First, beyond the stock market that I mentioned earlier, we offer a full range of options for you to deploy your capital. Our venture capital and private equity sector manages over US$230 billion, which is second only to the Mainland. We are Asia’s No. 1 hedge fund base. Our asset and wealth management sector oversees close to US$4 trillion of assets, with over half of them sourced internationally.

Second, innovation and technology is powering Hong Kong’s next chapter. We are investing heavily to develop AI and other frontier technologies as new pillars of our economy. Our strategy encompasses building infrastructure, providing funding support, attracting strategic enterprises and talent, and engaging in international exchanges. Now, “AI+” is the name of the game, and we are working for its deep integration with various sectors and industries.

To nurture industries of tomorrow, the Hong Kong Investment Corporation Limited, or HKIC, was established with US$8 billion in capital. It is patient capital, focusing on deep tech, biotech and new materials, and new energy. It is guiding, channelling and leveraging market capital to support tech industries and segments at their nascent stages to help build the ecosystem. So far, the HKIC has supported over 100 projects, drawing in four dollars of private capital for every dollar it invested. We welcome family offices to form partnerships and co-invest with HKIC.

Third, Hong Kong’s synergistic development with the Guangdong-Hong Kong-Macao Greater Bay Area, or the GBA, which is home to 87 million people with a per capita GDP of US$40,000 on a purchasing power parity basis. It is a young and massive consumer market. The increasingly affluent population has a growing demand for quality financial products and services, and a need for diversified asset allocation.

The GBA is also a technology and innovation hub. Home to many tech giants and start-ups, the GBA has a highly educated workforce, and exceptional commercialisation and advanced manufacturing capabilities. In fact, Hong Kong, together with Shenzhen and Guangzhou in the GBA, is ranked the second most innovative cluster in the world for five consecutive years.

Overall speaking, the GBA is rising as a region combining the advantages of the New York Bay Area and San Francisco Bay Area.

Impact, philanthropy and living

Beyond investments, Hong Kong is also blessed with a vibrant, collaborative philanthropic community. Our financial institutions, businesses, think tanks, local and global foundations and NGOs (non-governmental organisations) have come together to form partnerships that deliver projects that are scalable, and socially and environmentally impactful.

And when it comes to lifestyle, Hong Kong is unmatched in Asia.

Over the past few weeks, the Hong Kong Rugby Sevens and Coldplay lit up our brand new Kai Tak Stadium. Indeed, from world-class performances and Michelin-starred dining to vibrant art, heritage and hiking trails, Hong Kong offers a lifestyle that global families would dream for.

This city also offers the best education for children. More than 50 international schools operate in this city, providing a wide range of curricula to meet the diverse needs of global families. Five of our universities are ranked within the global top 100.

And Hong Kong is among the safest metropolitan cities in the world.

Ladies and gentlemen, it is no surprise that Hong Kong is now home to over 2 700 family offices – half of which manage assets exceeding US$50 million. We expect that number to grow to 3 000 very soon.

To support this growth, we have introduced dedicated tax concessions for single family offices. We are currently working to expand the scope of exemptions and enlarge the eligibility for concessions. There is a bespoke service team under Invest Hong Kong to help family offices with their setup, compliance, talent sourcing, philanthropic engagement, and more. You are most welcome to approach them.

My thanks once again to Deutsche Bank for convening this meaningful Forum. I wish you all a productive forum and an enjoyable stay in Hong Kong – a city which I hope you will call home soon. Thank you very much.

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: LCQ2: Organisations promoting and co-ordinating development of innovation and technology

Source: Hong Kong Government special administrative region

Following is a question by the Hon Chan Siu-hung and a written reply by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, in the Legislative Council today (April 16):

Question:

It is learnt that there are different organisations in Hong Kong (e.g. research and development centres, research institutes and statutory bodies) which are responsible for promoting and co-ordinating the development of innovation and technology (I&T), and among them, some are wholly owned by or established with funding support from the Government, while some others are established as independent legal entities. In this connection, will the Government inform this Council:

(1) of the following information on the aforesaid organisations, which are wholly owned by, established or operated with funding support from the Government, and statutory bodies (such as the Cyberport and the Hong Kong Science and Technology Parks Corporation) (including the existing ones and those under formation): (i) ‍objectives of the organisations, (ii) positioning of the organisations, and (iii) their responsibilities, together with a breakdown by their respective sectors (i.e. upstream, midstream and downstream) in the I&T ecosystem;

(2) whether it has examined if the organisations mentioned in (1) have overlapping or similar functions; if it has, of the details; if not, the reasons for that; and

(3) whether it will adopt a “zero-based mindset” (i.e. a mindset of getting rid of the existing framework and thinking from scratch) in planning afresh the resources currently allocated to I&T development, such as by reorganising or merging organisations with similar functions, so as to better dovetail with the development strategies put forward in the Hong Kong I&T Development Blueprint?

Reply:

President,

The consolidated reply in response to the questions raised by the Hon Chan Siu-hung is as follows:

Infrastructure is the cornerstone of innovation and technology (I&T) development, while the foundation of such development is research and development (R&D). In the past years, the Government of the Hong Kong Special Administrative Region (HKSAR) has devoted substantial resources to implement a series of infrastructural projects and established various R&D institutes and platforms, with a view to enhancing our local I&T ecosystem continuously. Such organisations include the Hong Kong Science and Technology Parks Corporation (HKSTPC), Cyberport, the Hong Kong Productivity Council (HKPC) and the R&D Centres under the Innovation and Technology Commission (ITC).

Established in 2001, the HKSTPC is a statutory body wholly owned by the Government. As an I&T flagship in Hong Kong, the HKSTPC is committed to providing infrastructure facilities, incubation programmes and one-stop support services for I&T enterprises, thereby promoting the development of a comprehensive I&T ecological chain encompassing the upstream, midstream and downstream sectors in Hong Kong. The HKSTPC is responsible for managing and operating the Science Park in Pak Shek Kok, the InnoCentre in Kowloon Tong, and the three InnoParks in Tai Po, Yuen Long and Tseung Kwan O, supporting around 1 700 enterprises, covering various technology areas including biomedical technology, electronics, green technology, information and communications technology, and material and precision engineering.

Cyberport, a company wholly-owned by the Government, has been in operation since 2004. As Hong Kong’s digital technology flagship, Cyberport comprises more than 2 200 enterprises including over 900 onsite companies and nine Hong Kong unicorns, covering areas such as artificial intelligence (AI), big data, smart living, financial technology and blockchain. It endeavours to promote the development of the digital technology ecosystem in Hong Kong through a series of incubation programmes and support measures targeting the development needs of digital technology start-ups at different stages. Cyberport also supports R&D and application projects of different I&T institutes and companies through its digital and computing power facilities including the AI Supercomputing Centre.

As for the HKPC which was established in 1967, it is a statutory organisation dedicated to promoting the productivity excellence of Hong Kong’s enterprises through advanced technologies and innovative services. The HKPC has set out development priorities focusing on, among other areas, “Intelligent Manufacturing”, “New Industrialisation – Made in Hong Kong”, “Smart and Green Living” and “FutureSkills”, to serve small and medium enterprises and start-ups and promote commercialisation in the downstream.

Meanwhile, the R&D Centres under the ITC (including the Hong Kong Applied Science and Technology Research Institute (ASTRI), the Hong Kong Research Institute of Textiles and Apparel, the Logistics and Supply Chain MultiTech R&D Centre and the Nano and Advanced Materials Institute (NAMI)) have been taking forward industry-driven applied R&D work that suits market needs and transferring technologies to the industries through contract researches, licensing arrangements, etc, to commercialise their R&D outcomes.

To expedite Hong Kong’s progress of developing into an international I&T centre, the current-term Government announced the Hong Kong I&T Development Blueprint (Blueprint) in end-2022. The Blueprint provides a systematic strategic plan to promote the development of I&T in Hong Kong. Alongside consolidating our strengths in upstream basic R&D, the mid-to-downstream transformation and commercialisation of the R&D outcomes would also be strengthened, with a view to further enhancing our I&T ecosystem and accelerating the development of Hong Kong’s new real economy. In the past two years or so, following the development directions and strategies set out in the Blueprint, the current-term Government has been making meticulous preparation in policy formulation and resource allocation. Layout of Hong Kong’s I&T system’s structural framework has been set, which is crucial to pooling international I&T resources and talents. The objective is to promote the innovation and diversification of industries through I&T to achieve Hong Kong’s high-quality development.

On the basis of the two existing major I&T parks, the HKSAR Government is taking forward the construction of the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone (the Hong Kong Park) with enhanced speed and efficiency. The Hong Kong Park is developed in two phases from west to east, and focuses on the development of frontier technological fields, such as life and health technology, AI and data science, as well as new technologies and advanced manufacturing. It mainly engages in R&D, pilot production and small-scale production. Batch 1 of Phase 1 of the Hong Kong Park comprises eight buildings. The first three buildings are all about to complete and the Hong Kong Park will officially enter into its operational phase later this year. The Hong Kong-Shenzhen I&T Park Limited, vested with the responsibility to build the superstructure of, as well as to operate, maintain and manage the Hong Kong Park, is pressing ahead with the work on attracting tenants as well as the construction of the other five buildings. With the official opening of the Hong Kong Park this year, the “north, central, south” layout plan for the three major I&T parks in Hong Kong will essentially be realised. For the Hong Kong Park to the north of Hong Kong, which connects to Shenzhen in the north and the San Tin Technopole in the south, it will become a key hub for R&D as well as pilot production and transformation in Hong Kong in future. The Science Park in the central part of Hong Kong will continue to support the R&D of deep technology and nurture more local technology start-ups. As for Cyberport to the south of Hong Kong, it will continue to focus on promoting the development of the local digital technology and AI ecosystem, as well as incubating more relevant start-ups and talents.

Besides, taking into account the technological development and in line with the development strategies set out in the Blueprint, we will restructure the overall layout of Hong Kong’s public research institutes with a focus on frontier technological fields at the forefront of the country’s and Hong Kong’s development priorities, including life and health technology, AI and robotics and microelectronics technology. Apart from incorporating the Automotive Platforms and Application Systems R&D Centre into the HKPC earlier and our plans to merge the ASTRI and the NAMI, we established the Hong Kong Microelectronics R&D Institute last year to provide targeted support for the R&D of third-generation semiconductor core technology. We are also pressing ahead at full steam to set up two third-generation semiconductor pilot lines (Silicon Carbide (SiC) and Gallium Nitride (GaN)), striving to put them into operation next year to promote the transformation of R&D outcomes and industry development.

In addition, the HKSAR Government has already allocated $6 billion from the $10 billion earmarked for the promotion of life and health technology to launch the Subsidy Programme for the Setup of Life and Health Technology Research Institute(s) (the Subsidy Programme), thereby supporting local universities to set up life and health technology research institute(s). Institutions have been invited to submit proposals for the Subsidy Programme to foster cross university/institutional and multi-disciplinary collaboration.

