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Budget: Accelerating Development through Reform and Innovation

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Mr Chan

The Financial Secretary, Mr Paul Chan, unveiled today his 2025-26 Budget. He noted that while geopolitical situation might bring risks, technology reform and artificial intelligence (AI) development are remoulding the global landscape, leading to the emergence of new industries, new forms of business, new products and new services. He stressed that Hong Kong must seize the opportunity to make the most out of this critical window to speed up development, establishing the new before abolishing the old. He also emphasised that transformation and innovation will lead the way into the future, and the Government is poised to fast-track the high-quality development of Hong Kong’s economy.
 
The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces. On innovation and technology (I&T), the Government will promote Hong Kong into an international exchange and co-operation hub for the AI industry. Through frontier research and real-world application, the Government will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation. To spearhead and support Hong Kong’s innovative research and development as well as industrial application of AI, the Government will establish the Hong Kong AI Research and Development Institute and launch the Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+). On finance, the Government will continue to take forward reforms to the listing regime, host the Hong Kong Global Financial and Industry Summit, and formulate a plan this year on promoting gold market development.
 
To seize the opportunities brought about by the rapid advancement of innovation and technology, the Budget highlights the need to accelerate the development of the Northern Metropolis, which is an investment in Hong Kong’s future. The Government will continue to accord priority to providing resources for this initiative, which primarily includes providing large tracts of I&T land at the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, together with San Tin Technopole; adopting an innovative mindset in piloting “large-scale land disposal”; developing a data facility cluster at Sandy Ridge; as well as identifying suitable sites in the Northern Metropolis for the construction of conference and exhibition facilities.

On the promotion of tourism, funding will be allocated to pursue the concept of “tourism is everywhere” and implement the Development Blueprint for Hong Kong’s Tourism Industry 2.0. A study will be conducted on the development of the waterfront and former sites to the south of the Hung Hom Station into a new harbourfront landmark, including a yacht club.

Regarding land supply, Mr Chan announced that the Government will not roll out any commercial site for sale in the coming year in view of the high vacancy rates of offices in recent years to allow the market to absorb the existing supply. The Government will also consider rezoning some of the commercial sites into residential use and allowing greater flexibility of land use. To tie in with the relevant work, the deadline for completing in-situ land exchange for commercial sites in the town centre of the Hung Shui Kiu/Ha Tsuen New Development Area will be extended.

Mr Chan proposed a reinforced version of the fiscal consolidation programme to focus on strictly controlling government expenditure, supplemented by increasing revenue, to restore fiscal balance in the Operating Account, in a planned and progressive manner, within the current term of the Government. For 2025-26, the executive authorities, the legislature, the judiciary and members of the District Councils, including members of the civil service, take a pay freeze. The Government will step up the Productivity Enhancement Programme; compared with 2023-24, the recurrent expenditure in 2027-28 will record a cumulative reduction by 7 per cent and deliver a saving of $27.3 billion. By April 2027, about 10 000 posts of the civil service establishment are expected to be deleted within this term of Government. The Government will also deliver more efficient public services to citizens through leveraging technology, streamlining processes and driving the digital transformation of public services. In the Budget, it is proposed to adjust two transport subsidy schemes, namely putting forward the “$2 flat rate cum 80 per cent discount” in the Government Public Transport Fare Concession Scheme for the Elderly and Eligible Persons with Disabilities ($2 Scheme), and raising the threshold for receiving the subsidy under the Public Transport Fare Subsidy Scheme from $400 to $500, with the prevailing subsidy cap at $400 per month remaining unchanged. He will uphold the “user pays” and the “affordable users pay” principles as far as practicable while increasing revenue, including increasing the air passenger departure tax, and reviewing the tolls of government tunnels and trunk roads. The Government will suitably expand the size of bond issuance on the premise of maintaining healthy public finances and use the funds raised on infrastructure works in a proper and flexible manner to invest in Hong Kong’s future and create value for society.

Mr Chan concluded that he has full confidence in and high expectations for the future of Hong Kong, because Hong Kong people are intelligent, creative and tireless in contributing to the economic development. More importantly, he is confident due to the staunch and unwavering support received from the country and Hong Kong people’s profound insight into the major development trends of the future, as well as the city’s enviable and advantageous position.

