A sharp escalation in mobile banking malware attacks targeting more than 1,200 financial brands across 90 countries is altering the global fraud landscape, with security experts warning that user devices have become the primary entry point for cybercriminals. Industry researchers tracking digital fraud patterns say the scale and sophistication of mobile-focused threats have expanded markedly, reflecting a shift away from traditional server-side breaches towards attacks that exploit […]
A banking malware strain known as Horabot has re-emerged in Mexico with a more sophisticated infection chain, combining phishing emails, deceptive CAPTCHA prompts and automated email propagation techniques to compromise victims and harvest financial data. Cybersecurity analysts tracking the campaign say the latest iteration marks a significant evolution in both delivery and persistence. The malware is being distributed through carefully crafted phishing emails that appear to originate […]
A coordinated cybercrime operation built around a fraudulent cryptocurrency tool branded “ShieldGuard” has been dismantled after investigators confirmed it functioned as a malicious browser extension harvesting user credentials and digital assets. Security researchers say the campaign had been active across multiple platforms, targeting retail crypto investors through deceptive online promotions and fake security assurances. The extension, presented as a protective utility for safeguarding cryptocurrency wallets, was distributed […]
Nigeria’s telecommunications sector faces escalating risks from artificial intelligence-driven fraud, prompting warnings that operators must strengthen defences with advanced detection systems and tighter internal controls to protect revenue and customer trust. A new advisory from PwC highlights how fraudsters are increasingly deploying generative AI tools, automated bots and deepfake technologies to exploit vulnerabilities across mobile networks, digital payment platforms and customer verification systems. The firm says the […]
OpenAI is preparing to expand the capabilities of its widely used chatbot by bringing advanced video-generation technology from its Sora model into ChatGPT, a move that could transform how users interact with artificial intelligence and reshape the competition among global AI platforms. Plans under discussion within the company involve integrating Sora’s text-to-video generation system directly into ChatGPT, allowing users to create short videos simply by typing prompts […]
Cyber-criminals have compromised hundreds of legitimate WordPress websites in a global operation designed to infect unsuspecting visitors with information-stealing malware, raising fresh concerns about the security of widely used web platforms and the increasing sophistication of social-engineering attacks. Threat researchers at cybersecurity firm Rapid7 say attackers infiltrated more than 250 websites across at least 12 countries, including the United Kingdom, United States, Germany, Canada, Australia, Brazil, Israel […]
Heightened geopolitical tension across the Middle East has triggered a wave of digital scams and coordinated misinformation campaigns, prompting cybersecurity specialists to warn that conflict-related narratives are being exploited to deceive the public through emails, messaging services and social media platforms. Security analysts report a sharp increase in phishing attempts, fake fundraising drives and manipulated online content that claim links to unfolding events across the region. The […]
Cybersecurity researchers have uncovered a coordinated malware campaign that uses fabricated venture capital identities on LinkedIn to target professionals in cryptocurrency and Web3 sectors, employing deceptive CAPTCHA prompts to trick victims into executing malicious commands on their own computers. Security analysts say the operation combines social engineering, phishing and cross-platform malware delivery, focusing on individuals likely to be involved in blockchain startups, token projects and digital asset […]
Authorities in the United Arab Emirates have issued a nationwide alert after fraudulent emails began circulating that falsely claim to request emergency registration details from residents, prompting officials to warn the public against sharing personal information through unofficial channels. The Ministry of Interior said the messages impersonate government communication and urge recipients to provide sensitive details under the pretext of registering for emergency alerts or civil protection […]
Uniting Networks from Over 17 Countries to Drive Cross-Border Collaboration and Sustainable Regional Growth
BANGKOK, THAILAND – Media OutReach Newswire – 12 February 2026 – As design increasingly proves its power to transform creativity into a strategic force of macroeconomic competitiveness, Bangkok Design Week 2026 (BKKDW2026), organized by the Creative Economy Agency (Public Organization) or CEA, together with its partners, enters its ninth edition with a bold ambition — evolving from a national design festival into a leading creative platform for Asia. By uniting networks of designers and international partners from more than 17 countries across Asia and Europe, the festival plays a pivotal role in positioning Bangkok as Asia‘s Creative Festival Hub (Creative Hub of Asia).
Under the theme “DESIGN S/O/S,” Bangkok Design Week 2026 highlights design and creativity as practical tools to help societies act, adapt, and survive amid global challenges. The festival significantly expands its international partnerships, opening new spaces for designers, artists, and creative entrepreneurs to exchange knowledge, technology, and business models. These collaborations aim to foster a new creative business ecosystem as one that leads to investment opportunities, business matching, and the development of Thai creative products capable of competing in global markets.