Furthermore, the 2025-26 Budget announced that $1 billion has been set aside for the establishment of the Hong Kong AI R&D Institute (AIRDI), which will spearhead and support Hong Kong’s innovative R&D and industry applications of AI, facilitating upstream R&D, midstream and downstream transformation of R&D outcomes, and expanding application scenarios. The Digital Policy Office is formulating a detailed plan for the establishment of AIRDI, including drawing up its public mission, implementation strategy and work objectives.

We believe that, upon establishing the new I&T system with three major I&T parks and five key R&D institutes, it will create an important platform and more favourable conditions to attract international I&T resources and talents to Hong Kong, providing key support to Hong Kong’s development into an international I&T centre.

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: LCQ8: Tax and welfare policies for elderly people who have moved to reside in Mainland

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Edmund Wong and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (April 16):

Question:

     Under the Inland Revenue Ordinance (Cap. 112), an individual who is either ordinarily resident in Hong Kong or a temporary resident may elect for personal assessment on the individual’s income, thereby becoming eligible for the basic personal allowance and other related tax concessions (personal tax concessions). However, there are views that such tax policy has rendered certain elderly people who have moved to reside in the Mainland for retirement and rely solely on rental income from letting properties in Hong Kong for their livelihood not being eligible for personal tax concessions. This, to a certain extent, deviates from the Government’s policy direction of encouraging elderly people to retire in the Mainland. In this connection, will the Government inform this Council:

(1) whether, in the past three years, the Inland Revenue Department has received enquiries or requests for assistance from retired elderly people who have moved to reside in the Mainland and rely solely on rental income from letting properties in Hong Kong for their livelihood due to their ineligibility for personal tax concessions; if so, of the number of such cases, as well as the highest and average amounts of tax involved in such cases;

(2) whether the authorities will consider introducing property tax relief measures for elderly people who have no income other than rental income from letting properties in Hong Kong and have moved to reside in the Mainland; and

(3) whether the authorities will comprehensively review the tax and cash welfare policies for the elderly and, on the premise of preventing abuse, allow those elderly people who choose to retire in the Mainland to enjoy essentially the same tax and cash welfare policies as those retiring in Hong Kong, so as to prevent tax policies from deviating from the policy direction of encouraging elderly people to retire in the Mainland, and to help promote retirement in the Mainland among elderly people; if so, of the details; if not, the reasons for that?

Reply:

President,

     Hong Kong has all along adopted a territorial source principle in the collection of profits tax, salaries tax, and property tax. At the same time, the Inland Revenue Ordinance provides for several allowances, deduction items and reliefs. Different eligibility criteria have been established for them, including territorial restriction for taxpayers, to meet their policy intents and to address the risk of abuse during implementation.

   Personal assessment is a tax relief arrangement under the Inland Revenue Ordinance. It allows proprietors or partners who operate a business to earn profits, as well as property owners who rent out properties to earn rental income to claim the deductions under salaries tax and calculate their tax amount at the progressive rates of salaries tax, thereby reducing their tax liability. One of the conditions for electing personal assessment is that the individual must be either “ordinarily resident in Hong Kong” or a “temporary resident”. If an individual is “ordinarily resident in Hong Kong”, it means that he/she resides in Hong Kong voluntarily and for a settled purpose (such as for education, business, employment or family etc.) with sufficient degree of continuity. A “temporary resident” means an individual who stays in Hong Kong for a period or a number of periods amounting to more than 180 days during the year of assessment for which the election is made, or for a period or periods amounting to more than 300 days in two consecutive years of assessment, one of which is the year of assessment for which the election is made.

     Having consulted the Labour and Welfare Bureau, the replies to the questions raised by the Hon Edmund Wong are as follows:

(1) The Inland Revenue Department handles a large number of inquiries from taxpayers regarding tax assessments, deductions, allowances, etc. through various channels such as telephone, email, mail, and counter services every year. They do not keep records by the types of inquiries.

(2) and (3) The inclusion of the condition of being “ordinarily resident in Hong Kong” or a “temporary resident” under personal assessment is in line with Hong Kong’s territorial source principle of taxation. If such condition is relaxed to cover elderly persons who have relocated to the Mainland and have no income other than the rental income from Hong Kong properties, it would be difficult for the Inland Revenue Department to verify the information on their residence and income in the Mainland, and thus to ascertain their eligibility. It could easily lead to abuse of the relief measure. For the same reason, the Government has no plan to introduce property tax relief for these elderly persons.

     The Government has put in place portable arrangements for all cash assistance schemes targeting Hong Kong elderly persons. The arrangements facilitate Hong Kong elderly persons’ retirement in Guangdong and Fujian Provinces. The relevant arrangements cover the Old Age Allowance for Hong Kong elderly persons aged 70 or above; the Old Age Living Allowance for Hong Kong elderly persons aged 65 or above in need of financial assistance; and the Portable Comprehensive Social Security Assistance Scheme which provides cash assistance to Hong Kong elderly persons who cannot support themselves financially.

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: Union Minister Shri Jyotiraditya Scindia appreciates BSNL’s efforts and stresses importance of measurable outcomes in customer experience and revenue generation
Source: Government of India

Posted On: 15 APR 2025 9:20PM by PIB Delhi

Union Minister of Communications, Shri Jyotiraditya Scindia, met with the Chief General Managers (CGMs) of Bharat Sanchar Nigam Limited (BSNL) circles today at Sanchar Bhawan, New Delhi, along with CMD BSNL and the board of directors of BSNL, as part of a comprehensive review and strategic alignment of BSNL’s ongoing transformation journey. Secretary Telecom and other senior officers of DoT also graced the occasion.

The meeting involved wide-ranging discussions focused on growth strategy, improvement in network performance, customer service delivery, and organizational modernization. It also reinforced BSNL’s positioning as a consumer-centric telecom service provider with a clear mandate of “Revenue First” targets across all business units.

As a government-owned CPSE, BSNL is undergoing a major service transformation and has declared April 2025 as “Customer Service Month” across all circles, business areas, and units. This initiative reflects BSNL’s renewed focus on “Customer First” culture, emphasizing proactive customer engagement, service responsiveness, and grievance redressal.

During the two-day CGM meet, Circle Heads are being briefed and aligned on re-engaging customers across rural, urban, enterprise, and retail segments. Special focus areas included:
- Reconnecting with customers across rural, urban, enterprise, and retail segments
- Enhancing Quality of Service (QoS) in mobile networks and FTTH
- Addressing customer grievances in billing, provisioning, and uptime
- Driving accountability and revenue-first targets at every operational level
- Enterprise connectivity, VPN solutions, leased line services, other new business areas.
The Hon’ble Minister appreciated BSNL’s efforts and stressed the importance of measurable outcomes in customer experience and revenue generation.

BSNL has recently launched several new initiatives to enhance service offerings and customer value:
- 4G expansion and rollout in multiple circles
- Introduction of IFTV and BiTV platforms for next-gen infotainment
- BSNL National Wi-Fi Roaming
- Tailored BSNL VPN and bundled packages for enterprise and government users
- CNPN Projects for High-reliability connectivity for mission-critical national infrastructure.
- Spam! Free Network for the First of its kind–BSNL’s solution for eliminating scam and spam communications in real-time
- Direct-to-Device Service.
With a focus on execution, BSNL is driving a renewed push towards becoming a digitally empowered, service-oriented, and financially sustainable telecom operator, committed to connecting and empowering Bharat.

****

Samrat/Allen

(Release ID: 2122005) Visitor Counter : 17

MIL OSI Asia Pacific News –
April 16, 2025

MIL-OSI Asia-Pac: LCQ12: Promoting development of tourism industry

Source: Hong Kong Government special administrative region

Following is a question by Dr the Hon Lam So-wai and a written reply by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, in the Legislative Council today (April 16):

Question:

Regarding promoting the development of the tourism industry, will the Government inform this Council:

(1) whether it has assessed the actual effectiveness of various tourism promotional campaigns (including the “Night Vibes Hong Kong” and the “Hello Hong Kong” campaigns) in the past three years, including but not limited to (i) the growth in the number of visitor arrivals, (ii) the consumption pattern and spending of visitors, (iii) ‍the actual economic benefits to the local retail and catering industries, and (iv) the gap between the actual effectiveness and the expected targets;

(2) whether the Government has formulated a specific timetable and effectiveness indicators for the implementation of the 133 measures in the Development Blueprint for Hong Kong’s Tourism Industry 2.0 (Blueprint 2.0); if so, of the details; if not, the reasons for that; and

(3) as given that it is learnt that the tourism industry and related service industries (e.g. retail and catering industries) are currently facing the challenges of manpower shortage and digital transformation, and that Blueprint ‍2.0 proposes to strengthen the cultivation of talents for the tourism industry and promote the development of smart tourism, of the Government’s specific support measures (including the relevant funding arrangements) in place to assist the industry (especially small and medium-sized enterprises) in overcoming the relevant difficulties?

Reply:

President,

In respect of the question raised by the Hon Lam So-wai, in consultation with the Labour Department, the reply is as follows:

(1) With the re-opening of Hong Kong’s cross-boundary tourism activities in early 2023, the Hong Kong Tourism Board (HKTB) immediately launched a large-scale global promotional campaign, “Hello Hong Kong”, in February of the same year. Through the launch of a series of promotional activities, the HKTB has made every effort to promote the recovery of tourism, spread the welcome message around the globe, reconnect with global visitors and entice them to experience the excitement and charms of Hong Kong in person.

Highlights of the large-scale global promotional campaign “Hello Hong Kong” included:

Sending the greatest welcome to the world	The HKTB invited trade representatives, celebrities and key opinion leaders (KOLs), etc, to take part in the production of more than 330 video clips featuring travel experiences in Hong Kong to send a welcome message to the world. These videos were broadcast on more than 3 000 different platforms worldwide. During the period, the “Hello Hong Kong” dance challenge launched on social media platform TikTok attracted over 1.2 million video clips from netizens with 1.5 billion global viewership. The challenge became TikTok’s promotional campaign with the highest traffic in the Southeast Asian market in the first quarter of 2023 and brought 300 000 new followers to the HKTB’s official account, increasing the total number of followers to around 2 million. To welcome inbound visitors from all over the world, provide an additional promotional channel for local merchants and create business opportunities, the HKTB distributed about 2 million Hong Kong Goodies visitor consumption vouchers (each valued at HK$100 or more) for visitors to redeem offers or free welcome drinks at one of the 4 000 designated catering outlets, retailers or attractions across the city. At the same time, the HKTB supported the promotion of the Airport Authority Hong Kong’s giveaway of 500 000 air tickets in various visitor source markets.
Seeing is believing – inviting guests to Hong Kong for first-hand experience	In 2023, the HKTB invited over 2 000 trade and media representatives, celebrities, KOLs and HKTB’s Hong Kong Super Fans from the Mainland, Southeast Asia and Europe, etc, to visit the city in person for tailor-made thematic itineraries to showcase Hong Kong’s diverse tourism appeal and tell good stories of Hong Kong.
Reaching out to the world – showcasing Hong Kong’s appeal	The HKTB took the initiative in leading the trade to reach out to the world by participating in more than 20 large-scale travel fairs and trade events related to meetings, incentive travels, conventions and exhibitions held in the Mainland and overseas markets in 2023, so as to demonstrate Hong Kong’s tourism appeal and help the trade explore business opportunities.

