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Crafting an Unforgettable Celebration MACAU SAR – Media OutReach Newswire – 11 November 2024 – Galaxy Macau™ Presents Tatler Off Menu took place from November 8 to 10 at the Galaxy Macau™ Cabana at Banyan Tree Macau, Asia’s most highly awarded luxury integrated resort. Following its successful debut in Macau last year, this year’s festival returned with an even more impressive lineup of chefs and elevated gourmet […]

Revolutionizing Payment Processing Across Asia Pacific Markets HONG KONG SAR – Media OutReach Newswire – 11 November 2024 – eft Payments (Asia) Limited (“eftPay” or the “Company”), one of the leading e-Payment services providers in Hong Kong, is pleased to announce that the Company has entered into a memorandum of understanding (the”MOU“) with AXS, an e-payment solutions provider in Singapore, to develop inter-connectivity between both existing gateways […]

HONG KONG SAR – Media OutReach Newswire – 11 November 2024 – Gaw Capital Partners ranked third in the PERE’s 2024 Proptech 20 among all fund managers globally, with US$1,293m raised over the past five-year period. Source: PERE The Proptech 20 ranking, compiled annually by PERE, evaluates firms based on the amount of private direct investment capital raised between January 1, 2019, and December 31, 2023. According […]

HONG KONG SAR – Media OutReach Newswire – 11 November 2024 – Award-winning brokerage VT Markets held its “Pioneering Global Investment” forum in Hong Kong on 2 November. The event tackled some of the most pressing questions on investment strategies and opportunities as the global brokerage heads into the last quarter of the year. The world economy is an ever-changing pulse—moving to the beat of inflation, political […]

Cathay Pacific has expanded its international network with the launch of direct flights between Hong Kong and Riyadh, marking a significant milestone in the airline’s growth strategy. This new route provides both business and leisure travelers with a more efficient travel option, strengthening connectivity between two major economic hubs in Asia and the Middle East.

The inaugural flight, which took off in early November, was celebrated with a ceremony attended by key officials from both Hong Kong and Saudi Arabia. Among the notable attendees were Financial Secretary of the Hong Kong SAR Government Paul Chan Mo-po, Consul General of Saudi Arabia in Hong Kong Hamad Aljebreen, and Cathay Group Chair Patrick Healy. The event underscored the growing ties between Hong Kong and the Kingdom of Saudi Arabia, particularly in the context of expanding air connectivity.

The new flight will operate four times a week, offering travelers more flexibility when flying between the two cities. Riyadh, the capital of Saudi Arabia, is a growing business center with increasing demand for direct international flights, particularly from Asia. Hong Kong, as one of the world’s major financial and trading hubs, is a natural gateway for Saudi nationals seeking to conduct business in Asia, and for Hong Kong residents wishing to explore the expanding opportunities in the Kingdom.

The service will be operated using Cathay Pacific’s Airbus A350-900 aircraft, which provides a comfortable flying experience with both business and economy class options. This aircraft is known for its fuel efficiency and advanced technology, making it a fitting choice for long-haul flights.

Lavinia Lau, Cathay Pacific’s Chief Customer and Commercial Officer, highlighted the importance of this new service, noting that it will significantly enhance the airline’s connectivity within the Middle East and further strengthen its presence in Asia. She emphasized the airline’s commitment to offering quality service and expanding its network to meet the evolving demands of its passengers.

The launch of the Hong Kong-Riyadh route is part of Cathay Pacific’s broader strategy to increase its presence in the Middle East. The airline has long been focused on providing convenient connections to key destinations in Asia, Europe, and North America, and this new flight is seen as a key step in maintaining the airline’s competitive edge in the global aviation industry.

Riyadh, as the economic heart of Saudi Arabia, is undergoing rapid transformation under the country’s Vision 2030 initiative. This ambitious plan aims to diversify the economy and reduce the Kingdom’s dependency on oil. As part of this vision, there is a concerted effort to build up the tourism and business sectors, with the government seeking to attract more international investment. This has created a strong demand for enhanced air links between Riyadh and key international destinations.

The direct flight between Hong Kong and Riyadh will play an integral role in fostering economic and cultural ties between the two regions. The Kingdom of Saudi Arabia has long been a major trade partner for Hong Kong, with bilateral trade continuing to grow in recent years. The direct air link will further support trade, tourism, and business opportunities by reducing travel time and increasing convenience for travelers.