Explore perspectives from international partners, who shed light on the role of design as a universal language — a borderless bridge between cultures that generates tangible opportunities for Thailand’s creative economy in the global arena.
FROM LEGACY TO THE FUTURE. RESTORATION AS A DESIGN PROJECT Sustainable Cultural Asset Management for Future Generations by Embassy of Italy in Bangkok
The first international highlight comes from Italy, through the project Italia Reloaded, presented by the Italian Cultural Institute and the Embassy of Italy in Thailand. The initiative introduces the concept of “Restoration as Sustainability.”
Maria Sica, Director of the Italian Cultural Institute, explains “Restoration is not about the past, it lies at the heart of sustainability. It focuses on reusing existing resources rather than producing new ones, guided by the principle of ‘Not Fake’- repairing without imitation. By integrating innovation, restoration preserves the authenticity and living value of cultural heritage. The project also draws on the historical relationship between Florence and Bangkok, inspired by the legacy of Silpa Bhirasri, serving as a foundation for knowledge transfer and hands-on workshops. These activities aim to elevate Thai craftsmanship to international standards while supporting high-quality cultural tourism. Together, these efforts frame restoration as a strategic pillar of urban cultural asset management — revitalizing historic districts, generating economic vitality, and strengthening a creative business ecosystem that grows sustainably from the city’s existing foundations.
LAHI (Heritage): The Philippine Fashion Exhibition Fashion as Cultural Diplomacy and a New Economic Bridge in ASEAN by the Philippine Embassy in Thailand
Representing the Philippines, Bangkok Design Week 2026 serves as the launch platform for “LAHI (Heritage): The Philippines Fashion Exhibition,“ presented through a collaboration between the Department of Trade and Industry (DTI), the Philippine Trade and Investment Center in Bangkok, and thePhilippine Embassy in Thailand. Using fashion as a tool of both economic development and creative diplomacy, the initiative underscores Thailand’s role as a strategic partner for the Philippines within ASEAN.
A representative from DTI noted “Bangkok Design Week is a key platform for showcasing Philippine design capabilities to regional and global markets. It also serves as a gateway for cross-border business and investment opportunities, particularly through co-creation.The collaboration explores hybrid products that combine Thailand’s strength in international-standard manufacturing with Philippine design and craftsmanship. This approach not only strengthens the ASEAN brand and elevates products into high-value market segments, but also demonstrates how fashion — when rooted in cultural heritage — can become a competitive economic asset on the global stage.”
Ephemeral Sounds of the Gulf Listening to Impermanence Through Design That Is Meant to Dissolve
The project “Ephemeral Sounds of the Gulf“ by Japanese mixed-media artist and producer Erika Tsuchiya (VCUarts Qatar) examines the tension between permanence and impermanence in contemporary production and consumption. The work experiments with biomaterial records, using physical media as a sonic and conceptual platform.
Erika Tsuchiya explains “The project reflects the continued economic potential of the physical format market even in a digital era — especially in Bangkok, where vinyl culture is experiencing a revival. At the same time, the project functions as research and development for a future green supply chain in the music industry. By recording natural soundscapes from the Arabian Gulf region and distributing them globally through biodegradable records, the work challenges conventional expectations of sonic perfection, while raising awareness of digital pollution and resource-intensive mass reproduction.
“Presently, designers and creators must be conscious of where materials come from and the impact of their choices. Understanding costs and consequences from the very beginning of the supply chain is the foundation of business models that grow not only in profit, but in long-term sustainability.” Tsuchiya concludes.
People Pavilion: Reimagining Streetlights as Urban Landmarks Shade, Light, and Inclusive Design for the Tropical City
Another tangible example of urban innovation is People Pavilion, or Lan Prakai Muang, a collaboration between Urban Ally and HAS design and research, led by Jenchieh Hung and Kulthida Songkittipakdee. The project reinterprets “the Streetlight Pole” an existing piece of urban infrastructure transforming it into a functional and inclusive public architecture.
The design is grounded in a shared perspective that “the tropical climate is not a constraint, but an urban resource.” Drawing from everyday life in Bangkok where people seek shade during the day and light at night, the pavilion upgrades existing infrastructure into usable public space. This approach reduces construction waste while adding value to existing urban assets through the concept of infrastructure upcycling.
The core of the project goes beyond creating a new space. People Pavilion functions as an urban prototype for sustainable city-making, offering alternative solutions to public space challenges without relying on large-scale budgets. Through cross-sector collaboration and inclusive design, underutilized or neglected areas are transformed into places of tangible social and economic impact supporting a more resilient, adaptive, and people-centered city. Ultimately, the project demonstrates that meaningful urban transformation can be achieved through strategic design, rather than heavy financial investment.