In 2024, the HKTB also actively developed diversified tourism experiences to enhance the city’s appeal as a travel destination by making use of Hong Kong movies to promote tourism, promoting panda tourism and riding on various Chinese and Western festivals such as the Mid-Autumn Festival, the Halloween, as well as different themes like arts and culture, neighbourhoods, great outdoors, to bring in brand-new experiences and hype up the blissful ambience.

Meanwhile, over the past two years after the pandemic, the HKTB resumed hosting of different mega events covering sports, gastronomy and entertainment elements, including the Hong Kong International Dragon Boat Races, Hong Kong Cyclothon, Hong Kong Wine & Dine Festival, Hong Kong WinterFest, Hong Kong New Year Countdown Celebrations and International Chinese New Year Night Parade, while injecting new perspectives, elements and experiences to enrich the events. HKTB organised in 2023 the first “Harbour Chill Carnival” at the Wan Chai harbourfront, featuring music shows on water stage, street performances and X-Games performances; “Summer Chill Food Lane” was set up during the 2024 Hong Kong International Dragon Boat Races; “Cyclothon Carnival” was held in 2024 Hong Kong Cyclothon; and the previously four-day Hong Kong Wine & Dine Festival was extended to five-day in 2024, attracting more locals and visitors.

In addition, the HKTB presented a series of drone shows and pyrotechnic displays with different themes to tie in with festivals and events in 2024 such as the Galloping Horse in the Sky drone show and Winter Harbourfront Pyrotechnics Show, which successfully created a vibrant city-wide ambience. The events attracted both local and international media exposure and active participation of both locals and visitors, reinforcing the city’s status as the Events Capital of Asia and bringing global publicity value, thereby creating a vibrant atmosphere in the city and stimulating consumption and economy.

To support the “Night Vibes Hong Kong” campaign launched by the Government in mid-September 2023, HKTB also rolled out a number of mega events and promotions to enhance ambience at night. These included the promotion support for the Tai Hang Fire Dragon Dance, promotion of the “Hallo” Hong Kong Halloween campaign, “Hong Kong Night Treats” dining vouchers, Hong Kong Night Bus Tour visitor exclusive offers and brand-new Temple Street promotion.

The effectiveness of the HKTB’s tourism promotion work cannot be assessed entirely in quantifiable terms. Notwithstanding, the HKTB will set different indicators based on the nature of its promotions and events, such as website views, social media reach, global media exposure, participants’ satisfaction, likelihood to recommend to family and friends and intention to revisit, to measure the effectiveness. The various tourism promotions launched by the HKTB in the past three years received positive feedback. Not only have they successfully showcased Hong Kong’s return to normalcy after the pandemic, but also boosted the city vibe, creating more reasons for visitors to visit Hong Kong and attracting them to visit. The promotions have met their objectives.

(2) The Culture, Sports and Tourism Bureau (CSTB) announced on December 30, 2024, the Development Blueprint for Hong Kong’s Tourism Industry 2.0 (Blueprint 2.0) outlining the overall working direction for the development of Hong Kong’s tourism industry from 2025 to 2030. Blueprint 2.0 proposes four-pronged positioning for tourism development and four major development strategies, covering product development, visitor source expansion, smart tourism and service enhancement, with a view to promoting the prosperous and healthy development of Hong Kong’s tourism industry. At the same time, Blueprint 2.0 proposes 133 specific actions and measures that are conducive to the development of tourism, with a view to stimulating the vitality of the tourism market through diversified strategies, enriching the quality and content of tourism products and services, and further mobilising different industries to jointly promote the development of Hong Kong’s tourism industry. The implementation schedule of the various measures which are categorised into short- (within three years), medium- (three to six years) and long- (more than six years) term and the related performance indicators are set out in Blueprint 2.0.

(3) The CSTB has been maintaining liaison with tourism-related parties, including the HKTB, the Travel Industry Council of Hong Kong (TIC), the Travel Industry Authority (TIA), the Hong Kong Hotels Association and the Federation of Hong Kong Hotel Owners, to understand the existing situation of manpower resources among different job categories in the industry and explore feasible remedial measures in a bid to cope with the short, medium and long-term needs of manpower resources.

Blueprint 2.0 sets out the overall working direction and strategy in the next five years and one of the development strategies is to enhance the service quality and support of the tourism industry on all fronts, and to cultivate talents, which covers 31 measures.

Following the related strategy, the CSTB will continue to maintain close communication with the tertiary institutions that provide hotel and tourism-related curriculum, encourage collaboration among tertiary institutions and the trade in organising career expos and seminars to enhance young people’s understanding of the development prospects of the tourism industry, make good use of various tourism volunteer and youth ambassador programmes to nurture more aspiring youth to join the tourist guide profession, as well as continue to explore with the relevant bureau further expansion of the Vocational Professionals Admission Scheme to cover hotel management, tourism and hospitality related programmes.

On the other hand, the Government allocated $100 million in 2022-23 to subsidise the training and development of travel trade practitioners. The TIA will continue to utilise the funding to support training for travel trade and implement measures to attract more talents to pursue a career in the tourism industry and enhance the professional standards of the trade including assessing the manpower requirement for tourist guides, tour escorts and different job categories in travel agents through data collection, so that a more detailed and comprehensive manpower resources strategy can be formulated; supporting students of tertiary educational institutions to obtain a tourist guide licence; reviewing and streamlining the curriculum and requirements of the licensing examination and pre-examination training courses; launching a docent-to-tourist guide bridging programme and a specialised tourist guide licensing programme to increase the supply of professional tourist guides in the market; and engaging the TIC as a partner for placement opportunity and talents matching to improve talent supply and demand in the industry.

Besides, the Labour Department has implemented the Enhanced Supplementary Labour Scheme (ESLS) since September 4, 2023, to alleviate the manpower shortage across different industries (including the accommodation services industry). Employers of the hotel sector may apply under ESLS to import workers at technician level or below to fill vacancies which they have genuine difficulties in recruiting suitable staff locally. As at March 31, 2025, employers of the accommodation services industry were approved to import 1 633 workers under ESLS, mainly for posts such as room attendant, waiter/waitress and receptionist.

On assisting the industry in digital transformation, the Government allocated a total of $70 million to the TIC under 2016-17, 2018-19 and 2023-24 Budgets to launch the Information Technology Development Matching Fund Scheme for Travel Agents, under which funding support is provided on a matching basis to each eligible travel agent. Funded projects include efficiency and productivity enhancement through big data, promotion of digital marketing, security of information technology system, development of mobile apps and website enhancement, to encourage the industry to make use of technology for upgrading and transformation, and to enhance the ability of travel agents to expand their business through information technology.

The CSTB will work closely with the relevant bureaux/departments and executing organisations to actively alleviate the manpower shortage in the travel trade and the challenge of digital transformation, thereby improving service quality. This ensures that visitors get to experience Hong Kong’s zealous hospitality, thereby shaping a more attractive tourism brand.

MIL OSI Asia Pacific News –

April 16, 2025

MIL-OSI Economics: Euro area monthly balance of payments: February 2025
Source: European Central Bank

16 April 2025
- Current account recorded €34 billion surplus in February 2025, down from €40 billion in previous month
- Current account surplus amounted to €411 billion (2.7% of euro area GDP) in the 12 months to February 2025, up from €299 billion (2.0%) one year earlier
- In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €738 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €800 billion in the 12 months to February 2025
Chart 1

Euro area current account balance

(EUR billions unless otherwise indicated; working day and seasonally adjusted data)

Source: ECB.

The current account of the euro area recorded a surplus of €34 billion in February 2025, a decrease of €6 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€34 billion) and services (€14 billion). These were partly offset by deficits for secondary income (€10 billion) and primary income (€3 billion).

Table 1

Current account of the euro area

Source: ECB.
Note: Discrepancies between totals and their components may be due to rounding.

Data for the current account of the euro area

In the 12 months to February 2025, the current account surplus widened to €411 billion (2.7% of euro area GDP), up from €299 billion (2.0% of euro area GDP) one year earlier. This increase was driven by larger surpluses for goods (up from €320 billion to €371 billion), services (up from €128 billion to €169 billion) and primary income (up from €20 billion to €45 billion). The deficit for secondary income increased from €169 billion to €174 billion.

Chart 2

Selected items of the euro area financial account

(EUR billions; 12-month cumulated data)

Source: ECB.
Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.

In direct investment, euro area residents made net investments of €172 billion in non-euro area assets in the 12 months to February 2025, following net disinvestments of €312 billion one year earlier (Chart 2 and Table 2). Non-residents disinvested €48 billion in net terms from euro area assets in the 12 months to February 2025, following net disinvestments of €386 billion one year earlier.

In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €199 billion in the 12 months to February 2025, up from €73 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents increased to €539 billion, up from €453 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €408 billion in the 12 months to February 2025, up from €216 billion one year earlier. Over the same period, non-residents made net purchases of euro area debt securities amounting to €392 billion, declining from net purchases of €414 billion one year earlier.

Table 2

Financial account of the euro area

Source: ECB.
Notes: Decreases in assets and liabilities are shown with a minus sign. Net financial derivatives are reported under assets. “MFIs” stands for monetary financial institutions. Discrepancies between totals and their components may be due to rounding.

Data for the financial account of the euro area

In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €427 billion in the 12 months to February 2025 (up from €199 billion one year earlier), while they recorded net incurrences of liabilities of €110 billion (following net disposals of €174 billion one year earlier).

Chart 3

Monetary presentation of the balance of payments

(EUR billions; 12-month cumulated data)

Source: ECB.
Notes: “MFI net external assets (enhanced)” incorporates an adjustment to the MFI net external assets (as reported in the consolidated MFI balance sheet items statistics) based on information on MFI long-term liabilities held by non-residents, available in b.o.p. statistics. B.o.p. transactions refer only to transactions of non-MFI residents of the euro area. Financial transactions are shown as liabilities net of assets. “Other” includes financial derivatives and statistical discrepancies.

The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €471 billion in the 12 months to February 2025. This increase was driven by the current and capital accounts surplus and, to a lesser extent, by euro area non-MFIs’ net inflows in portfolio investment equity and debt, other investment and other flows. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment.

In February 2025 the Eurosystem’s stock of reserve assets increased to €1,477.8 billion up from €1,457.5 billion in the previous month (Table 3). This increase was mainly driven by positive price changes (€17.9 billion), mostly due to an increase in the price of gold, and, to a lesser extent, by net acquisitions of assets (€1.3 billion) and positive exchange rate changes (€1.0 billion).

Table 3

Reserve assets of the euro area

Source: ECB.
Notes: “Other reserve assets” comprises currency and deposits, securities, financial derivatives (net) and other claims. Discrepancies between totals and their components may be due to rounding.

Data for the reserve assets of the euro area

Data revisions

This press release incorporates revisions to the data for January 2025. These revisions did not significantly alter the figures previously published.

Next releases:
- Monthly balance of payments: 20 May 2025 (reference data up to March 2025)
- Quarterly balance of payments: 03 July 2025 (reference data up to the first quarter of 2025)
For media queries, please contact Benoît Deeg, tel.: +49 172 1683704.

