Mr Chan said Hong Kong would be stepping up support measures such as computing power, land and capital, to enhance the city’s influence as a global source of original innovation.”Hong Kong’s strengths in innovative scientific research and commercialisation of research outcomes lie in our internationalised qualities, strong research capabilities, support of financial sector and a rich pool of high-calibre talents,” Mr Chan said.

He added that the Government is pressing ahead with the industrialisation of artificial intelligence (AI) and deepening its integration across various industries, while encouraging wider AI application, referred to as AI+, with an initial focus on life and health technology and embodied AI.

“I will establish and chair the Committee on AI+ and Industry Development Strategy to formulate strategies and create favourable conditions for AI to empower the transformation and development of industries,” Mr Chan said.

“We are making proactive efforts to align with the National AI+ Initiative by promoting ‘industries for AI’ and ‘AI for industries’ through application.”

The Financial Secretary highlighted that the Hong Kong Artificial Intelligence Research and Development Institute Company Limited will come into operation in the second half of this year, to promote AI+ development and transformation of R&D outcomes and advise the Government on relevant matters.

Professor Sun Dong, Secretary for Innovation, Technology and Industry, echoed the need for holistic development of AI+ development. “When you talk about AI, you cannot just talk about AI research, or just talk about the infrastructure, we have to do it together. Actually, that is what we have been doing in the past three years. Everything is very important.”

Central to the Government’s efforts in promoting I&T is the San Tin Technopole area in the Northern Metropolis development.

“The San Tin Technopole will provide a large piece of land which can help accelerate the commercialisation of R&D results and provide industrial space for prototyping, pilot and mass production,” Mr Chan said. He proposed injecting $10 billion (US$1.28 billion) as initial capital to take forward the development, while leveraging market resources to accelerate the progress.

Mr Chan also earmarked $10 billion (US$1.28 billion) to accelerate the development of the Hetao Hong Kong Park by engaging the market to speed up the disposal of the remaining land parcels under Phase 1 development, providing key infrastructure, further strengthening support to start-ups and establishing a venture fund.

Mr Chan set aside about $220 million (US$28 million) to establish in Hong Kong the first national manufacturing innovation centre outside the Chinese Mainland. This, he said, reflects the Government’s commitment to implementing the Co-operation Agreement on the Development of New Quality Productive Forces and the Promotion of New Industrialisation signed with the Ministry of Industry and Information Technology to promote industrial collaboration.

The Budget also sets out support measures for various technology-related emerging industries. Among them is the aerospace industry. The Office for Attracting Strategic Enterprises will take the lead to identify aerospace enterprises to develop in Hong Kong. Also, the Hong Kong Exchanges and Clearing Limited would review the relevant listing requirements to facilitate and attract the listing of aerospace enterprises in Hong Kong.

Noting that low earth orbit satellites can support the development of high-end industries, Mr Chan said the Government would proactively expand telecommunications infrastructure, streamline the relevant licensing regime and promote future 6G applications.

Meanwhile, the $10 billion (US$1.28 billion) Innovation and Technology Industry-Oriented Fund, introduced by the Government to channel market capital to invest in emerging fields of strategic importance, such as life and health technology, AI and robotics, as well as future industries, is expected to commence operation within this year.

“The key is to popularise the understanding and use of AI by all levels of society,” Mr Chan said.

Hashtag: #HongKong #BrandHongKong #Budget #Innovation #Technology #AI

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Plans Regional Operational Hub and Supports Local SME Trade Settlements

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 26 February 2026 – XTransfer, the World’s Leading B2B Cross-Border Trade Payment Platform, is pleased to announce that it has received conditional approval from Bank Negara Malaysia (BNM) for key payment licences, including issuing electronic money, as well as a Money Services Business Licence (Class A) covering remittance and currency exchange.

Upon completing the pre-issuance conditions and being permitted to launch, XTransfer plans to introduce digital payment services in Malaysia designed to support businesses, particularly small and medium-sized enterprises (SMEs) engaged in international trade. These services are intended to include streamlined onboarding, convenient funding options, efficient foreign exchange, and secure remittance and settlement experiences, with a focus on compliance, security, and operational reliability, helping Malaysian SMEs reduce friction in legitimate trade as they scale into regional and emerging-market corridors.

“Receiving conditional approval from Bank Negara Malaysia is an important milestone for XTransfer in the ASEAN region,” said Bill Deng, Founder and CEO of XTransfer. “We appreciate BNM’s guidance and oversight. We look forward to bringing Malaysian businesses compliant and efficient payment solutions that help trade move faster and more predictably, especially as intra-Asia and broader South–South trade routes continue to expand.