HONG KONG: Projecting Future Heritage When Everyday Architecture Becomes Tomorrow‘s Blueprint
The exhibition “HONG KONG: Projecting Future Heritage,“originally presented at the Venice Biennale Architettura in 2025, arrives in Bangkok curated by Hong Kong architects and urbanists Sunnie S.Y. Lau and Fai Au. It offers a perspective on social innovation by re-examining architecture embedded in everyday life. Moving beyond iconic landmarks, it invites critical reflection on ordinary buildings and familiar urban structures.
The two creators explain “Under the concept of Future Heritage, we explore strategic commonalities among historic port cities such as Hong Kong, Venice, and Bangkok. Those highlight the role of urban water systems as foundational infrastructures that have shaped these cities’ transformation from historic settlements into economic centers. We also present local architectures that reflect real everyday life, which may become valuable historical heritage in the next 20 – 30 years.”
From a sustainability perspective, the exhibition proposes an approach to urban development that integrates traditional wisdom with contemporary technology. Rather than viewing existing buildings as obsolete or burdensome, it advocates adaptive reuse — reimagining and repurposing structures without demolition — so they can continue to support living, working, and everyday life in meaningful ways. The exhibition underscores that looking back at what already exists is a crucial key to transforming cultural heritage into economic and intellectual capital capable of sustainable growth in the future.
Elevating Bangkok Design Week as the Creative Hub of Asia
These collaborations represent only a fraction of what unfolds at Bangkok Design Week 2026, taking place from 29 January – 8 February 2026. Through CEA’s strategic direction, the festival is being elevated as an international creative platform connecting designers, cities, businesses, and investors from Thailand and abroad. The goal is clear to transform cultural capital into measurable economic value, while firmly establishing Bangkok as one of Asia’s leading creative festival hubs. Driven by the power of the creative economy and sustained through long-term cross-border collaboration, Bangkok Design Week continues to advance a vision of inclusive, competitive, and sustainable growth for the region and beyond. Hashtag: #CEA #BKKDW2026 #BangkokDesignWeek #DesignSOS #PowerOfDesign #PowerOfThaiDesign
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About Bangkok Design Week
Bangkok Design Week, first launched in 2018, has long been a fixture on the Bangkok event calendar. It plays a pivotal role in fostering the creative economy and propelling Bangkok to stand out as a member of the UNESCO Creative Cities Network (UCCN) as a City of Design. Organized by the Creative Economy Agency (Public Organization) or CEA, in collaboration with over 60 public and private organizations, educational institutions, and international partners, the festival draws an estimated 400,000 visitors from both Thailand and abroad each year. Bangkok Design Week serves as a growth engine for Thailand’s creative industries in multiple ways, including showcasing creative businesses and designs, stimulating competitiveness, providing local and international business networking opportunities, and generating economic momentum for downstream sectors such as marketing, printing, online media, galleries, cafes, restaurants, gifts and souvenirs, travel, hotels, and public transportation.
About the Creative Economy Agency (Public Organization) or CEA
The Creative Economy Agency (Public Organization) or CEA, is a government agency dedicated to promoting creativity as a key driver of Thailand’s creative economy. CEA supports the development of various creative industries and encourages the manufacturing sector to adopt creative approaches, enhancing the value of products and services and boosting Thailand’s global competitiveness.
Cyber criminals are exploiting counterfeit Zoom and Google Meet pages to install employee monitoring software on unsuspecting Windows systems, security researchers have warned, marking a shift towards using legitimate enterprise tools as covert surveillance implants. Investigations by multiple cyber security firms show that threat actors are building convincing replicas of video-conferencing portals belonging to Zoom and Google Meet, part of Google’s Workspace suite, to trick users into […]
OpenAI has disclosed that a ChatGPT account with connections to individuals affiliated with Chinese law enforcement was exploited as part of a multi-faceted cyberattack and influence operation, according to its latest threat report on malicious AI use. The account was used to draft, plan and document activities that included online harassment, covert influence campaigns and operational coordination across hundreds of platforms, prompting OpenAI to ban the associated […]
North Korean state-backed hackers are exploiting global technology recruitment channels to plant malware, siphon intellectual property and generate covert revenue, according to multiple cyber security investigations tracking activity since 2022. The operations combine fake IT worker identities with booby-trapped job interviews, turning routine hiring processes into attack vectors aimed at software developers and technology firms. Security analysts say the campaigns form part of a broader strategy by […]
The United Kingdom has moved to impose legally binding obligations on technology companies to take down abusive or non-consensual intimate images within 48 hours of them being flagged, aiming to strengthen protections against online harms that disproportionately affect women and girls. Under amendments to the Crime and Policing Bill, firms that do not comply could face fines of up to 10 per cent of their global revenue […]
India has emerged as the second-largest market globally for Claude, the generative artificial intelligence model developed by US-based start-up Anthropic, underscoring the country’s expanding influence in the global AI ecosystem.