Notes
- Current account data are always seasonally and working day-adjusted, unless otherwise indicated, whereas capital and financial account data are neither seasonally nor working day-adjusted.
- Hyperlinks in this press release lead to data that may change with subsequent releases as a result of revisions.
MIL OSI Economics –
April 16, 2025
MIL-OSI United Kingdom: Funding secured to support households in Derby
Source: City of Derby

Derby City Council is pleased to announce its acceptance of £3.920 million in funding from the Department for Work and Pensions (DWP) under Household Support Fund 7 (HSF7). This crucial funding will provide support to vulnerable households struggling with the cost of living from April 2025 to March 2026.

The grant aims to assist households in Derby that are facing financial hardship by addressing essential needs, including food, energy, and housing costs.

Key Support Initiatives Under HSF7 include:
- Free School Meals Support: Over 16,400 Derby city households with children receiving benefit-related free school meals will be supported with supermarket food vouchers, delivering approximately 1,070,000 meals during school term breaks between April 2025 and March 2026.
- Food Vouchers: Eligible households in financial crisis can apply for supermarket food vouchers through an online application form. Two rounds of funding will be available. Round 1 will be from May 2025 to September 2025 and Round 2 will be available from October 2025 to March 2026. Only one award will be made per eligible household in each round, with a total allocation of £600,000.
- Warm Welcome Hubs: Financial support is being provided to over 40 community organisations across Derby to maintain and enhance a cost-of-living support network. These hubs offer warm spaces, hot meals, guidance on reducing energy bills, and help accessing other services. In summer 2024/25, the hubs received over 37,300 visits from adults and more than 4,050 children.
- Energy Support: Vulnerable households and those in financial crisis can access PayPoint energy vouchers via the Warm Welcome Hubs. The energy scheme will open in September 2025 and run through to March 2026, or until the allocated £195,000 is awarded.
- Pensioner Support: Up to 2,000 low-income pensioner households not receiving pension credit (and thus missing out on the winter fuel payment) but who do receive Council Tax Support or Housing Benefit will automatically receive a £100 direct payment by February 2026. These households do not need to apply; payments will be sent directly to their bank accounts. Pensioners can also access support at Warm Welcome Hubs.
- Essential Household Items: Support may include energy-efficient appliances and warm clothing or bedding for eligible households in financial distress.
- Financial Wellbeing Workshops: Workshops will run to equip Derby residents with money management skills.
- Leaving Care and Crisis Support: Targeted support will also be delivered for young people leaving care and for households experiencing specific crises.
- Assistance for families in temporary housing situations.
Councillor Sarah Chambers, Cabinet Member for Cost of Living, Equalities and Communities, said:

I am thrilled that we have managed to secure this funding for Derby. The Household Support Fund continues to be a lifeline for many households in Derby, particularly those experiencing significant financial challenges. This latest round of funding ensures we can continue to provide targeted assistance where it is most needed, helping families and individuals maintain stability.

I strongly encourage anyone who is struggling with the cost of living to take a look at what is on offer and to take full advantage of the resources and support that is available. HSF7 could be what you or your family need to find your way through the rising cost of living.”

The impact of previous Household Support Fund initiatives has been widely recognized. A recent Department for Work and Pensions audit highlighted Derby City Council as a model of effective fund management and community support, praising its strategic approach to alleviating poverty and deprivation.

Further details about HSF7, including eligibility criteria and application processes, will be shared in the coming weeks. For more information on the Household Support Fund 7 and how to access support, please visit our Household Support Fund webpage.
MIL OSI United Kingdom –
April 16, 2025
MIL-OSI Russia: Yuri Trutnev held a meeting on the issues of socio-economic development of the Kamchatka Territory

Translartion. Region: Russians Fedetion –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev held a meeting on issues of socio-economic development of Kamchatka Krai.

“The time has come to talk about the results, when the head of the region must talk about what has been done to improve the quality of life of citizens, about how the economy is changing in each area, and present plans for how subsequent work will be structured to move forward,” said Yuri Trutnev.

“We are starting to hold meetings with residents: we will discuss the results achieved with them, define tasks for the future that would be related to people’s priorities. Improving the quality of life is the measure of our work. At the beginning of my work in Kamchatka, the first thing that was done was to conduct a survey of tens of thousands of people throughout Kamchatka. Their wishes were collected in a people’s program. Specific results have been achieved under it, which we will talk about with people and discuss the next stage of implementing this program. We managed to resolve issues with completing long-term construction projects of iconic facilities, and resolve long-standing infrastructure problems. The basis for further development has been formed, which we will definitely implement in accordance with the priorities of residents,” said Vladimir Solodov, Governor of Kamchatka Krai.

The meeting discussed issues of development of the main sectors of the economy and aspects of the social sphere.

The region’s economy is based on the fishing industry. Minerals are mined on the peninsula, and work continues to attract investment in tourism. The region ranks third in the Far East in terms of wages.

Investment projects are an important basis for the future development of the region. Kamchatka has a priority development area, a free port, and investors are provided with financial and infrastructure support. 239 investors with projects worth 303 billion rubles have already taken advantage of such government support measures, investors have already invested 127 billion rubles, facilities of 90 investment projects have been commissioned, and more than 12 thousand new jobs have been created thanks to the commissioning of new enterprises. Kamchatka ranks ninth among the subjects of the Far Eastern Federal District in terms of actual investments with government support, and sixth in terms of jobs created. Projects are being implemented in the fields of logistics, tourism, agriculture, housing construction, mining and processing of minerals.

The most important area of work is the creation of comfortable living conditions for people. Attention is paid to improving the quality of medical and educational services, creating sports infrastructure.

The region has support mechanisms – the Far Eastern mortgage and the Hectare program for the provision of a land plot for free use. More than 1.7 thousand people received preferential mortgages, and over 4.5 thousand people received their Far Eastern hectare.

The issues of stimulating housing construction were considered separately. In the region, 82 thousand square meters of residential premises were commissioned in 2024. This is the eighth place among the Far Eastern regions.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

April 16, 2025
MIL-OSI Europe: Written question – Will Europol support Member States and third countries in the fight against terrorist groups that target certain companies and their customers? – E-001418/2025
Source: European Parliament
Question for written answer E-001418/2025
to the Commission
Rule 144
Catherine Griset (PfE)

In order to strike at the financial interests of Elon Musk, far-left groups in the United States have set up an anonymous website that publishes the personal data of Tesla owners (names, addresses and telephone numbers)[1].

These same individuals also blew up a Tesla in front of the Trump International Hotel in Las Vegas and regularly set fire to charging stations and vehicles of this brand in the United States.

The US Attorney General, Pam Bondi, did not hesitate to describe these criminal acts as ‘domestic terrorism’[2].

This violence is now spreading across Europe, particularly in Member States whose governments are highly indulgent of violent far-left groups. In France, in particular, a Tesla dealership near Toulouse and Tesla vehicles in Niort have been set on fire. The French headquarters of the manufacturer has also been vandalised in recent days.

1.Is the Commission aware of attacks against this company and its customers in other Member States?

2.Can Europol, as part of its mission to support Member States and third countries against terrorism, provide assistance in stopping these violent groups?

Submitted: 8.4.2025

[1] https://www.bvoltaire.fr/aux-etats-unis-comme-en-france-tesla-est-visee-par-des-attaques-dultra-gauche/

[2] https://www.francetvinfo.fr/internet/elon-musk/etats-unis-des-hackers-divulguent-les-donnees-personnelles-de-proprietaires-de-tesla-elon-musk-denonce-un-terrorisme-interieur_7141125.html
Last updated: 16 April 2025
MIL OSI Europe News –
April 16, 2025
MIL-OSI Europe: Written question – Trade liberalisation with Ukraine – E-001455/2025
Source: European Parliament
Question for written answer E-001455/2025
to the Commission
Rule 144
Waldemar Buda (ECR)

The current agreement on the temporary suspension of import duties and quotas on Ukrainian exports to the EU – struck to support Ukraine’s economy in the face of Russian aggression – expires on 5 June 2025. The Commission has made it clear that rather than prolonging this temporary measure, it aims to find a permanent solution for liberalisation of trade with Ukraine by revising Article 29 of the EU-Ukraine Association Agreement[1]. However, little has been shared about the state of play and progress in negotiations with Ukraine.

Clarity on the situation is needed, also for the economic stability of Member States, particularly these bordering Ukraine.

1.What is the current state of play and how are negotiations with Ukraine on Article 29 of the EU-Ukraine Association Agreement progressing?

2.With less than two months left before the current temporary measures expire and no agreement on the permanent solution in sight, what is the Commission’s backup plan?

3.How will the Commission ensure the right balance and adequate protection of European industry and agriculture?

Submitted: 9.4.2025

[1] Association Agreement between the European Union and its Member States, of the one part, and Ukraine, of the other part, ELI: http://data.europa.eu/eli/agree_internation/2014/295/oj.
Last updated: 16 April 2025
MIL OSI Europe News –
April 16, 2025
MIL-OSI Europe: Written question – SMEs and energy communities excluded from the Just Transition Programme in Western Macedonia – E-001432/2025
Source: European Parliament
Question for written answer E-001432/2025
to the Commission
Rule 144
Sakis Arnaoutoglou (S&D)

Western Macedonia faces serious challenges as a result of the lignite phase-out and the need for a developmental transition to clean energy. However, it has been observed that in practice the Just Transition Programme does not ensure equal access for small and medium-sized enterprises and local communities that have invested in renewable energy projects and are awaiting responses from the competent national bodies, such as HEDNO [Hellenic Electricity Distribution Network Operator] and IPTO [Independent Power Transmission Operator]. Many such entities are excluded due to their inability to secure connection conditions, while significant amounts of money that have been paid in advance remain pending for several years.

At the same time, there is an unbalanced distribution of available resources in favour of large energy groups, leading to limited participation of local communities in the development process and thus undermining the philosophy of just transition and energy democracy.

Given that the Commission co-finances the Just Transition Programme and has an approved supervisory and auditing role:

1.Does the Commission consider it compatible with the spirit and objectives of Regulation (EU) 2021/1056 that small and medium-sized producers are not able to access national calls for applications due to bureaucratic obstacles, such as the lack of connection conditions?

2.Does the Commission intend to ask Greece to amend the conditions of Just Transition Programme calls for applications and take measures to ensure equal access of local communities, small and medium-sized RES producers and energy communities to financing, network connection and institutional support?

3.How does the Commission intend to support Western Macedonia against poverty and unemployment that are worsening due to lignite being phased out?

Submitted: 8.4.2025
Last updated: 16 April 2025
MIL OSI Europe News –
April 16, 2025
MIL-OSI Europe: Written question – Measures to retain and recycle black mass from electric vehicle batteries within the EU – E-001428/2025

Source: European Parliament

Question for written answer E-001428/2025
to the Commission
Rule 144
Thomas Pellerin-Carlin (S&D), Lídia Pereira (PPE)

Improving electric vehicle battery recycling in the EU is crucial to enhancing the Union’s autonomy and resilience in critical raw materials. Valorising black mass, which contains valuable raw materials such as nickel, cobalt and lithium, is strategically important for the EU economy, particularly for the battery, defence and circular economy sectors. However, it is concerning that, at present, exporting black mass to non-EU countries is often easier than transporting it within the EU. This is due, in part, to a lack of harmonisation of regulations across Europe, and sometimes even within the same country, which makes it difficult to move black mass within the EU. The Commission’s recent decision to classify black mass from batteries as hazardous waste is a step in the right direction, as it will help to prevent easy exports to non-EU countries that are not members of the Organisation for Economic Co-operation and Development (OECD), yet currently a large share of black mass is exported to South Korea, which is an OECD country.