Malaysia is also central to XTransfer’s regional strategy, with a plan to establish Malaysia as its regional operational hub, serving as a strategic control centre within Southeast Asia, coordinating compliance, risk management, customer support, and global operations to ensure alignment with both local and Group-wide standards. “Malaysia gives us the talent, governance environment, and regional proximity to scaleacross the region,” Bill added.

Founded in 2017, XTransfer is dedicated to using technology to bridge large financial institutions and SMEs worldwide, providing secure, compliant, fast, convenient and low-cost cross-border trade payment and fund collection solutions. With more than 800,000 enterprise clients, XTransfer has become a global industry leader and continues to expand internationally to support trading companies worldwide.
Hashtag: #XTransfer #PaymentLicense #Malaysia #BankNegaraMalaysia #Crossborder #SMEs

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The theme of the 2026-27 Budget, the fourth Budget of the current-term Government, is “Driving High-quality, Inclusive Growth with Innovation and Finance”.

“Over the past year, as a result of the booming economy and capital market, our tax revenue has increased. Coupled with the reinforced fiscal consolidation programme gradually bearing fruit, our public finances have improved sooner than expected,” Mr Chan said.

The Financial Secretary revealed that Hong Kong’s Consolidated Account was expected to register a surplus of $2.9 billion in the current fiscal year, instead of a deficit of about $67 billion as originally estimated. The Operating Account for 2025-26, which was originally estimated to record a deficit of about $3 billion, will register a surplus of $51.3 billion, he said.

It was also confirmed that Hong Kong’s economy expanded by 3.5% in 2025, with growth forecast to be between 2.5% and 3.5% for 2026.

Mr Chan noted that this year marks the beginning of the National 15th Five-Year Plan, and he stressed the need for Hong Kong to actively align with the Plan.

“Our country’s sustained high-standard two-way opening-up, coupled with scientific and technological innovation, have presented us with new opportunities,” he said. “We must embrace the 15th Five-Year Plan with an innovative mindset, fostering new quality productive forces in accordance with local conditions.”

Mr Chan set out a series of measures to drive I&T development, including establishing the Committee on AI+ and Industry Development Strategy; taking forward the Sandy Ridge data facility cluster project; promoting AI training; and accelerating digital intelligence transformation of the Government.

“We are pressing ahead with the industrialisation of AI and deepening its integration across various industries, while encouraging wider AI application, thereby achieving the target of adoption and utilisation by all,” he said.

The International Clinical Trial Academy will, he said, also be established to help enable the Chinese Mainland’s biomedicine technology to go global, attract foreign investment, and help develop Hong Kong into an international health and medical innovation hub.

To facilitate the development of new industrialisation, the Budget has earmarked resources for establishing in Hong Kong the first national manufacturing innovation centre outside the Mainland, and the New Industrialisation Elite Enterprises Nurturing Scheme will be launched.

The Government will promote the full integration of technological innovation and industrial innovation through key infrastructure, including the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, and the San Tin Technopole in the Northern Metropolis.

To support financial services, Hong Kong will proactively align with national development strategies, advance the internationalisation of the Renminbi, and continuously reform the securities market.

The Government will legislate this year to enhance tax regimes for family offices and funds, as well as establish licensing regimes for digital asset dealing and custodian service providers.

“Despite the complex and ever-changing external environment, Hong Kong’s financial market has performed strongly and our financial system remains robust,” Mr Chan said. “We will continue to consolidate our existing strengths, tap into emerging fields, strengthen market systems and risk control and deepen financial co-operation in the GBA (Guangdong-Hong Kong-Macao Greater Bay Area).”

Noting that Hong Kong saw a year-on-year 12 per cent increase in visitor arrivals last year, which had created business and job opportunities for related sectors, the Budget will allocate $1.66 billion (US$212 million) to the Hong Kong Tourism Board (HKTB).

“The HKTB will scale up its flagship events and promotion, introducing new elements and extending event duration, and organise more signature festive events to highlight Hong Kong’s East-meets-West uniqueness,” Mr Chan said.

The Budget also earmarks an additional funding of $1 billion (US$128 million) for the Built Heritage Conservation Fund to enrich city culture. Elsewhere, the Government will launch the Northern Metropolis Urban-rural Integration Fund as a pilot scheme to support rural tourism projects.

To further promote sports development in Hong Kong, the Financial Secretary will inject $1.2 billion (US$154 million) to the sports portion of the Arts and Sports Development Fund.