Debjani Ghosh, who leads Anthropic’s operations and policy engagement in India, said the scale of adoption by developers, enterprises and start-ups has placed the country just behind the United States in terms of usage and integration of Claude’s models. She described India as a “strategic growth engine” for the company, citing strong demand from sectors including financial services, healthcare, education and software development.
Anthropic, founded in 2021 by siblings Dario Amodei and Daniela Amodei, has positioned Claude as a competitor to models from OpenAI and Google. The company has attracted substantial backing from Amazon and Google, with Amazon committing up to $4 billion as part of a strategic partnership to integrate Claude into Amazon Web Services infrastructure. The funding has enabled Anthropic to expand globally, with India becoming a focal point due to its developer base and digital economy.
India’s prominence in the AI adoption cycle reflects broader structural factors. The country has one of the world’s largest pools of software engineers, a fast-growing start-up ecosystem, and a government push towards digital public infrastructure. Enterprises across banking and fintech have begun embedding generative AI tools to automate compliance checks, summarise documents and enhance customer interaction. In healthcare, pilot projects are under way to use AI systems for clinical documentation and triage support, while education technology platforms are deploying AI-driven tutoring tools.
Ghosh indicated that India’s market dynamics differ from those of Western economies. Cost sensitivity and the need for scalable deployment across diverse languages and devices have shaped how enterprises experiment with large language models. Claude’s emphasis on constitutional AI — a framework designed to make outputs safer and more aligned with human values — has resonated with corporate clients concerned about regulatory risk and reputational exposure.
Regulatory considerations are central to the AI conversation in India. The Ministry of Electronics and Information Technology has signalled its intent to craft a framework that balances innovation with safeguards against misinformation, bias and misuse. While India has not enacted a standalone AI law, policy discussions have intensified around data governance and algorithmic accountability. Companies operating in the country must also comply with the Digital Personal Data Protection Act, which imposes obligations on data fiduciaries and processors.
Industry analysts note that India’s large English-speaking population has historically accelerated the adoption of global technology platforms. However, the next phase of growth in AI is expected to depend on multilingual capabilities. Claude’s ability to handle multiple languages is seen as an advantage in a country with 22 constitutionally recognised languages and hundreds of dialects. Developers are increasingly testing generative models for vernacular content generation and customer support.
Competition in the Indian market is intensifying. OpenAI’s ChatGPT has built a strong user base, while Google has integrated its Gemini models into productivity tools and cloud services. Domestic start-ups are also entering the field, building foundation models trained on local datasets. Analysts say that enterprise adoption, rather than consumer usage alone, will determine long-term market leadership.
Anthropic’s expansion strategy in India includes partnerships with cloud providers and enterprise software companies. By leveraging Amazon Web Services’ presence in major Indian cities, Claude is being offered as part of broader digital transformation packages. Ghosh emphasised that collaboration with academic institutions and start-up incubators is another priority, with the aim of fostering responsible AI research and skills development.
The rapid uptake of generative AI has also raised concerns. Experts warn of the risks of hallucinations, data leakage and overreliance on automated systems. In financial services, regulators have cautioned against using AI outputs without human oversight. Cybersecurity specialists highlight the potential for AI tools to be misused for phishing or deepfake generation. Anthropic has sought to address such issues by embedding guardrails into its models and conducting external safety evaluations.
YouTube is preparing to allow creators to appear in Shorts through AI-generated likenesses, a move that expands the platform’s generative toolkit while sharpening its rules against deception, spam and misuse. The initiative, aimed at short-form video makers, will let creators blend real footage with synthetic representations of themselves, opening new ways to scale production and localise content without physically filming every clip. The plan centres on authorised […]
HONG KONG SAR – Media OutReach Newswire – 15 January 2026 – HKU Business School unveiled the “Hong Kong Economic Policy Green Paper 2026” (“Green Paper”). This comprehensive document delves into various facets of Hong Kong’s economic domain, covering everything from trade finance and Hong Kong’s role in the Greater Bay Area (GBA) startup ecosystem to green finance, the IP economy, social and shareholder value for Hong Kong-listed companies, and pressing social issues such as housing affordability and overcrowding in emergency departments. Moreover, with the emergence of AI, the Green Paper examines the impact of AI on the labour market, cybersecurity, and the development of a Web 3.0 ecosystem.
This is the fifth edition of the Hong Kong Economic Policy Green Paper, released by HKU Business School, with the aim of providing recommendations on how Hong Kong can effectively tackle these challenges.