What steps does the Commission plan to take to further harmonise rules on the transportation of black mass within the EU, to increase black mass retention in the EU and to improve the economic model for recycling black mass within the EU?

Submitted: 8.4.2025

Last updated: 16 April 2025

MIL OSI Europe News –

April 16, 2025
MIL-OSI Europe: Written question – Authoritarian restructuring of the Turkish state without consequences for EU candidate status – E-001451/2025
Source: European Parliament
Question for written answer E-001451/2025
to the Commission
Rule 144
Petra Steger (PfE)

On 19 March 2025, Ekrem İmamoğlu, the Mayor of Istanbul and opponent of President Recep Tayyip Erdoğan, and some 100 other opposition figures were arrested on flimsy charges of corruption and terrorism. Just a few days later, on 23 March 2025, İmamoğlu was placed in pre-trial detention and ‘temporarily’ removed from office as Mayor. In response to these undemocratic actions, hundreds of thousands of people across Türkiye took to the streets, with more than 2000 people critical of the government being arrested since the beginning of the protests. Similarly, on 27 March 2025, a 10-day broadcasting ban was imposed on the opposition television channel ‘Sözcü TV’. In doing so, Erdoğan is ushering in a new level of authoritarianism in Turkey and proving that Turkey is a very poor partner for the EU. It is therefore all the more surprising that since the end of 2023, the Commission has been seeking a renewed deepening of relations with Türkiye, rather than withdrawing its EU candidate status, as it should have done long ago.

1.Why is the Commission seeking a renewed deepening of relations with Türkiye since the end of 2023, even though Turkey had already drawn attention to itself in the preceding years through its numerous anti-democratic measures?

2.What is the Commission’s assessment of developments in Türkiye since 19 March 2025?

3.Why is Turkey not finally being stripped of its EU candidate status, which entails substantial financial support?

Submitted: 9.4.2025
Last updated: 16 April 2025
MIL OSI Europe News –
April 16, 2025
MIL-OSI Europe: Written question – Inadequate checks on road transport in Greece owing to the abandonment of the Joint Inspection Teams – E-001424/2025
Source: European Parliament
Question for written answer E-001424/2025
to the Commission
Rule 144
Elena Kountoura (The Left)

By means of Law 3446/2006, Greece designated the Joint Inspection Teams (Μικτά Κλιμάκια Ελέγχου), which are made up of representatives from various control bodies and operate under the responsibility of the Regions, as the competent body for carrying out checks on road transport. However, in practice, these teams have essentially ceased to function effectively since 2017, due to the inability of the Regions to cover operational and staffing costs[1]. Therefore, checks are limited to the fragmented actions of the Greek police, customs authorities and the coast guard, with there being insufficient checks to meet the needs in all areas of the country[2].

This situation has serious consequences, such as tax evasion, unfair competition, illegal transport[3], undeclared goods, illegal cabotage, posted work, uncontrolled fuel movements and risks to public health. In view of the fact that the Commission has in the past initiated infringement proceedings against Greece in relation to this matter:

1.Is it aware of the inadequate functioning of the Joint Inspection Teams in Greece and of the impact thereof on the implementation of EU road transport law?

2.Does it intend to intervene, either authoritatively or by offering support, to restore the functioning of a full and effective control mechanism?

3.What measures does it intend to take to ensure that Greece complies with European legislation and that adequate checks are carried out on road transport?

Submitted: 8.4.2025

[1] They do not have sufficient staff and are unable to cover the necessary costs relating to travel, overtime and field operations.

[2] At the border, as well as in the inner parts of the country, there is no competent control mechanism to conduct checks effectively to ensure that freight consignments are transported legally and that the employment and work postings of drivers meet legal requirements.

[3] The issue of illegal transport, mainly carried out by foreign trucks, is one of the most critical issues in road transport, as, according to industry professionals, the poor functioning of control mechanisms has led to a dramatic increase in this phenomenon in the last ten years at least. Illegal transport by lorries registered outside Greece results in unfair competition and distortion of the domestic market. At the same time, there are multiple financial infringements and a loss of public revenue resulting from the lack of effective control mechanisms for transported goods.
Last updated: 16 April 2025
MIL OSI Europe News –
April 16, 2025
MIL-OSI: Toobit Announces Strategic Collaboration with IDO Platform NovaMeme

Source: GlobeNewswire (MIL-OSI)

GEORGE TOWN, Cayman Islands, April 16, 2025 (GLOBE NEWSWIRE) — Award-winning digital asset trading platform Toobit today announces its partnership with NovaMeme, a cutting-edge IDO-to-market decentralized finance (DeFi) fundraising platform. With this collaboration, the leading crypto derivatives exchange can now offer direct access to early-stage crypto projects across different blockchains, notably Solana, Ethereum, and BSC.

Aside from NovaMeme’s hallmark multi-chain token launchpad, Toobit users also gain access to NovaMeme’s robust DeFi infrastructure, including its cross-chain token swaps and rewards-based architecture that supports airdrops and token rewards. They will also be able to benefit from NovaMeme’s automated market maker (AMM) leverage trading, limit orders, and its decentralized exchange (DEX).

“DeFi and CeFi are symbiotic, pushing from different perspectives the common goal of crypto adoption,” said Mike Williams, Chief Communication Officer of Toobit. “We see this partnership as an opportunity to create a more seamless, secure, and inclusive experience for crypto traders worldwide.”

NovaMeme, formerly known as NovaSeeds, is a pioneering member of the Mantle ecosystem. As the first IDO platform on Mantle, the launchpad allows project owners without technical expertise to easily launch their own tokens and expose them to a wider crypto audience.

“By integrating centralized and decentralized trading models, we combine the freedom offered by DeFi and the efficiency of CeFi,” said Perry, founder of NovaMeme. “Aside from exposing new projects on NovaMeme to a wider audience, these features will enable traders to optimize their trading strategies, improve capital efficiency, and unlock deeper liquidity in DeFi and DEX ecosystems.”

Users can also participate in fundraising for high-potential crypto projects, supporting their early-stage development and growth, with the potential for financial returns as such projects develop.

For more information about NovaMeme, visit: https://nova.meme/

About Toobit

Toobit is where the future of crypto trading unfolds—an award-winning cryptocurrency derivatives exchange built for those who thrive exploring new frontiers. With deep liquidity and cutting-edge technology, Toobit empowers traders worldwide to navigate the digital asset markets with confidence. We offer a fair, secure, seamless, and transparent trading experience, ensuring every trade is an opportunity to discover what’s next.

For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram

Contact: Davin C.
Email: market@toobit.com
Website: www.toobit.com

About NovaMeme

NovaMeme is a leading decentralized finance (DeFi) launchpad that empowers creators and traders. Dedicated to offering fair and innovative asset launch solutions, the fundraising platform bridges the gap between early-stage projects and the DeFi community. NovaMeme is community-first, and is supported by Mantle Ecofund, Bybit, Bybit Web3, Hashkey, and OKX.

Disclaimer: This press release is provided by the Toobit. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e8f1ff92-6fe7-43ac-8fa5-0e5853f35468

The MIL Network –

April 16, 2025
MIL-OSI: 5 Days to Go: Last Chance to Join XploraDEX Before XRP’s First AI-Powered DEX Hits the Market

Source: GlobeNewswire (MIL-OSI)

ZURICH, April 16, 2025 (GLOBE NEWSWIRE) — The countdown is officially on. With just 5 days left before the close of the XploraDEX $XPL presale, investors across the crypto space are making their final moves to secure a spot in what many are calling the most innovative DeFi launch on the XRP Ledger to date.

XploraDEX isn’t just another decentralized exchange—it’s the first AI-powered DEX on XRPL, designed from the ground up to help traders operate smarter, faster, and more profitably. With the power of real-time data analysis, predictive modeling, and intelligent trade execution, the platform is reshaping how decentralized finance will function on one of crypto’s most battle-tested chains.

Buy $XPL Tokens

Since the start of the presale, XploraDEX has generated massive traction. Tens of thousands of wallets have interacted with the sale portal, over 75% of the total allocation has been claimed, and whale wallets have begun securing large stakes ahead of launch. Now, with the final 5-day window underway, the remaining allocation is moving fast.

The $XPL token is more than just a ticket to lower trading fees. It grants holders access to a full suite of advanced features, including:

        •Exclusive AI trading tools and automation dashboards

        •Early access to staking and yield farming modules

        •Governance participation in protocol upgrades

        •Priority entry to upcoming Launchpad token sales

Participate in $XPL PreSale

As soon as the presale ends, $XPL token will be listed on XRPL-based DEXs, and the full platform rollout will begin—including the launch of beta AI features, staking rewards, and the first wave of intelligent trading tools. Those who join now won’t just lock in a lower price—they’ll enter the ecosystem with first-mover advantage and full access to everything the protocol has to offer from day one.

The project has already been hailed as the DeFi upgrade XRPL desperately needed. And now, with the deadline fast approaching, it’s not just the early-stage investors paying attention—it’s the entire XRP ecosystem.

Join $XPL Presale Now

Only 5 days remain. After that, the doors close, the presale ends, and the market decides the future of $XPL. Don’t miss your entry into the next evolution of trading on XRPL.

Join the $XPL Presale While You Still Can: https://sale.xploradex.io

Stay connected and Join the XploraDEX AI Revolution

Website | $XPL Token Presale | X | Telegram

Contact:
Oliver Muller
oliver@xploradex.io
contact@xploradex.io

Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b94b598-5e0c-4c17-a2cc-a16e80296421

The MIL Network –

April 16, 2025
MIL-OSI United Kingdom: Funding from Homes England and HSBC UK supports Wyatt Homes to deliver hundreds more houses across the south
Source: United Kingdom – Executive Government & Departments

Press release

Funding from Homes England and HSBC UK supports Wyatt Homes to deliver hundreds more houses across the south

It follows a previous finance package provided by Homes England and HSBC UK in 2022
Wyatt Homes’ Rivers Edge Development in Wimborne, Dorset. Credit Wyatt Homes.

Families across the South of England will soon benefit from hundreds of new homes, made possible by a multi-million-pound finance package provided to housing developer Wyatt Homes by Homes England’s Home Building Fund and HSBC UK.

The Home Building Fund is one of the ways that the Agency works with the private sector to deliver on the Government’s mission to build 1.5 million homes this parliament.

This particular finance package will enable Wyatt Homes to grow its output to build over 300 homes year across developments in Dorset, Hampshire, Somerset and Wiltshire, which will include the delivery of much needed new affordable housing.