Mr Chan said that the global environment has remained volatile over the past year, and Hong Kong has continued to undergo economic transformation.

“Technological innovation, in particular the development of AI, has brought us a mix of opportunities and challenges. Yet, Hong Kong has always thrived amid changes and progressed through innovation. We must make full use of our strengths and leverage the resolute support of our country to speed up and scale up our economic development sustainably for creating better development opportunities for the people and enhancing their quality of life,” Mr Chan said.

For more details on the 2026-27 Budget, click here.

Hashtag: #hongkong #brandhongkong #Budget #Inclusive #Growth #Innovation #Finance

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OpenAI’s chief executive Sam Altman delivered a candid message to students at the Indian Institute of Technology Delhi, telling them that conventional career guidance may be of limited value as artificial intelligence reshapes the world of work. Speaking at an interactive session in Dogra Hall, Altman said that younger generations will have to trust their own instincts and adapt to fast-changing technological landscapes rather than relying on established rules or advice from older generations. His remarks underscored a broader debate about how work, education and ambition will evolve alongside accelerating AI developments.

Addressing a packed audience, Altman said that the “biggest mistake young people make” is listening too closely to traditional wisdom on careers passed down by their elders. He acknowledged that even he did not claim to have a firm grasp on the pace of change, urging students to cultivate independent judgment and flexibility instead. “For a predictor of what the world is going to be like going forward, I don’t think you should trust me for having good intuition of the rate of change,” he said, emphasising that those entering the workforce must be prepared to navigate uncertainty and disruption.

Altman’s comments reflected a growing consensus among technology leaders that the job market and the nature of work are undergoing fundamental transformation as generative AI and automation systems become more capable. Traditional professions that once seemed secure are being rethought, while new categories of employment linked to AI development, oversight and ethical deployment are emerging. Altman’s view was echoed elsewhere at global forums where he and other AI leaders have stressed the need for adaptability, lifelong learning and creative problem-solving.

During the session at the institute, Altman clarified that while parents and mentors remain important for personal values, their career advice – rooted in past paradigms – may not offer reliable direction amid rapid technological shifts. He said young people must develop what he called “agency,” a capacity to shape their own paths, learn from failure and recalibrate as conditions evolve. “Young people always figure this out best,” he told the students, highlighting the creative energy he sees in younger cohorts.

Altman also acknowledged that the rise of artificial intelligence will entail changes in employment structures, with some roles becoming obsolete even as new opportunities are created. He stressed that preparing for the future will require calculated risk-taking and an openness to reinventing career plans rather than adhering to criteria like stability and predictability alone. His advice resonated with students grappling with how to position themselves in a world where AI tools are becoming deeply integrated into industries from healthcare to finance.

Reactions to Altman’s remarks have been varied. Some students and observers praised his emphasis on independent thought and adaptability, seeing it as realistic guidance for navigating disruption. Others questioned whether the message might undermine confidence in tried-and-tested pathways into professions such as engineering, medicine and law that have long been valued for stability and societal contribution. This tension illustrates the broader uncertainty about how best to prepare for a future shaped by rapid technological evolution.

Altman’s visit to the institute took place against the backdrop of major international discussions about the role of artificial intelligence in economic and social life. In New Delhi last month, global tech leaders and policymakers gathered for a major AI summit focused on collaboration, governance and responsible innovation. Altman’s remarks at IIT Delhi dovetail with themes emerging from those dialogues, where experts have called for societies to rethink education systems, regulatory frameworks and workforce strategies to accommodate profound shifts driven by AI capabilities.

His message to students also reflects a generational contrast in attitudes towards technology and opportunity. Younger people, he suggested, have an inherent advantage when it comes to understanding and experimenting with emerging tools and platforms. As AI becomes more pervasive, Altman said, those who can integrate machine intelligence with human creativity and judgement will be best positioned to thrive, even as older models of career guidance lose relevance.

Tata Group, Tata Consultancy Services and OpenAI unveiled a landmark strategic partnership that aims to redefine the landscape of artificial intelligence deployment across enterprise, infrastructure and workforce development. With a multi-year agreement signed at a major AI summit in New Delhi, the collaboration is centred on building out AI infrastructure in India, rolling out Enterprise ChatGPT to thousands of employees and co-creating industry-tailored AI solutions.

Under the pact, TCS’ HyperVault unit will lead the development of large-scale AI-ready data centres, starting with an initial capacity of about 100 megawatts of power and a roadmap to scale to 1 gigawatt. OpenAI is anticipated to become the first anchor customer for this infrastructure, supporting advanced AI computation and inference workloads within the country.