The launch comes at a time when airlines are cautiously recovering from the pandemic’s effects on global air travel. Cathay Pacific, like many other carriers, faced significant challenges during the pandemic but has been gradually rebuilding its network as travel demand returns. The Hong Kong-Riyadh route signals the airline’s confidence in the recovery of international travel and its commitment to expanding its network in key markets.

Hong Kong’s Airport Authority also played a crucial role in making the direct flight route a reality. Vivian Cheung, Acting Chief Executive Officer and Chief Operating Officer of the Airport Authority Hong Kong, expressed enthusiasm for the new service, emphasizing that the launch reflects the airport’s continued effort to strengthen its global connectivity and solidify Hong Kong’s status as an international aviation hub.

With the increased demand for air travel between Hong Kong and the Middle East, this new service is expected to benefit not just business travelers but also tourists. Saudi Arabia has been making strides in opening up to international tourism, particularly with the introduction of new visa options and its ongoing efforts to position itself as a major tourist destination in the region. Hong Kong, with its mix of cultural heritage and modern attractions, is well-positioned to attract tourists from Saudi Arabia who are keen to explore Asia’s vibrant cities.

PHNOM PENH, CAMBODIA – Media OutReach Newswire – 7 November 2024 – The way people pay and get paid has changed more in the past five years than in the last 50. Consumers have evolved, adapting to new payment experiences – from the advent of embedded, digital commerce to the rapid growth of different payment methods. Visa is announcing a suite of new products and services that […]

An iterative process is highly effective in increasing the value of large items HONG KONG SAR – Media OutReach Newswire – 8 November 2024 – AIM Vaccine (06660.HK), the world’s second largest supplier of rabies vaccines, announced on 7th November that the application for clinical trial of the iterative-process highly-effective human diploid rabies vaccine developed by the Company has been submitted to the Center for Drug Evaluation […]

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HONG KONG SAR – Media OutReach Newswire – 8 November 2024 – ZJLD Group Inc. (“ZJLD” or the “Company”, SEHK stock code: 06979. HK), the first baijiu company listed on the Hong Kong Stock Exchange, is pleased to announce that the Hong Kong International Wine & Spirit Competition (“HK IWSC”) today unveiled its list of award winners, with the Group’s “Zhen 15” and “Zhen 30“, our flagship […]

SINGAPORE – Media OutReach Newswire – 8 November 2024 – The 2024 Singapore FinTech Festival took place from November 6 to 8 at the Singapore Expo, gathering central banks, regulatory authorities, industry leaders, entrepreneurs, investors, and innovators from around the world to discuss how to shape the future of the global financial ecosystem through coordinated regulation, innovation, and technology, with a focus on the potential of artificial […]

HONG KONG SAR – Media OutReach Newswire – 8 November 2024 – Hong Kong Design Centre (HKDC) is thrilled to reveal the winners of DFA Hong Kong Young Design Talent Award (DFA HKYDTA) 2024. A total of 17 young and exceptional designers from Hong Kong have been selected by a panel of distinguished judges. Among them, 13 winners will receive financial sponsorships to pursue education or work […]

Redefining the Golden Years with “Care Food” HONG KONG SAR – Media OutReach Newswire – 7 November 2024 – Yung Kee Restaurant (“Yung Kee“), renowned for its authentic Cantonese cuisine and charcoal-grilled delicacies, has grown alongside Hong Kong for over eight decades. On 10 November 2024, it will mark a significant milestone of its 82nd anniversary. This year, Yung Kee has organized multiple initiatives dedicated to social […]

HONG KONG SAR – Media OutReach Newswire – 7 November 2024 -The “Enjoy the Authentic Joy from Europe” campaign continues to champion a variety of exquisite European deli meats to the Hong Kong market. As we enter the final year of this 3-year initiative, we are thrilled to announce our upcoming booth at HOFEX in May 2025. HOFEX, a prominent food and hospitality trade show in Asia, […]

Hytron Enhances Hygiene Standards at Temasek Polytechnic, Marks a Monumental Leap in Cleaning Technology SINGAPORE, HONG KONG SAR, BEIJING – Media OutReach Newswire – 7 November 2024 – Primech AI Pte. Ltd., a subsidiary of Primech Holdings Limited (Nasdaq: PMEC), announces the launch of Hytron, a cutting-edge AI-powered automated toilet cleaning robot, now operational and enhancing hygiene standards at Temasek Polytechnic. This innovative technology introduces unprecedented levels […]