The previous finance package provided by Homes England and HSBC UK in 2022 accelerated the delivery of over 1,000 new family homes across multiple sites.

Nigel Barclay, Director of Loans at Homes England, said:

As the Government’s housing and regeneration agency, we are committed to working in partnership with organisations in both the public and private sector, to achieve their ambitions and develop much needed new homes across the country.

Supporting Wyatt Homes’ ambition to grow housing delivery to over 300 homes per year across developments in Dorset, Hampshire, Somerset and Wiltshire is an excellent example of how the Agency’s Home Building Fund can be deployed alongside private sector capital from HSBC UK, to deliver high quality new homes in priority locations while supporting the growth of small and medium house builders, that are crucial to building a diverse and resilient housing sector.

Shaun Pettitt, Managing Director at Wyatt Homes, said:

This funding is a pivotal step for us, as we look to scale up and bolster the delivery of hundreds of new homes. Our commitment to quality of design and high standards of construction remains unwavering as we expand our operations through the delivery of a significant pipeline of new developments. In doing so, we will continue to strive to provide not only essential housing, but also to build vibrant, long-lasting communities that will stand the test of time.

Dan Wright, Head of Housing at HSBC UK, added:

Having supported Wyatt Homes over the past five years, we’re thrilled to continue backing its growth journey. This substantial finance package will bolster the business’s operations, enabling it to increase its annual output and address the urgent need for housing in the South of England. Additionally, the financing strengthens our expanding partnership with Homes England to support housebuilding across the country.

Wyatt Homes, headquartered in Poole, is a well-established traditional housebuilder, with a track record of delivering award-winning homes in the South for over 30 years.

Previous developments include: Luzborough Green in Romsey, Weatherbury Place in Puddletown, Harbour Ridge at Canford Cliffs, and Chapel Fields in South Petherton.

Notes to editors

About Homes England

We are the government’s housing and regeneration Agency, and we’re here to drive the creation of more affordable, quality homes and thriving places so that everyone has a place to live and grow.

We make this happen by working in partnership with thousands of organisations of all sizes, using our powers, expertise, land, capital and influence to bring investment to communities and get more quality homes built.

Learn more about us: https://www.gov.uk/government/organisations/homes-england/about

Press Office Contact Details

Email: media@homesengland.gov.uk

Phone: 0207 874 8262

About HSBC UK

HSBC UK serves over 15 million active customers across the UK, supported by 23,900 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK is a ring-fenced bank and wholly-owned subsidiary of HSBC Holdings plc.

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 58 countries and territories. With assets of US$3,017bn at 31 December 2024, HSBC is one of the world’s largest banking and financial services organisations.

Media enquiries to:

Libby Sharp                         07971 035339       libby.sharp@grayling.com

Robert Cox                             07387 247450

Or email: UKPressOffice@hsbc.co.uk

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Published 16 April 2025
MIL OSI United Kingdom –
April 16, 2025
MIL-OSI China: China’s Q1 retail sales record faster expansion via spending stimulus boost

Source: China State Council Information Office

China’s retail sales of consumer goods, a major indicator of the country’s consumption strength, expanded 4.6 percent year on year in the first quarter (Q1) of 2025, as government pro-consumption policies paid off, official data showed on Wednesday.

This growth pace is 1.1 percentage points faster than the 2024 level, according to the National Bureau of Statistics (NBS). Total retail sales of consumer goods reached 12.47 trillion yuan (about 1.73 trillion U.S. dollars) in the January-March period.

In March alone, retail sales of consumer goods rose 5.9 percent year on year, accelerating from the 4 percent growth recorded in the first two months, according to the NBS.

China’s online retail sales went up 7.9 percent year on year during the first quarter, sustaining relatively fast growth. Backed by the government’s consumer goods trade-in program, sales of communication devices surged 26.9 percent, while that of home appliances and audio equipment went up 19.3 percent.

China has positioned the boosting of spending and expansion of domestic demand as a priority in this year’s economic work agenda. The country unveiled a comprehensive pro-spending policy package last month, which aimed to strengthen consumer confidence via measures including the promotion of income growth and a reduction of financial burdens.

In a broader push to bolster domestic demand, China also renewed its consumer goods trade-in program in 2025, increasing funding from last year’s 150 billion yuan to 300 billion yuan through ultra-long special treasury bonds and extending subsidies to more electric gadgets and home appliances, such as smartphones, tablets and smartwatches.

“Given the current situation, these policies are taking effect and their impact is becoming increasingly evident,” Sheng Laiyun, deputy head of the NBS, told a press conference on Wednesday.

He cited data from the commerce ministry which shows that as of April 7, Chinese consumers had purchased 35.71 million units of home appliances through the trade-in program and submitted 2.085 million applications for automobile trade-in subsidies.

Notably, services consumption expanded even faster than that of goods, with retail sales of services growing by 5 percent in the first quarter of 2025 compared with a year earlier.

Sheng, in particular, noted the double-digit growth in consumption related to upgrading of consumption structure. In the first three months of this year, China’s per capita expenditure on transportation and communications grew by 10.4 percent year on year, while that on education, culture and entertainment increased by 13.9 percent.

“Services spending is a key sector to support future consumption growth, which boasts substantial growth potential,” Sheng told the press.

Wednesday’s data also revealed that China’s gross domestic product (GDP) grew 5.4 percent year on year in the first quarter of 2025. The country’s economy grew 5 percent year on year in 2024, and the Chinese government has targeted full-year economic growth at around 5 percent for 2025.

MIL OSI China News –

April 16, 2025
MIL-OSI: Ress Life Investments A/S, Decisions of annual general meeting 2025
Source: GlobeNewswire (MIL-OSI)


Ress Life Investments A/S
Nybrogade 12
DK-1203 Copenhagen K
Denmark
CVR nr. 33593163
www.resslifeinvestments.com

To: Nasdaq Copenhagen
Date: 16 April 2025

Corporate Announcement 15/2025

Ress Life Investments A/S announces the events of the annual general meeting held on 16 April 2025.

At the annual general meeting of Ress Life Investments A/S held on Wednesday 16 April 2025, the following decisions were taken:

•      The Annual Report for the period 1 January – 31 December 2024 was approved – cf item 1 of the agenda.

• Appropriation of the year’s result was approved – cf item 2 of the agenda.

•      Gitte Aggerholm was elected to the Board of Directors. Søren Andersen, Jeppe Buskov and Henrik Franck were re-elected to the Board of Directors – cf item 3 of the agenda.

•      The Remuneration Report was approved – cf item 4 of the agenda.

•      The remuneration for the Board of Directors for the financial year 2025 was approved – cf item 5 of the agenda.

• Deloitte Statsautoriseret Revisionspartnerselskab was re-elected as auditor – cf item 6 of the agenda.

Questions related to this announcement can be made to the company’s AIF-manager, Resscapital AB.

Contact person:
Gustaf Hagerud
gustaf.hagerud@resscapital.com
Tel + 46 8 545 282 27

Attachment
- Ress Life Investments AS – Company Announcement 2025 AGM
The MIL Network –
April 16, 2025
MIL-OSI: Bitget Wallet Brings Tokenized Gold Trading Onchain Amid Market Uncertainty

Source: GlobeNewswire (MIL-OSI)

SAN SALVADOR, El Salvador, April 16, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has added support for both spot and futures trading of Pax Gold (PAXG), a tokenized version of physical gold. This move comes amid renewed global interest in gold as a hedge against market volatility.

PAXG is issued by Paxos and backed 1:1 by physical gold, with each token representing one ounce stored in a secure vault. As gold prices surge beyond $3,200 in response to rising geopolitical tensions, digital gold has emerged as a practical safe-haven for on-chain users. By integrating PAXG, Bitget Wallet provides a seamless way for Web3 participants to preserve value without leaving the blockchain — combining the stability of gold with the accessibility of crypto.

To further drive engagement, Bitget Wallet has launched a limited-time trading campaign featuring a $9,000 prize pool, with additional rewards available for new users. From April 12 to April 20, users can earn the rewards by trading PAXG via Bitget Wallet’s Swap feature or its futures trading interface powered by tatadex, the wallet’s built-in decentralized engine for onchain derivatives.

As a multi-chain wallet supporting over 130 blockchains and a million tokens, Bitget Wallet delivers a secure, simple, and seamless trading experience. Its infrastructure includes one-click cross-chain swaps, gas optimization, MEV protection, and smart contract risk detection — features designed to streamline trading while maintaining high standards of user safety and accessibility.

“As traditional finance and Web3 converge, we believe digital access to real-world assets like gold should be effortless,” said Alvin Kan, COO of Bitget Wallet. “With this campaign, we’re giving users an easy way to tap into the gold narrative while enjoying the full benefits of onchain trading.“

About Bitget Wallet
Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser and crypto payment solutions. Supporting over 130 blockchains, 20,000+ DApps, and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users’ assets.

For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook

For media inquiries, please contact media.web3@bitget.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aa7639b6-4519-479e-91a1-a519ffa50463

The MIL Network –

April 16, 2025
MIL-OSI Europe: In-Depth Analysis – How have European banks developed along different dimensions of international competitiveness? – 16-04-2025

Source: European Parliament 2

This study analyses why European banks, despite improved cost efficiency, continue to trade at lower valuations than their United States (US) counterparts. The gap stems from limited growth potential due to market fragmentation and underdeveloped capital markets. To close this competitiveness divide, the study calls for accelerating the Savings and Investment Union (SIU), expanding investment banking capacity, and implementing smart banking regulation and supervision that reinforces market discipline while enabling risk-taking within a stable, integrated European financial system.

MIL OSI Europe News –

April 16, 2025
MIL-OSI: Aurora Mobile Launches Hong Kong Edition of JVerification to Streamline and Innovate Cross-Border Login and Verification
Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, April 16, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced the official launch of the Hong Kong edition of its verification service, JVerification (“JVerification (HK)”). As digital transformation continues to accelerate globally, the demand for seamless and secure cross-border services has become a top priority for developers. With this latest release, Aurora Mobile provides developers with a more efficient and secure verification solution to help businesses expand into the Hong Kong market.

JVerification (HK): A Next-Level Cross-Border Login and Verification Solution

Based on Aurora Mobile’s proven verification services, JVerification (HK) is specifically tailored for the Hong Kong market. With an upgraded SDK, it now fully supports two major scenarios:
1. Login and verification for Hong Kong mobile numbers within Hong Kong
2. Login and verification for Hong Kong mobile numbers within Mainland China
By streamlining the user verification process, JVerification (HK) enables fast and secure one-click login and verification, providing a seamless user experience with no complicated steps.

Technical Strength and Reliability: Aurora Mobile’s Core Advantages

JVerification (HK) leverages China Mobile’s SDK to provide robust technical support in Hong Kong. China Mobile’s well-established network infrastructure and expert local team offer a rock-solid foundation for service reliability and performance.
- Quick Response: Even during peak traffic periods, login requests are processed quickly, ensuring a smooth login experience.
- Security and Reliability: JVerification (HK) upholds strict technical standards and employs robust data protection mechanisms to ensure user privacy and data integrity.
The First Step in Expanding Cross-Border Verification

The launch of JVerification (HK) marks Aurora Mobile’s first major step into cross-border verification services. Looking ahead, the Company plans to expand service scenarios to enable “Mainland China mobile number logins in Hong Kong,” with the aim of refining its cross-border verification services and meeting the diverse business needs of developers.