Central to the partnership is the deployment of Enterprise ChatGPT across Tata Group companies, designed to enhance productivity and accelerate innovation within one of India’s largest conglomerates. Thousands of employees are set to receive access to the enterprise version of the generative AI platform, enabling broader internal adoption of AI tools for knowledge work and decision support.

Beyond productivity tools, the alliance will explore the development of “agentic” AI solutions that combine OpenAI’s cutting-edge models with TCS’ industry knowledge and engineering capabilities. This approach aims to address complex sector-specific challenges across fields such as manufacturing, financial services and healthcare, rather than offering generic AI applications.

OpenAI’s CEO Sam Altman positioned the collaboration as part of a larger initiative to expand the company’s footprint and capabilities in emerging markets like India, where demand for AI services and local data processing is accelerating. He emphasised the need for robust infrastructure and local partnerships to scale AI responsibly and securely.

Tata Sons Chairman N. Chandrasekaran described the partnership as a cornerstone in the group’s wider AI strategy, underscoring its potential to strengthen both domestic capacity and global competitiveness. The agreement aligns with TCS’ ambition to become a leading AI-driven technology services provider on the world stage, building on its existing HyperVault platform and ongoing investments in state-of-the-art data centres.

Financial markets reacted positively to the announcement, with TCS shares rising after the news broke, reflecting investor confidence in the company’s expanded role in AI infrastructure build-out and its position as a strategic partner to global AI developers.

The infrastructure element of the partnership places a strong emphasis on scalability and sustainability. TCS’ HyperVault facilities are designed to support liquid-cooled, high-density data environments that can handle the demanding computational needs of generative AI models, while also integrating with major cloud regions for broader interoperability.

A social impact component is woven into the alliance through plans to collaborate with the OpenAI Foundation to deliver AI training programmes for youth and underserved communities, equipping individuals with skills to engage with emerging technologies responsibly. The initiative aims to develop a pipeline of talent capable of contributing to the wider AI ecosystem.

This partnership comes amid a broader surge in investment and strategic alignments between global AI firms and Indian technology leaders, as the country seeks to position itself as a competitive hub for innovation and data infrastructure. Industry observers note that similar efforts by other major tech players to localise AI capabilities reflect a global trend towards data residency, regulatory compliance and sovereign control over critical AI workloads.

Critics caution that the rapid expansion of AI infrastructure must be balanced with robust governance frameworks to address concerns around data security, ethical use and labour market disruption. Analysts argue that while the partnership promises substantial gains in efficiency and capability, clear policies and oversight mechanisms will be crucial to ensure equitable benefits across society.

Air India has scrapped all its flights to and from New York City and Newark Liberty International Airport for both Monday, 23 February and Tuesday, 24 February, citing a powerful winter storm bearing down on the US East Coast that has forced widespread travel disruption and grounding of services. The airline said heavy snow, strong winds and hazardous conditions forecast across New York, New Jersey and adjoining states would significantly disrupt airport operations, prompting a precautionary halt to services to prioritise passenger and crew safety.

The cancellations form part of a wider aviation standstill triggered by one of the most intense nor’easter systems to sweep the Northeast this season. The National Weather Service has issued blizzard warnings stretching from Delaware through to Massachusetts, including the New York metropolitan area, where forecasters expect between 30 cm and 61 cm of snow, strong gusts and white-out conditions that threaten to make travel perilous. Municipal authorities have imposed travel bans on non-essential movement and activated emergency measures to cope with the storm’s impact.

Air India’s travel advisory advised travellers booked on affected services to contact the carrier’s support teams for rebooking and assistance, underscoring the airline’s efforts to manage disruption for customers despite the operational freeze. Dedicated ground teams have been deployed at airports to help passengers with alternative arrangements and support. The move mirrors actions by other international carriers, with Emirates and Etihad also cancelling flights to US destinations as the storm hobbles aviation corridors between the Middle East and the United States.

The storm system, dubbed a blizzard by weather authorities, has shut down road travel across much of the Northeast. New York City’s mayor has ordered a citywide ban on non-essential travel during peak weather, while neighbouring New Jersey and several states along the Eastern Seaboard have declared states of emergency, mobilising snow-clearing crews and National Guard units. Public transit services, including buses and commuter rail, face severe curtailments as snowfall rates surge.