Strengthening Ties in Innovation and Investment with the Middle East HONG KONG SAR – Media OutReach Newswire – 6 November 2024 – At the Future Investment Initiative Institute 8th Edition (FII8), held from 29th October to 31st October in Riyadh, Saudi Arabia, the Hong Kong Science and Technology Parks Corporation (HKSTP) made significant strides in bridging Hong Kong and the Middle East’s innovation and technology (I&T) ecosystems […]

HONG KONG SAR – Media OutReach Newswire – 6 November 2024 – The first baijiu company listed on the Hong Kong Stock Exchange, ZJLD Group Inc. (“ZJLD” or the “Company”, SEHK stock code: 06979. HK), is pleased to announce that the Group has been awarded the Excellence Award for First-Year Listed Companies and the Best New Entry in “General” Category at the 2024 Best Annual Reports Awards […]

HONG KONG SAR – Media OutReach Newswire – 6 November 2024 – At the “2024 Hong Kong International ESG Awards Ceremony” held today at the Island Shangri-La Hotel, China Wantian Holdings Limited (Stock Code: 1854.HK) was honored with the “Best ESG Pioneer Award.” This award recognizes the Group’s outstanding contributions to sustainable development and ESG practices, highlighting its commitment to creating a green future. Mr. Or Chuen […]

SINGAPORE – Media OutReach Newswire – 5 November 2024 – ViewQwest has partnered with Lightspeed Technologies, an enterprise solution provider and leading email security expert, to unveil the ViewQwest SecurEmail Gateway at GovWare 2024, held from 15 to 17 October. This new solution offers businesses a quick and seamless way to secure their email systems, bolstering protection against email-based threats and vulnerabilities. The cloud-based SecurEmail Gateway aligns […]

Enjoy up to 10% rebate and chance to win business class round trip to Tokyo on Citibank Global Wallet forex spending with Citibank debit card HONG KONG SAR – Media OutReach Newswire – 5 November 2024 – From now until December 31, 2024, selected Citibank customers* are entitled to Citibank Debit Mastercard® Triple Rewards[1] upon successful registration. Customers can earn up to a 10% cash rebate and […]

Up to 18% First Year Premium Discount Complimentary Health Services including Health Check-up, Chinese Medicine Services or Vaccination Services HONG KONG SAR – Media OutReach Newswire – 4 November 2024 – As global life expectancy prolongs and the costs of living continue to rise, it is not easy to properly plan for the future of oneself and his beloved ones. Hong Kong Life understands the needs of […]

International Forum for sustainable development gathered political and commercial leaders HONG KONG SAR – Media OutReach Newswire – 4 November 2024 – To celebrate its 35th Anniversary, Hong Kong Quality Assurance Agency (HKQAA) held the 35th Anniversary Forum cum Celebration Ceremony at Ballroom, Level 3, JW Marriott Hotel Hong Kong. The Forum in the morning session was officiated by Mr Christopher Hui, GBS, JP, Secretary for Financial […]

Hong Kong’s regulatory landscape for stablecoins is expected to undergo significant transformation with new frameworks anticipated by the end of the year. This marks a substantial step in the Hong Kong Monetary Authority’s (HKMA) broader plan to establish the city as a central player in the digital asset ecosystem. Through an upcoming licensing scheme, the HKMA intends to create a structured environment for fiat-backed stablecoins, ensuring stringent oversight that would apply not only to domestic issuers but also to overseas companies actively marketing stablecoins to the Hong Kong public. This regulatory approach aligns with Hong Kong’s ambition to become a global hub for virtual assets while maintaining a secure environment for investors.

The proposed framework follows Hong Kong’s recent initiatives to regulate virtual asset exchanges and has sparked interest from key industry figures, including Circle’s CEO, who identified Hong Kong as a strategic market for USD Coin (USDC). The stablecoin issuer has shown readiness to engage with Hong Kong’s new regulations, positioning itself for early compliance as the city shapes a potentially influential model for stablecoin governance worldwide.