This expansion will support:
- Mainland Chinese developers going global: Helping mainland Chinese developers tap into the Hong Kong market as a gateway for overseas expansion and to enhance their global competitiveness.
- Hong Kong and overseas developers: Providing Hong Kong and global developers with a more efficient verification tool to make local apps more competitive.
Full-Spectrum Technical Support for Developers

Aurora Mobile is committed to a developer-first approach and provides a professional technical support team that is available to assist developers with any issues during the integration process. From consulting to implementation, Aurora Mobile offers developers comprehensive support to ensure a smooth service launch.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

Aurora Mobile Limited
E-mail: ir@jiguang.cn

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

The MIL Network –
April 16, 2025

MIL-OSI: CURRENC Group Inc. Announces Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, April 16, 2025 (GLOBE NEWSWIRE) — CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the full year ended December 31, 2024.

Recent Business Highlights
CURRENC launched its strategic business transformation featuring several AI-driven initiatives. These projects position the Company at the forefront of AI innovation, create significant cross-selling opportunities and reinforce the Company’s commitment to delivering cutting-edge financial solutions globally.

Launched SEAMLESS AI Call Centre Solutions (“Text AI,” “Voice AI,” and “Avatar AI”) to provide 24/7, multilingual virtual support;
Unveiled “AI Staff for Hire,” a suite of customizable AI Agents for tasks such as compliance, KYC, and HR;
Announced plans to develop a 500MW hyperscale AI data center in Malaysia;
Partnered with ARC Group to establish a $100 million AI-Focused Infrastructure & Investment Fund;
Secured a landmark contract with Coin Cove to deploy comprehensive AI-powered electronic banking services.

Full Year 2024 Financial Highlights

Total Processing Value (TPV) through Tranglo was US$5.14 billion for full year 2024, increasing by 13.2% year-over-year. Total number of transactions increased to 11.4 million for full year 2024 from 11.0 million for full year 2023.
Total revenues excluding TNG Asia and GEA¹ were US$42.0 million for full year 2024, representing a year-over-year decrease of 3.4%. The decrease was mainly due to the 23.8% decline in global airtime revenue. As TNG Asia and GEA were divested during the third quarter, going forward, the Company’s total revenues will be comprised mainly of revenues contributed by Tranglo’s remittance and global airtime businesses and WalletKu’s Indonesian airtime business.

	For the full-year period ended December 31,
	2024		2023
	$		$
	(dollars in thousands)
Remittance revenue excluding TNG Asia & GEA		18,174		17,116

Global Airtime Revenue		9,336		12,188
Indonesian Airtime Revenue		14,505		14,211
Total Revenue excluding TNG Asia & GEA		42,015		43,515

Total remittance revenues excluding TNG Asia and GEA, i.e. remittance revenue contributed by Tranglo, were US$18.2 million for full year 2024, up 6.4% year-over-year. While Tranglo’s overall take rate declined to 0.37% in 2024 from 0.43% in 2023 due to intense market competition, its TPV increased by 13.2% to $5.14 billion, driving the increase in revenue. For full year 2024, ODL flows represented only 4.5% of Tranglo’s TPV.
CURRENC’s global airtime transfer revenues were US$9.3 million for full year 2024, representing a year-over-year decrease of 23.8%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in Tranglo’s global airtime business in 2024. As CURRENC expects this trend to continue in South East Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand the remittance business.
Total direct costs of revenue excluding TNG Asia and GEA were US$28.9 million for full year 2024, representing a year-over-year decrease of 8%.

	For the full-year period ended December 31,
	2024		2023
	$		$
	(dollars in thousands)
Remittance direct costs excluding TNG Asia & GEA		6,878		7,168

Global Airtime Direct Costs		8,089		10,744
Indonesian Airtime Direct Costs		13,910		13,463
Total Direct Costs excluding TNG Asia & GEA		28,877		31,375

The direct payout rate for Tranglo’s remittance business improved to 0.12% for 2024 from 0.15% for 2023. Therefore, although Tranglo’s TPV increased by 13.2%, its direct remittance costs declined by 4.2%.
Gross profit margin for the remittance business excluding TNG Asia and GEA was 62%, compared to 58% for 2023. CURRENC’s overall gross profit margin ratio for full year 2024 was 31%, compared to 28% for 2023.
Total operating expenses increased to $42.0 million for full year 2024 from $24.0 million for full year 2023. The substantial increase was mainly due to expenses of $20.9 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger, and $1 million in recognition of shares granted to Roth for their services as Capital Market Advisor.
As CURRENC divested TNG Asia and GEA in August and July 2024, respectively, its operating costs going forward will reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, as CURRENC rolls out its new AI initiatives, operating costs in relation to these new businesses will be incurred from year 2025 onwards. The new AI businesses are also expected to bring in new revenues in the year 2025 onwards.
- Tranglo’s operating costs for full year 2024 were $12.9 million, representing an increase of 4.9% from $12.3 million for full year 2023, in line with TPV growth.
- WalletKu’s operating costs were $1.2 million for full year 2024, as compared to $1.5 million for full year 2023.
- Legal and professional fees decreased to $1.7 million for the full year of 2024, from $4.7 million in 2023, due to the completion of the INFINT SPAC merger and the cessation of related legal expenses.

Other Loss totaled $2.2 million for full year 2024, mainly contributed by:
- $20.5 million in recognized gain upon the divestiture of GEA;
- A goodwill impairment loss of $5.4 million attributable to WalletKu;
- A goodwill impairment loss of $9.5 million attributable to Tranglo;
- Impairment of Intangible assets for TNG Asia and GEA of $5.6 million; and
- An impairment loss of $3.2 million for the impairment of the intercompany balance.
EBITDA analysis

For the full-year period ended December 31, 2024	Tranglo		WalletKu			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,215		(1,137	)		(3,740	)		(36,165	)		(38,827	)

Add:
Income tax expenses		535		413			–			(370	)		578
Interest expense, net				27			1,762			6,726			8,515
EBIT		2,750		(697	)		(1,978	)		(29,809	)		(29,734	)
Depreciation and amortization		–		–			–			–			3,280
EBITDA		2,750		(697	)		(1,978	)		(29,809	)		(26,454	)

The Company’s total EBITDA for full year 2024 including TNG Asia and GEA was a loss of $26.5 million.
Tranglo and WalletKu’s combined EBITDA for 2024 was a profit of $2.05 million.
TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de-SPAC merger.
Headquarters expenses and adjustments recorded an EBIT loss of $29.8 million, mainly contributed by:
- $20.9 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger;
- $1 million in “Operating Expenses” in recognition of the shares granted to Roth for their services as Capital Market Advisor;
- A loss of $3.2 million recognized as “Other Income/Loss” incurred by headquarters;
- Headquarters’ legal expenses of $1.4 million, mostly related to the de-SPAC merger;
- Intangible Asset amortization of $1.5 million attributable to Tranglo; and
- Rental and general administrative expenses of around $1.8 million.

For the full-year period ended December 31, 2023	Tranglo		WalletKu			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,659		(837	)		(4,835	)		(11,405	)		(14,418	)

Add:
Income tax expenses		843		50			–			(370	)		523
Interest expense, net		–		–			3,057			4,946			8,003
EBIT		3,502		(787	)		(1,778	)		(6,829	)		(5,892	)
Depreciation and amortization		–		–			–			–			3,817
EBITDA		3,502		(787	)		(1,778	)		(6,829	)		(2,075	)

Net loss was US$38.8 million for the full year of 2024, mainly contributed by the net loss of $36.2 million incurred by headquarters and adjustments, as well as a combined net loss of $3.7 million contributed by TNG Asia and GEA.

______________________________
^{1 CURRENC divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s financial statements.}

Management Comments
“2024 was a year of evolution and transformation for CURRENC,” said Alex Kong, Founder and Executive Chairman of CURRENC. “In our first months as a publicly listed company, we took decisive steps to streamline our organization and focus on core strengths while also moving into the AI space. Through our cutting-edge AI initiatives such as SEAMLESS AI Call Centre Solutions and AI Staff for Hire, we now offer comprehensive AI solutions for financial institutions to revolutionize their operational platforms and efficiently transform their businesses. As these products broaden our market reach, we expect to seize rising cross-selling opportunities and realize substantial synergies with our remittance business, propelling the Company’s holistic growth. Moreover, our planned 500MW hyperscale AI Data Center in Malaysia and the $100 million CURR-ARC AI Fund will accelerate our AI business’s development while driving industry-wide progress. We are confident these strategic efforts will cement our leadership in AI-powered fintech and create lasting value for our shareholders, partners, and end-users worldwide.”

Ronnie Hui, Chief Executive Officer of CURRENC, added, “Our mainstream digital remittance business remained resilient in 2024, demonstrated by consistent TPV growth. This growth resulted in a 6.4% increase in total remittance revenues despite the ongoing decline in overall take rate due to intense market competition. Going forward, we aim to maintain the overall take rate and drive further increases in TPV, boosting remittance revenue growth. Meanwhile, as we sign new clients for our AI services, we will build on these partnerships to expand our remittance business into new geographical markets and sectors, further accelerating its development. On a Group level, while we recorded an EBIDTA loss for full year 2024, this was largely due to non-cash headquarters expenses such as incentive share expenses and goodwill impairment losses, as well as de-SPAC merger expenses. Our fundamentals remain strong and we do not expect to incur such expenses in future years. Looking ahead to 2025 and beyond, we are excited to unlock the Company’s growth potential as we advance our transformation from a leading regional remittance hub to a global AI pioneer.”

Recent Developments
1. CURRENC Debuts SEAMLESS AI Call Centre Solutions (January 8, 2025)
CURRENC introduced “Text AI,” “Voice AI,” and “Avatar AI” to enable 24/7, cost-effective virtual support for financial institutions, government agencies, and telecom providers. These tools handle everything from routine inquiries to advanced KYC processes, increasing efficiency and enhancing customer satisfaction. The suite is available in over ten languages and easily integrates into mobile apps, delivering real-time conversation and multilingual support. SEAMLESS AI also offers an avenue to expand into debt collection, marketing, and other enterprise-driven use cases.

2. CURRENC to Develop 500MW Hyperscale AI Data Center in Malaysia (March 18, 2025)
The Company plans to acquire 100 acres of land in Johor, Malaysia, to build one of Southeast Asia’s largest AI data centers, with Phase 1 (100MW) slated for completion by the end of 2026. The campus will offer co-location and wholesale leasing to hyperscalers, enterprise clients, and other data center users, supporting financial institutions as they adopt AI at scale. Construction will begin once long-term anchor tenants commit to a significant portion of planned capacity. Management expects this AIDC to bolster the Company’s AI offerings and reduce barriers to AI deployment worldwide.