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NETSCOUT EXTENDS ADAPTIVE DDOS DEFENSE PROTECTION TO ADDRESS THE RISING BUSINESS COST OF WEAPONIZED BROADBAND AND IOT DEVICES

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NETSCOUT® (NASDAQ: NTCT), a leading provider of observability, AIOps, cybersecurity, and DDoS attack protection solutions, today announced an extension of its Adaptive DDoS Protection (ADP) solution enabling service providers to automatically detect and mitigate outbound DDoS attack traffic. By extending protection from the attack target towards its source, NETSCOUT helps operators prevent compromised subscriber devices from disrupting their own networks, consuming costly capacity and attacking customers and organizations across the internet.

Consumer broadband routers, cameras and other IoT devices are increasingly being weaponized by Turbo-Mirai class botnets capable of generating multi-terabit attacks. These outbound attacks have already caused costly service outages, reputational damage and customer loss, and damage to peering relationships risking a large increase in transit costs at service providers around the world. By detecting and mitigating malicious traffic generated by compromised device populations before it leaves their networks, service providers can reduce abuse complaints and infrastructure costs while protecting their own networks and services and helping lower subscriber churn and regulatory risk.

“The combination of higher-speed broadband connectivity and vulnerable IoT devices has been weaponized by a new class of massive DDoS botnets,” said Patrick Donegan, founder and principal analyst, HardenStance. “Source-side mitigation, or attack suppression as it’s sometimes known, is a critical part of the equation. NETSCOUT’s approach, backed by its ATLAS Intelligence Feed (AIF) and ASERT analysts, gives service providers the tools they need to detect and stop attacks before they have an impact, protecting their customers and the broader internet from the large-scale DDoS attacks we have seen.”

Using AI-powered threat intelligence and automated detection and mitigation, NETSCOUT’s ADP solution, an addition to its Arbor Sightline and Arbor Threat Mitigation System:

  • Automatically detects and mitigates ever evolving attacks through dynamic detection, intelligent redirection and adaptive mitigation.
  • Extends these capabilities to outbound traffic, combining enhanced, customized detection with comprehensive threat intelligence tailored for each ISP.
  • Uses NETSCOUT’s proprietary AI/ML-powered DDoS detection to analyze massive volumes of outbound internet traffic to uncover attacks designed to hide within legitimate flows.
  • Draws on unique global real-time intelligence of DDoS activity covering approximately half of all internet traffic to rapidly detect and mitigate DDoS attacks and pinpoint the responsible, compromised devices.

“We are extending DDoS defense from the target to the source,” stated Darren Anstee, CTO, Security, NETSCOUT. “By using our internet-scale visibility to derive localized threat intelligence for our customers, NETSCOUT can identify and precisely suppress attacks at their origin, before they cause problems locally or at their target. This capability gives our customers a new level of comprehensive defense across their peering, transit, cloud and customer edges.”

This expansion of capabilities demonstrates how NETSCOUT is applying its global threat visibility and proven ADP solution to meet emerging service provider challenges. By extending an established inbound DDoS workflow to outbound and cross-bound threats, NETSCOUT enables operators to improve network-resilience, cost-controls and revenue protection through its proven Arbor Sightline and Arbor TMS solutions.

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Illumio Named Leader and Customer Favorite in Forrester Wave for Microsegmentation

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Illumio Inc., the breach containment company, today announced it has been named a leader in The Forrester Wave™: Microsegmentation Solutions, Q3 2026  report. Illumio received the highest scores among all evaluated vendors in both the Current Offering and Strategy categories and was named a “Customer Favorite” for its outstanding customer feedback among evaluated vendors. According to the report, “Repeat customers indicate their satisfaction with the consistently high quality of technical support, regardless of the personnel assigned to their account.”  

The report evaluated 10 microsegmentation providers against a comprehensive set of criteria covering product capabilities, strategy, innovation, and customer experience. Illumio received the highest scores possible in 10 evaluation criteria, including areas related to visualization, host-based enforcement, product security, vision, and innovation. According to the report, “Illumio excels at essential microsegmentation functions.”

“Illumio was founded on a simple belief: breaches are inevitable, but cyber disasters are not. We have been singularly focused on one objective — reducing lateral movement and attack surface, and increasing resilience in every organization,” said Andrew Rubin, CEO and Founder of Illumio. “Being named both a Leader and a Customer Favorite reflects to us the strength of our technology, vision, and even more importantly our ability to deliver real outcomes and risk reduction, which is the foundation of the trust our customers place in us every day. In the model threat world we are all now entering, defense must be coupled with resilience. Recovery is the new defense — and the new cyber.”