The core of the HKMA’s strategy targets fiat-referenced stablecoins, distinguishing them from algorithmic or arbitrage-backed digital currencies, which are less likely to meet the agency’s stringent requirements. Under the proposed system, stablecoin issuers must uphold the stability of their currencies by maintaining equivalent reserve assets in segregated accounts, preferably held in Hong Kong–based financial institutions. This approach is intended to prevent destabilization risks seen with algorithmic stablecoins and offers an added layer of financial assurance by linking reserves to the value of the Hong Kong dollar or other fiat currencies.

In setting these standards, the HKMA is seeking to build consumer confidence in stablecoins as reliable digital alternatives to traditional currency. The proposed licensing requirements include a mandated HK$25 million in capital and the presence of a registered office in Hong Kong, requirements that aim to ensure operational transparency and accountability. Additionally, stablecoin issuers will need to meet rigorous internal controls, including risk management practices for handling and safeguarding reserve assets, similar to standards seen in traditional banking and finance.

The HKMA’s approach reflects the “same activity, same risk, same regulation” principle, which mandates that entities offering similar financial services be subject to comparable oversight regardless of their digital or traditional format. This regulatory alignment is intended to create an even playing field, further solidifying Hong Kong’s appeal as a stablecoin issuance and trading center. With the HKMA as the principal regulatory authority, the agency is positioned to enforce these new rules, impacting not only issuers but also entities involved in the stablecoin distribution network.

This framework brings with it an extraterritorial element, meaning that foreign stablecoin issuers could fall under Hong Kong’s regulatory scope if they issue stablecoins pegged to the Hong Kong dollar or target Hong Kong consumers. This provision seeks to limit risks associated with cross-border stablecoin transactions, which can complicate efforts to maintain monetary stability and secure reserves. Overseas issuers operating within Hong Kong’s jurisdiction will be required to obtain the necessary licenses, ensuring that foreign entities adhere to Hong Kong’s regulatory standards when they conduct business with local investors.

The HKMA’s efforts also highlight a broader trend in Asia toward more precise stablecoin regulations. With Japan recently setting its own regulations, Hong Kong is looking to offer a competitive regulatory framework that could draw international digital asset firms to establish operations within the city. This move reflects Hong Kong’s attempt to balance innovation with investor protection, a challenging dynamic as central banks worldwide navigate the complexities of digital finance.

As the regulatory framework unfolds, industry leaders like Circle’s Jeremy Allaire have recognized the advantages of a structured stablecoin ecosystem in Hong Kong, citing its role as a key market for USDC, one of the most widely used fiat-backed stablecoins globally. Circle’s interest in Hong Kong underscores the potential of the market and the appeal of the city’s stable regulatory environment, which could provide stability and growth opportunities for USDC and similar stablecoins within Asia.

Hong Kong’s proactive stance contrasts with the regulatory approaches seen in many Western jurisdictions, where stablecoin legislation remains in preliminary stages or subject to extensive legislative debate. The HKMA’s framework positions Hong Kong as a leader in digital currency regulation, providing a model that could inform stablecoin policies in other regions. By requiring stablecoin reserves to be held in highly liquid and low-risk assets, the proposed guidelines aim to create a safeguard against market volatility and instill confidence among users and investors alike.

To Foster Emotional Well-Being Through Art and Technology HONG KONG SAR – Media OutReach Newswire – 4 November 2024 – Breast cancer is the most common cancer among women in Hong Kong. In addition to improving treatment options for better disease management and survival rates, the medical community is increasingly prioritizing the enhancement of patients’ emotional well-being. From left to right: Professor Angela, Leung Yee-man, Associate Head […]

CEO Speaks in FinTech Panel Discussions HONG KONG SAR – Media OutReach Newswire – 4 November 2024 – XTransfer, the World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, was featured at Hong Kong Fintech Week 2024 last week as both an exhibitor and a main sponsor. The event attracted significant attention to XTransfer‘s booth, where attendees learned about the company’s innovation for secure and speedy […]

HONG KONG SAR – Media OutReach Newswire – 4 November 2024 – HK01, the leading online media for Hong Kong, announced the 2024 Good Living Awards. The prestigious recognition honors top brands in the city that have proven track records delivering innovative services and outstanding results. Luxury beauty brand SWISS REJU is recognized as the Winner in the “Medical Aesthetics and Body Contouring” category, a new record […]

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