HKU Business School today unveils the Hong Kong Economic Policy Green Paper 2026. From left: Prof. Huiyin Ouyang, Associate Professor in Innovation and Information Management of HKU Business School, Prof. Dragon Tang, Professor in Finance in HKU Business School, Professor Hongbin CAI, Dean and Chair of Economics of HKU Business School, Prof. Richard Wong, Provost and Deputy Vice-Chancellor of The University of Hong Kong and Director, Hong Kong Institute of Economics and Business Strategy, Prof. Heiwai Tang, Associate Vice-President of The University of Hong Kong and Associate Dean of HKU Business School, and Dr. Tingting Fan, Principal Lecturer in Marketing of HKU Business School.
Prof. Richard Wong, Provost and Deputy Vice-Chancellor of The University of Hong Kong and Director, Hong Kong Institute of Economics and Business Strategy said, “This Green Paper was released after months of rigorous research by the scholars from HKU Business School. Grounded in an academic perspective and guided by a pragmatic, problem-solving approach, we have conducted objective analyses and in-depth investigations into core issues and real-world challenges currently facing Hong Kong’s development in political and economic operations, people’s livelihood, and industrial upgrading. Our aim is to provide the Government and relevant authorities with valuable insights and actionable policy recommendations.”
Professor Hongbin Cai, Dean and Chair of Economics of HKU Business School, said, “As a ‘super-connector’ bridging China and the world, Hong Kong’s unique role remains indispensable. Looking ahead, Hong Kong must deeply integrate into China’s national development plans, and also take a more prominent role on the international stage, with an in-depth understanding of the global market and active engagement with its international collaborators.
With campuses in Beijing, Shanghai, and Shenzhen, and an expanding presence in Vietnam and Europe, HKU Business School embodies our unique proposition: deeply rooted in Hong Kong, fully engaged with the Chinese Mainland, and truly international. This year’s Green Paper reflects our dedication to inspiring solutions based on rigorous research. As a world-class institute of higher education, we are committed to enabling Hong Kong to further unleash its core values and usher in a new era of high-quality development.”
Prof. Heiwai Tang, Associate Vice-President of The University of Hong Kong and Associate Dean of HKU Business School, added, “This Green Paper features research papers from ten teams of scholars with diverse backgrounds and varied expertise. Based on profound insights into Hong Kong’s development, they offer unique and targeted policy recommendations, building a rich and multifaceted framework of issues for the Green Paper. At the same time, behind these research achievements lies the scholars’ deep affection for and sense of responsibility toward Hong Kong.”
Regarding how digital technology can boost Hong Kong’s trade finance, he emphasised: “Both data and industry feedback clearly demonstrate the core value of trade finance. However, we need more synergy in the trade finance ecosystem and to catch up in digitisation. To address this, we must strengthen the governance and standard promotion of digital trade platforms and tools, deepen the cross-border interoperability of trade data, expand the functions of the Hong Kong Export Credit Insurance Corporation, focus on high-value-added trade enterprises, extend the coverage of Free Trade and Double Taxation Avoidance agreements, and promote responsible stablecoin adoption and Renminbi internationalisation.”
Prof. Dragon Tang, Professor in Finance at HKU Business School, stated, “Hong Kong is uniquely positioned to lead in the integration of blockchain technology within green finance, exemplified by our pioneering issuance of the world’s first tokenised green bonds, totalling HKD 6 billion in February 2024. With green finance representing a critical avenue for sustainable development, the global market is projected to grow significantly, emphasising the importance of transparency and trust. To capitalise on this opportunity, we must enhance our blockchain infrastructure, establish clear regulatory standards, and promote cross-border integration with initiatives like Core Climate. By leveraging blockchain’s capabilities, we can significantly reduce costs, improve transparency, and engage a broader investor base, ultimately driving our transition to a sustainable finance future.”
Prof. Huiyin Ouyang, Associate Professor in Innovation and Information Management, HKU Business School, commented on her study, saying, “Two weeks post-implementation of the hospital fee reform, the media reported no significant change in emergency department crowding, which aligns with what our analysis predicted. Overcrowding isn’t simply about patient behaviour – it’s a structural issue. Demographics are shifting, capacity is constrained, and alternative treatment options remain limited. What we now need is a careful, systematic evaluation of the fee changes. Where are vulnerable patients going for care? Are some patients delaying treatment? What unintended effects are emerging? Effective reform requires pairing fee adjustments with expanded primary care access. We can’t solve a capacity problem with pricing alone.”
Dr. Tingting Fan, Principal Lecturer in Marketing at HKU Business School, presented as well, spoke on her study and asked, “Why did Pop Mart go public in Hong Kong but register IP in Singapore? Or why was Molly ‘born’ in Hong Kong but did not go viral from Hong Kong? Why have local companies not managed to turn these homegrown IPs into major business triumphs? Learning from the past and looking forward, Hong Kong can leverage its financial market, legal system, as well as talents to build a comprehensive IP industry infrastructure and become an IP hub.”