Across the region, airports have reported thousands of flight cancellations and delays as shuddered operations ripple outward from the hardest-hit hubs. Alongside Air India’s transatlantic cancellations, major carriers have pulled back services at John F. Kennedy, LaGuardia and Boston Logan International Airports, where airlines have warned passengers to expect prolonged disruption as crews and infrastructure teams work to clear runways and de-ice aircraft.

The National Weather Service’s warnings reflect the storm’s scale. Blizzard alerts encompassing New York City mark the first of their kind in several years for the area, with forecasters noting that coastal flooding, damaging winds and snow loads that can down power lines are all present within the storm’s profile. Some jurisdictions are anticipating snow accumulations that could eclipse seasonal norms, heightening concerns over transportation and emergency response capabilities as attention turns to post-storm recovery.

The pattern of disruption emerging from this event follows a string of significant winter weather episodes across North America in recent weeks, including powerful storms earlier in the winter season that had already stressed transport networks and emergency services. This latest system’s timing and intensity compound logistical challenges for travellers and carriers alike, with airlines adjusting timetables, offering refunds and reshaping schedules as conditions evolve.

The tokenized investment model enables Esperanza Securities to issue investment tokens (also known as security tokens) through an investment fund it manages, allowing eligible investors to participate with a significantly lower entry barrier and trade the tokens in secondary markets.

Against the emerging tokenized real-world-asset (RWA) trend worldwide, Esperanza Securities is among the first platforms with a systematic focus on the live entertainment industry. Following the granting of the permission by the SFC, two upcoming tokenized entertainment investments will include the Chris Wong 40^th Anniversary Concert which will take place in Hong Kong on 6 to 7 March 2026 and a Korean boy band concert which will take place in Kuala Lumpur, Malaysia on 11 April 2026.

Innovation beyond technology: a focus on product structure

Entertainment industry assets have long benefited from a clear business model and income structure, which include box office receipts, sponsorships and merchandise revenue. Through tokenization, Esperanza Securities offers a new path for asset owners such as concert organizers to access capital without altering their operational models, while enabling investors to directly participate in opportunities linked to real economic activities.

The application of the tokenized investment model spans beyond the live entertainment industry. In fact, opportunities with clear business models and easily valuated underlying assets possess immense potential for tokenization. For instance, cultural and experiential projects with clear community monetization models and assets with stable and predictable cash flows, such as commercial properties, can all benefit from tokenization.

Bridging global investors to Asian assets through a 24×7 platform

Through the proprietary platform, espetopia.com (“Platform“), Esperanza Securities enables eligible investors to back real economy linked Asian projects, anytime and anywhere, without geographical limitations.

Eligible investors from all over the world can access all investment-related information, trade investment tokens and redeem utilities and experiences associated with the underlying assets through the Platform. This infrastructure enhances the visibility of Asian opportunities in global markets and effectively pools global capital to fund real economic developments, across verticals from cultural intellectual properties to the broader experience economies.

Looking ahead: charting a digital financing path for high-quality real assets

Looking forward, Esperanza Securities will continue to advance its asset-backed tokenized investment model under a prudent and compliant framework. The Company aims to progressively build a sustainable digital investment ecosystem centered on real assets with clear economic foundations.

As market acceptance of RWA digitization continues to grow, the Company sees promising potential for asset-backed tokenization to become an integral financing option alongside traditional public listings and private placements.

Hashtag: #EsperanzaFintech

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About Esperanza Fintech (Securities) Limited

Esperanza Securities is a licensed corporation under the Securities and Futures Ordinance (Cap 571 of the law of Hong Kong) with permission to carry out Type 4 (advising on securities) and Type 9 (asset management) regulated activities. On 13 February 2026, Esperanza Securities received a “no further comment” letter from the SFC in relation to its proposal to tokenize managed funds, effectively granting formal permission for Esperanza Securities to conduct tokenized investment businesses.

About Esperanza Fintech Group

Esperanza Fintech Group is a fintech group headquartered in Hong Kong. The group’s licensed businesses include (i) gold trading and tokenized gold services operated by Esperanza Fintech (Commodities) Limited, a DPMS (dealers in precious metals and stones) Category A Registrant (No. A-B-25-03-08913) with the Hong Kong Customs with permitted businesses including the issuance, redemption and trading of gold backed instruments on www.espetopia.com; (ii) client asset custodian service operated by Esperanza Fintech (Nominees) Limited, a licensed Trust or Company Service Provider in Hong Kong (Licence No. TC010260), regulated by the Hong Kong Companies Registry; and (iii) tokenized investment services operated by Esperanza Securities, an SFC-regulated asset manager with permission to carry out tokenized investment businesses.