According to the Forrester Research report, “Organizations with large, heterogeneous environments focused on improving cyber resilience should consider Illumio.”  The report also recognized Illumio for:

  • “Illumio has articulated a vision for microsegmentation as a core element of security operations.”
  • “Illumio is bridging the gap between its traditional users and other parts of the security organization by delivering agents mapped to personas from other teams.”
  • Its UI provides easy access to information that supports both access control and incident response use cases.”

The recognition follows continued innovation across the Illumio Platform, including Network Posture, which helps organizations understand security posture based on real-world traffic and prioritize risk reduction efforts. These capabilities support the growing need for visibility, cyber resilience, and regulatory readiness across complex hybrid and multi-cloud environments.

Designed for operational simplicity, the Illumio Platform combines Illumio Insights and Illumio Segmentation to help organizations identify, assess, and contain cyber risk across hybrid and multi-cloud environments. Security teams can uncover high-risk exposures, visualize potential attack paths, and implement segmentation policies from a single platform to contain threats and improve cyber resilience.

The platform is trusted by some of the world’s largest organizations, including BNP Paribas, eBay, and Microsoft, the latter of which has deployed Illumio Insights and Illumio Segmentation across its entire corporate IT environment. Igor Tsyganskiy, Global CISO of Microsoft, said: “When we needed to bring these capabilities into Microsoft, Illumio was the only segmentation solution that would work at the scale of Microsoft and deliver in our environment.”

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Rentify Introduces the First AI Workforce for Property Managers, Expanding Earn AI with Renewal Command Center

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Earn AI grows into a team of specialised AI agents that help property managers scale operations, automate renewals and embed financial services while keeping people in control of every decision.

Dubai, United Arab Emirates: Rentify, a cutting-edge fintech & proptech startup, announced the launch of Renewal Command Center, the third specialised AI agent within Earn AI, its AI-native operating system for rental operations.

Today, Earn AI supports property portfolios representing more than AED 22 billion (USD 6 billion) in real estate assets and over AED 1.3 billion in annual rental value, demonstrating how some of the region’s largest property portfolios are already adopting AI-native rental operations.

Unlike traditional software that only records information, Earn AI detects what needs attention, prepares the required work and coordinates execution. Property managers can upload spreadsheets, lease agreements and fragmented portfolio information and see it transformed into a live, structured portfolio view in under 60 seconds.

Each specialised Earn AI agent has a clearly defined responsibility while operating within approval workflows that ensure property managers remain in complete control of every important decision.

AgentCore Responsibility
Intelligence AgentTransforms spreadsheets, lease agreements and fragmented property data into a structured intelligence layer across an entire portfolio.
Collections AgentAutomated rent collection, payment coordination & portfolio-wide management
Renewal Command Center (NEW)End-to-end renewal workflow that includes lease generation, prepares tenancy agreements accommodating tenant intel, insurance, Open Banking & payments across all Emirates

Nearly 80% residential tenants renew their tenancy agreements each year, making renewals one of the largest recurring operational responsibilities for property managers. Across the real estate industry in the UAE, experienced property managers are expected to oversee larger portfolios while managing renewals, collections, tenant onboarding, documentation, compliance and financial coordination across multiple disconnected systems. As portfolios grow, operational work grows faster than teams.

Through Rentify’s product Rent Shield in partnership with YallaCompare, landlords and tenants can seamlessly access rental insurance during the renewal process. Integration with Spare, a leading open finance provider, enables Open Finance-powered affordability assessments and Pay-by-Bank payment orchestration that supports Rentify’s existing digital payment infrastructure. The platform will also make rent renewal seamless with embedded financial services.

Rajneel Kumar, Co-founder, Rentify, said, “We built Earn AI around a simple idea that technology should handle the operational heavy lifting so property managers can focus on outcomes for landlords and tenants. For decades, the only way to scale was to hire more people, but AI changes that. Renewal Command Center takes that idea into one of the most repetitive workflows in property management, connecting renewals, tenant intelligence, Open Banking, embedded insurance and payments in a single flow, with every critical decision still made by a person.”

Rashed Hareb, Co-founder & CEO, Rentify, said, “Property managers don’t need more dashboards. They need greater operational capacity. Over the next decade, every major operational function  within the property management business will gain a specialised AI counterpart. Our role is to build an operating system that enables those teams to work together seamlessly.”

Rentify believes the future of property management is not about replacing people with artificial intelligence. It is about giving every property manager a specialised AI workforce that quietly handles repetitive operational work, allowing people to focus on relationships, judgement and portfolio growth.

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