The Green Paper includes ten articles; the key points are as follows:
Empowering Merchandise Trade Finance with Digital Technology in Hong Kong Author: Prof. Heiwai Tang, Associate Vice-President (Global), The University of Hong Kong; Associate Dean (External Relations), HKU Business School; Associate Director, Hong Kong Institute of Economics and Business Strategy; Victor and William Fung Professor in Economics
Trade is an essential lifeline for Hong Kong; its total merchandise trade was three times the city’s HKD3.2 trillion GDP in 2024. Trade finance is thus equally important, yet research shows that the total loans extended for trade finance have been declining.
As geopolitical and technological shifts reshape trade, Hong Kong must upgrade its trade finance services. With consumer-goods trade shifting to smaller, more frequent orders and shorter cycles, financial institutions need to streamline approvals and develop flexible products for e-commerce and logistics-driven cash cycles. Banks also need to digitise core processes in fund settlement. The article cautions that platforms directly connecting mainland manufacturers with overseas buyers disintermediate Hong Kong’s traditional hub-and-spoke role.
To address this, the article suggests the government leverage digital technologies to elevate the adoption of Hong Kong’s digital trade platforms through unifying core digital trade functions. Moreover, speeding up interoperability of trade data platforms with the Chinese Mainland and other economies will enable seamless data exchange.
Rebuilding Hong Kong as the Catalyst to the Greater Bay Area (GBA) Startup Ecosystem Prof. Alberto Moel, Professor of Practice in Finance, HKU Business School Prof. Joseph Chan, Associate Professor of Practice in Management and Strategy, HKU Business School; Associate Director, Centre for Innovation and Entrepreneurship
Offering a quantitative analysis of the evolution of Hong Kong’s startup landscape, the article found that post-2019 activity has slowed, mirroring global venture capital trends, with most failing to grow beyond 50 employees due to scarce late-stage capital despite early-stage availability. While fintech and logistics dominate and AI/blockchain grow quickly, deep tech lags—authors view this as temporary and highlight Hong Kong’s alignment in financial innovation, regtech, and GBA supply chains to attract investment and support corporate transformation.
To strengthen Hong Kong as the GBA’s premier startup hub and international financial centre, the article recommends nine policies—including fixing funding gaps, closing academia-market divides through industry-focused research for tech transfer, attracting/retaining talent, integrating Northern Metropolis with GBA supply chains, pivoting to high-value services, and drawing large tech platforms to incubate local startups.
The Applications of Blockchain in Green Finance: Hong Kong’s Experience and Opportunities Author: Prof. Dragon Tang, Professor in Finance, HKU Business School; Associate Director, Centre for Financial Innovation and Development
The green finance market has entered an important new phase. Hong Kong became the world’s first issuer of sovereign tokenised green bond when it priced an HKD800 million one-year note in February 2023. Despite this, Hong Kong faces several challenges in the practical implementation of using blockchain to advance green finance. This is due to the limited interoperability between blockchain platforms and existing financial infrastructure, which hinders cross-market transactions. Real-time settlement for tokenised assets is also difficult because of scalability constraints.
The article argues that the future success of blockchain development in green finance will depend on progress in three areas: standardisation, scalability, and security. Clear regulatory frameworks and common technical protocols are needed to provide legal certainty and interoperability across platforms. While collaboration among regulators, technology providers, and energy-market participants can align rules for tokenisation. Blockchain can also connect Hong Kong’s Core Climate platform with overseas counterparts, as cross-border integration is crucial to the inherently international nature of climate finance.
Can Hong Kong be an IP hub for Future Labubu? An Overview of Hong Kong’s IP Industry Dr. Tingting Fan, Principal Lecturer in Marketing, HKU Business School Prof. Heiwai Tang, Associate Vice-President (Global), The University of Hong Kong; Associate Dean (External Relations), HKU Business School; Associate Director, Hong Kong Institute of Economics and Business Strategy; Victor and William Fung Professor in Economics
As Labubu’s success turns the spotlight on the growing importance of the IP industry, the authors propose that this can inspire more creators and businesses to invest in branding, licensing, and cross-border collaborations. This can also attract policymakers’ attention to the emerging IP sector as a key driver of innovation and economic growth.
To position Hong Kong as a leading regional IP trading centre, the authors recommend that stakeholders—including IP developers, entrepreneurs, and government agencies—coordinate efforts across key areas. These include building a robust IP financing ecosystem, such as through government-issued IP bonds replicating the green finance model; enhancing infrastructure and platforms to support IP development; developing specialised talent and professional services in the IP sector; promoting IP initiatives throughout the Greater Bay Area; and strengthening IP protection alongside a solid legal framework.