3. CURRENC Group and ARC Group Jointly Launch $100 Million AI-Focused Infrastructure & Investment Fund (March 18, 2025)
CURR-ARC AI Fund 1 aims to invest in AI data centers (AIDC), green energy, and computing power development globally. Eighty percent of the Fund’s capital will go toward AI computing power and infrastructure projects, including CURRENC’s planned 500MW AIDC in Malaysia. The remaining 20% will focus on emerging enterprises in AI ecosystems, fintech, and AI-driven solutions. This partnership supports CURRENC’s broader strategy to create a sustainable ecosystem that drives global AI and fintech innovation.

4. CURRENC’s SEAMLESS AI Lab Unveils “AI Staff for Hire” Platform (March 27, 2025)
“AI Staff for Hire” is a new AI-powered solution featuring pre-built Agents tailored to key finance industry tasks, including customer support, KYC, compliance, and HR management. These Agents allow businesses to scale their operations without expanding headcount, providing 24/7 multilingual service and real-time analytics for improved engagement. This launch marks a major step in CURRENC’s strategy to revolutionize global financial services through AI, building on the success of SEAMLESS AI Call Centre Solutions. CURRENC also expects to onboard new clients in emerging markets, creating synergy by cross-selling digital remittance and airtime transfer services.

5. CURRENC Empowers Coin Cove with AI-Powered Electronic Banking Services Platform (March 27, 2025)
CURRENC has secured a groundbreaking contract to provide Coin Cove with a comprehensive, AI-driven solution set, encompassing a multi-asset trading platform, SEAMLESS AI Call Centre technology, training, compliance, and MasterCard issuance. Coin Cove’s platform will leverage “AI Staff for Hire,” allowing for 24/7 personalized customer support and automated staff training. By integrating advanced risk management and real-time market insights, this initiative enhances user experience and strengthens compliance. This partnership marks CURRENC’s continued expansion into global electronic banking, with plans to cross-sell its remittance services and further shape the future of AI-driven financial solutions.

Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

EBITDA is defined as net loss before interest, taxes, depreciation, and amortization. CURRENC believes that EBITDA provides useful information to investors and others in understanding and evaluating its operating results. This non-GAAP financial measure eliminates the impact of items that CURRENC does not consider indicative of the performance of its business. While CURRENC believes that this non-GAAP financial measure is useful in evaluating its business, this information should be considered supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

About CURRENC Group Inc.
CURRENC Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

For additional information, please refer to the CURRENC website https://www.currencgroup.com and the annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor & Media Contact
CURRENC Group Investor Relations
Email: investors@currencgroup.com

SOURCE: CURRENC Group Inc.

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Full year ended December 31,
	2024			2023
	US$			US$
Revenue		46,435,412			53,255,361

Cost of revenue		(31,843,467	)		(35,899,057	)
Gross profit		14,591,945			17,356,304
Selling expenses		(13,408	)		(25,880	)

General and administrative expenses		(41,954,296	)		(23,976,209	)

Loss from operations		(27,375,759	)		(6,645,785	)
Finance costs, net		(8,515,214	)		(8,002,552	)
Other income		(2,193,865	)		839,606
Other expenses		(163,621	)		(85,574	)

Loss before income tax		(38,248,459	)		(13,894,305	)
Income tax expense		(578,303	)		(523,481	)

Net loss		(38,826,762	)		(14,417,786	)
Net income attributable to non-controlling interests		(648,559	)		(888,764	)

Net loss attributable to CURRENC Group Inc.		(39,475,321	)		(15,306,550	)

Net loss per share, basic and diluted (1)	$	(1.03	)	$	(0.45	)

Shares used in net loss per share computation, basic and diluted (1)		38,163,168			33,980,753

Other comprehensive loss:
Foreign currency translation adjustments		(209,531	)		10,608

Total comprehensive loss		(39,036,293	)		(14,407,178	)
Total comprehensive loss (income) attributable to non-controlling interests		(649,980	)		(871,614	)
Total comprehensive loss attributable to CURRENC Group Inc.		(39,686,273	)		(15,278,792	)

(1)

Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31, 2024			December 31, 2023
	US$			US$
ASSETS
Current assets:
Cash and cash equivalents		63,821,397			48,516,765
Short-term investments		–			300,000
Restricted cash		40,742			5,428,790
Accounts receivable, net		2,115,681			2,450,871
Prepayments to remittance agents		–			137,854
Escrow money receivable		–			5,014,829
Amounts due from related parties		560,823			7,287,376
Prepayments, receivables and other assets		24,738,392			34,225,239
Total current assets		91,277,035			103,361,724
Non-current assets:
Investment in an equity security		–			100,000
Equipment and software, net		1,055,520			1,016,490
Right-of-use asset		349,240			154,234
Intangible assets		3,386,117			9,191,713
Goodwill		12,059,428			27,001,383
Deferred tax assets		342,822			664,888
Total non-current assets:		17,193,127			38,128,708
Total assets		108,470,162			141,490,432
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Borrowings		20,150,058			17,804,093
Receivable factoring		258,415			423,483
Escrow money payable		–			360,207
Client money payable		–			4,645,290
Accounts payable, accruals and other payables		59,119,916			53,988,231
Amounts due to related parties		67,697,074			86,488,519
Convertible bonds and notes		1,750,000			10,000,000
Lease liabilities		171,909			152,325
Total current liabilities		149,147,372			173,862,148
Non-current liabilities:
Borrowings		–			2,506,974
Deferred tax liabilities		876,912			1,246,760
Employee benefit obligation		45,289			59,849
Lease liabilities		156,647			–
Total non-current liabilities:		1,078,848			3,813,583
Total liabilities		150,226,220			177,675,731

Commitments and contingencies

Mezzanine equity		–			2,957,948
Shareholders’ deficit:
Ordinary shares (US$0.0001 par value; 550,000,000 shares authorized; 46,527,999 and 33,980,753 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively) (1)		4,653			3,398
Additional paid-in capital (1)		65,638,838			29,227,005
Accumulated deficit		(131,522,902	)		(92,075,379	)
Accumulated other Comprehensive (Loss)/Income		(108,122	)		88,366
Total shareholders’ deficit attributable to CURRENC Group Inc.		(65,987,533	)		(62,756,610	)
Non-controlling interests		24,231,475			23,613,363
Total deficit		(41,756,058	)		(39,143,247	)
Total liabilities, mezzanine equity and shareholders’ deficit		108,470,162			141,490,432

(1)

Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Years ended December 31,
	2024			2023
	US$			US$
Cash flows from operating activities:
Net loss		(38,826,762	)		(14,417,786	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash expense for share-based compensation		20,869,721			—
Non-cash expense for share issued for service providers		1,000,000			—
Non-cash offering costs for convertible note		2,512,000			—
Non-cash finance cost for debt conversion		340,159			—
Amortization of discount on convertible bonds		—			807,860
Depreciation of equipment		525,295			607,138
Depreciation of right-of-use assets		185,107			183,198
Amortization of intangible assets		2,186,175			3,200,843
Reversal of provision for doubtful debts		143,748			—
Impairment loss on receivables		3,158,042			—
Gain on disposal of subsidiaries		(21,738,102	)		—
Goodwill impairment		14,941,955			—
Deferred income taxes		127,660			494,737
Gain on disposal of fixed assets		—			(36,519	)
Unrealized foreign exchange loss/(gain)		(659,467	)		(65,981	)
Changes in operating assets and liabilities:
Accounts receivable		140,559			605,202
Prepayments to remittance agents		98,603			(45,631	)
Amounts due to immediate holding company		(393,227	)		(391,432	)
Amounts due from related parties		4,183,438			(5,348,525	)
Prepayments, receivables and other assets		7,980,401			2,502,972
Escrow money payable		10,386			80,006
Client money payable		(416,711	)		(1,593,194	)
Accounts payable, accruals and other payables		14,220,717			(4,827,110	)
Amounts due to related parties		(6,925,748	)		3,149,825
Lease liabilities		(213,709	)		(192,097	)
Net cash provided by/(used in) operating activities		3,450,240			(15,286,494	)

Cash flows from investing activities:
Purchases of property, plant and equipment		(576,674	)		(291,856	)
Proceed received from disposal of property, plant and equipment		—			36,679
Decrease in short-term investments		—			1,700,000
Cash acquired from business combination		43,508			—
Acquisition of a subsidiary		(31,868	)		—
Net cash (used in)/provided by investing activities		(565,034	)		1,444,823

Cash flows from financing activities:
Proceeds from borrowings		640,935			1,251,752
Repayment of borrowings		(221,258	)		(2,212,067	)
Proceeds from receivable factoring		2,030,659			2,210,415
Repayment of receivable factoring		(2,183,787	)		(2,447,748	)
Proceeds from convertible bonds		1,750,000			—
Net cash provided by/(used in) financing activities		2,016,549			(1,197,648	)

Net increase/(decrease) in cash and cash equivalents		4,901,755			(15,039,319	)
Cash and cash equivalents, restricted cash and escrow money receivable at beginning of year		58,960,384			73,999,703
Cash and cash equivalents, restricted cash and escrow money receivable at end of year		63,862,139			58,960,384

Supplemental disclosure of cash flow information:
Income taxes received/(paid)		(445,530	)		761,333
Interest paid		(1,073,407	)		(1,819,174	)

CURRENC GROUP INC. AND SUBSIDIARIES

EBITDA Analysis for the Full Year of 2024 and 2023

For the full year period ended December 31, 2024	Tranglo²		WalletKu³			TNG Asia and GEA¹			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,215		(1,137	)		(3,740	)		(36,165	)		(38,827	)

Add:
Income tax expenses		535		413			–			(370	)		578
Interest expense, net				27			1,762			6,726			8,515
EBIT		2,750		(697	)		(1,978	)		(29,809	)		(29,734	)
Depreciation and amortization		–		–			–			–			3,280
EBITDA		2,750		(697	)		(1,978	)		(29,809	)		(26,454	)

For the full year period ended December 31, 2023	Tranglo²		WalletKu³			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,659		(837	)		(4,835	)		(11,405	)		(14,418	)

Add:
Income tax expenses		843		50			–			(370	)		523
Interest expense, net		–		–			3,057			4,946			8,003
EBIT		3,502		(787	)		(1,778	)		(6,829	)		(5,892	)
Depreciation and amortization		–		–			–			–			3,817
EBITDA		3,502		(787	)		(1,778	)		(6,829	)		(2,075	)

¹ TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
² Tranglo maintained a positive EBITDA for the full year of 2024 and 2023.
³ Tranglo and WalletKu maintained a combined positive EBITDA for the full year of 2024 and 2023.

The MIL Network –

April 16, 2025

	Entry applications received by the ImmD
Guinea-Bissau	41
Vanuatu	15
Hungary	2
New Zealand	2
Australia	1
Canada	1
France	1
Greece	1
Malta	1
Total	65

Category: Economy

Over 1.3 Crore Persons Insured through GeM in FY 2024-25GeM facilitates hiring of 1 million people in FY 2024-25

Chart 1

Table 1

Chart 2

Table 2

Chart 3

Table 3

Notes

Funding from Homes England and HSBC UK supports Wyatt Homes to deliver hundreds more houses across the south

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About Homes England

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Over 1.3 Crore Persons Insured through GeM in FY 2024-25

GeM facilitates hiring of 1 million people in FY 2024-25