Thematic Research: Maximisation of Social Value and Shareholder Value – Insights from Hong Kong-listed Companies Across Sectors Author: Prof. Sean Chang, Associate Professor of Practice in Finance, HKU Business School
Through a triangulation research approach, the article examines how social policies, international frameworks, and corporate social responsibility influence a company’s valuation and capital budgeting decisions. Using insights from major Hong Kong-listed companies across nine sectors—spanning transport, utilities, financials, banking, conglomerates, technology, real estate, consumer, and hotel servicing—the research highlights CSR’s role in enhancing long-term firm performance.
Key findings show that corporate risk assessment, company valuation, and stock performance are significantly influenced by CSR-linked socially responsible investing (SRI) factors. Hong Kong-specific social values, such as equality and sustainability, shape investor preferences, guiding finance managers to tailor solutions and adapt regulatory standards. While conventional metrics remain dominant, incorporating social value boosts long-term firm value by building shareholder trust and mitigating risks; companies can pursue CSR projects financed via SRI bonds to create dual economic and societal benefits.
The study recommends embedding core values like equality and sustainability into corporate strategies, aligning budgeting processes with social objectives to pinpoint investments yielding both returns and positive impacts, and urging Hong Kong-listed firms to sustain capital budgeting aligned with enduring societal values.
Housing Affordability and Homeownership in Hong Kong, 1985-2023 Mr. Allen W. Huang, Student Researcher, Hong Kong Future Economy Institute Mr. Alex Ngau, Research Associate, Hong Kong Future Economy Institute Prof. Michael B. Wong, Assistant Professor in Economics, Management and Strategy, HKU Business School
Hong Kong’s housing market has grown increasingly unaffordable, hindering upward mobility for younger generations. Main findings from the research reveal that since the 2002 suspension of the Home Ownership Scheme (HOS), homeownership has declined sharply, rendering private housing “impossibly unaffordable” for median-income households. A wide public-private rent gap drives young people to accept lower-paying or part-time jobs to qualify for public rental housing (PRH), distorting labour supply, stifling human capital investment, and fuelling a surge in adult co-living with parents; younger cohorts (born 1980-1999) face far lower access to public housing and ownership than prior generations at the same age.
Taking Hong Kong Island as an example, between 2003 and 2024, the rent-to-income ratio for a typical 400-sq-ft private unit jumped from 35% to 60% of median household income, peaking at 65% in 2015 and 2019—far exceeding the UN-Habitat and World Bank’s 30% affordability threshold. Public housing rents stayed dramatically lower at just 7%–11% of median household income from 1985 to 2024. For home purchases, it now takes 18.2 years of median income to buy a 500-sq-ft private unit (up from 7.4 years in 2003), placing it in the “impossibly unaffordable” zone per the Demographia International Housing Affordability report, where ≤3.0 years is considered affordable and 9.0+ years is impossibly unaffordable. After the 2002 Home Ownership Scheme suspension, even subsidised HOS units now require 15.8 years of income on Hong Kong Island (up from 7.4 years in 2007), shifting them from moderately unaffordable to severely or impossibly unaffordable in urban cores.
To reverse these trends, the authors recommend ramping up production of high-quality ownership units, easing resale and leasing restrictions on existing subsidised sale flats to boost residential mobility and enable “trading up” the housing ladder, setting housing price and affordability targets over mere supply goals, and adopting responsive mechanisms to balance demand and supply.
Beyond Crisis Management: Structural Reform for the Overcrowding in Hong Kong’s Emergency Departments Prof. Huiyin Ouyang, Associate Professor in Innovation and Information Management, HKU Business School Ms. Yiran Zhang, PhD student, HKU Business School
Hong Kong’s public emergency departments (EDs) handle over 2.14 million annual attendances. This crisis, exacerbated by an ageing population, results from a structural mismatch: the majority of the attendances are for non-emergency conditions, leading to staff burnout and compromised care.
The article proposes three comprehensive structural reforms. First, improving operational efficiency with accurate wait time information systems is crucial. Second, increasing the ED fee (categories III–V) aims to divert non-critical patients. Success for this hinges on assumptions about patient responses, particularly how varied population segments will react to the price signal. International evidence raises concerns, showing that higher ED fees can reduce overall utilisation, but with the decrease primarily occurring among price-sensitive groups who may risk delays in receiving serious care. Therefore, for this reform to succeed, the public must have genuine access to alternative care pathways that can accommodate acute but non-emergency needs outside regular business hours, with pricing acceptable to price-sensitive populations. Third, AI can augment the workforce and manage demand (e.g., through telemedicine).
Ultimately, sustainable reform demands robust evaluation, political courage, and a commitment to address root causes, not just symptoms.
Initial Efforts to Empirically Measure AI Activity and Its Impacts on Hong Kong’s Labour Market Prof. Alan Kwan, Associate Professor in Finance, HKU Business School Prof. Mingzhu Tai, Associate Professor in Finance, HKU Business School; Associate Director, Institute of Behavioural and Decision Science Mr. Zihan Wang, Master student, HKU Business School
In an effort to empirically measure the impact of AI on Hong Kong’s labour force, the researchers observe that firms with a higher adoption of AI experience lower headcount growth. However, the scale of impact appears small in the city, which could be due to several potential reasons. One of these is the different composition of Hong Kong’s labour force compared with other countries. For instance, Hong Kong has a high proportion of finance or managerial talent, which is harder to displace; the city also features older or more elite workers. On the other hand, much of the impact of AI, particularly generative AI, is on the less elite and younger populations.
As such, the authors recommend policymakers produce more labour market statistics that track the impact of AI, particularly by occupation. On the rate of AI adoption in Hong Kong through innovation, the authors find that the city is heavily skewed towards research, but not commercialisation. This means that the quality and quantity of academic research is not translating to commercial use. To address this decoupling, the authors propose that the government tweak its existing early-stage startup funding platforms to encourage streamlining and higher utilisation of existing government resources.
The Impact of Generative Artificial Intelligence on Cybersecurity in Hong Kong Author: Prof. Michael Chau, Professor in Innovation and Information Management, HKU Business School
As GenAI can produce human-like text, code, images, and audio, cybersecurity crimes have become easier and faster to perpetrate. Not only have data leaks and hacks into security systems led to significant financial losses in Hong Kong, but they also hurt confidence in the city’s digital infrastructure.
The article recommends using AI to fortify Hong Kong’s cyber defence, such as using biometric verification and deepfake detection technologies, especially in areas involving critical infrastructure and high financial stakes. It is also important to prevent data leakage and other threats in using GenAI.
Hong Kong’s Next Growth: Pioneering the Web 3.0 Ecosystem Prof. Yulin Fang, Professor in Innovation and Information Management, HKU Business School; Director, Institute of Digital Economy and Innovation Mr. Yangchen Mou, PhD student, HKU Business School
Given the inherent risks in Web 3.0 operational models—most notably within Decentralised Finance (DeFi) systems—striking a balance between fostering the development of the Web 3.0 ecosystem and implementing appropriate regulation to maintain financial stability is and should be a key priority for Hong Kong authorities. To support this, the article categorises the industry into three distinct systems—Centralised Finance (CeFi), the integration of Traditional Finance and Centralised Finance (TradFi-CeFi), and Decentralised Finance (DeFi)—and put forward targeted policy recommendations for each.
For the CeFi system, the authors recommend creating a more conducive environment for development by refining specialised auditing frameworks, promoting a local Web 3.0 talent certification system, and introducing global leading CeFi institutions to the local market. For the TradFi-CeFi system, they suggest upgrading audit standards for traditional firms holding digital assets and upskilling traditional finance professionals with Web 3.0 expertise. In contrast, for the DeFi system, which carries higher inherent risks and poses greater regulatory challenges, the authors advise authorities to adopt a prudent stance while keeping monitoring its latest technological developments.
The full version of the Green Paper can be accessed here. Hi-res photos are available here.
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About HKU Business School
Established in 2001, HKU Business School is one of the youngest and most dynamic members of The University of Hong Kong (HKU). The School strives to nurture first-class business leaders and foster academic and relevant research that serves the needs of Hong Kong, China and the rest of the world in the new Asia-led economy. As a top international business school, the School has established its place as a globally impactful institution that leads the way through timely thought leadership, pioneering research, and educational excellence. Deeply rooted in Hong Kong and fully engaged with China, the School’s world-class faculty equip students with global knowledge and perspectives.
HKU Business School offers business education across a full range of disciplines, while achieving remarkable growth in faculty strength and research capabilities. The School ranks Asia’s No.1 in Financial Times’ Aggregated Research Ranking for two consecutive years, 2024 and 2025, while the University of Hong Kong ranked 11th in the world and No. 1 in Asia according to the QS World University Rankings 2026. The School has strategic partnerships with world-renowned universities and corporate partners, providing market-oriented content, superior learning, and instrumental resources.
To better serve our students and alumni in various cities and regions, and to facilitate collaboration opportunities with business communities around the globe, HKU Business School has established a unique international network that extends to Beijing, Shanghai, Shenzhen and Ho Chi Minh City.
HKU Business School is fully accredited by the European Quality Improvement Systems (EQUIS) and the Association to Advance Collegiate Schools of Business (AACSB).
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