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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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TALLY SOLUTIONS RECOGNISED BY UAE MINISTRY OF FINANCE AS A PRE-APPROVED E-INVOICING SERVICE PROVIDER

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Tally Solutions, a leading global technology company providing business management software to small and medium businesses worldwide, has been included in the UAE Ministry of Finance’s list of Pre-Approved E-Invoicing Service Providers under the country’s upcoming e-invoicing framework.

With this recognition, Tally further strengthens its position as one of the most trusted and relevant business management solutions for SMEs in the UAE. As one of the few globally established providers with a strong SME focus to achieve this status, Tally is well placed to help businesses transition confidently to the next phase of digital compliance.

The inclusion reflects Tally’s long-standing approach of combining simplicity, localisation, and regulatory readiness into everyday business workflows. For SMEs, where time, cost, and ease of adoption are critical, the move to e-invoicing requires more than technical compliance; it requires a solution that is dependable, intuitive, and built around real business needs.

Over the years, Tally has supported businesses across multiple markets through major regulatory transitions, including VAT implementation, e-invoicing mandates, and digital tax reforms. In the UAE, this experience is complemented by continued investments in bilingual capabilities, connected compliance features, secure cloud-enabled access, and product innovations that help businesses remain future-ready without added complexity.

Commenting on the announcement, Vikas Panchal, General Manager – MENA, Tally Solutions, said: “At Tally, our purpose has always been to empower SMEs with technology that is simple to adopt, reliable to run, and easy to scale. Being recognised as a Pre-Approved E-Invoicing Service Provider by the UAE Ministry of Finance is an important milestone and a reflection of the trust we have built with businesses across the region. Having supported regulatory transitions in multiple markets, we understand that compliance must be practical, not complicated. Our focus is to ensure UAE businesses can embrace e-invoicing with confidence while continuing to grow without disruption.”

The recognition also comes at a time when the UAE’s e-invoicing market is witnessing strong momentum, driven by the country’s broader digital economy agenda and the growing adoption of structured financial systems. As businesses prepare for this shift, Tally’s pre-approved status gives SMEs the confidence of choosing a solution already aligned with the government’s evolving framework.

Currently, around 20 companies have been listed by the Ministry of Finance as pre-approved e-invoicing service providers. While many providers in the accounting and ERP segment primarily cater to large enterprises, Tally continues to stand apart through its strong focus on SMEs, delivering compliant, accessible, and scalable solutions designed for the realities of growing businesses.

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BOSCH IS INVESTING IN ITS FUTURE FIELDS OF BUSINESS

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Innovations and the development of new business areas have made Bosch the technology leader it is today. To expand its innovation landscape further, the company is investing around 200 million euros in its subsidiary Bosch Business Innovations over the next five years. As a corporate venture builder, the unit develops new business ideas beyond Bosch’s current core business and builds startups from the early stages onward. The aim is to systematically bring these to market maturity and also to develop new leading business models for Bosch.

To this end, Bosch Business Innovations has defined business areas in line with the Bosch strategy in which investments are to be prioritized and in which the market dynamics are an optimal match for Bosch’s competencies and technological expertise. The first of these are software-controlled manufacturing, remote health monitoring, and the capture, use, and storage of greenhouse gases. Further business areas will be added over the next four years, with the goal of having 20 successful startups in operation by 2030.

“Innovative strength and technology leadership are an integral part of Bosch’s history,” says Stefan Hartung, chairman of the board of management of Robert Bosch GmbH. “We have always continued to develop by identifying and investing in new technologies early and decisively – because innovation is our most important currency. We’re now significantly strengthening Bosch Business Innovations with financial resources so that new ideas have a home and the space to develop.”

Axel Deniz, CEO of Bosch Business Innovations, adds: “Our aim is to systematically develop new ideas beyond our current core business. To achieve this, we rely on Bosch’s strengths, in particular its technological expertise and patent power. We combine this structural advantage of a large company with the speed and flexibility of the startup world.”

Bosch Business Innovations accelerates market maturity with partnerships
To bring both worlds together in an optimal way, Bosch Business Innovations relies on a partnership model: it joins with experienced venture studios to build new business ideas from scratch and bring them quickly to market maturity. Bosch thus combines its own strengths – from technological expertise and patent power to industrial scaling – with the deployment speed and venture-building expertise of external partners. This creates a model in which opportunities and risks are deliberately shared and innovations are systematically put into implementation.
The focus is on the founders: Bosch Business Innovations is also open to external entrepreneurs in particular and gives them a crucial head start. They are involved in the company at an early stage, take on responsibility, and play an active role in shaping the startup from the very beginning. In addition, external investors are involved early on so as to tap into additional capital and market access. The approach is supported by specialized partners who contribute market and technology trends and facilitate access to international startup ecosystems.
Growth market for remote health monitoring
In the field of remote health monitoring, Bosch Business Innovations sees a rapidly growing market that has thus far remained fragmented. Bosch already has a strong healthcare ecosystem that includes the Robert Bosch Hospital and numerous hospital partnerships. This is complemented by Bosch’s technological expertise: among other things, the company is the global market leader for MEMS sensors, which are indispensable in remote health monitoring.

In software-controlled manufacturing, Bosch looks to its own industrial strength as well as its expertise in data, software, and AI. Targeted investments in startups are intended to create platform-based business models for software in manufacturing operations.

The third defined investment area is carbon capture, a strategic area of development. Bosch is examining ways in which industrial decarbonization and carbon capture from the ambient air can be translated into business models.

Bosch Business Innovations realigns existing portfolio
Bosch Business Innovations evolved from grow platform GmbH, a wholly owned Bosch subsidiary that developed internal startups within the company. The previous portfolio was restructured by Bosch Business Innovations. The aim is to create viable future prospects within or outside Bosch for all existing teams. For example, Bosch Advanced Ceramics achieved an important milestone at the end of 2025: the ceramic 3D printing specialist was successfully sold to Sintokogio, a leading provider of industrial equipment and manufacturing solutions.

Bosch Business Innovations is thus establishing itself as a further pillar of innovation activity at Bosch. The other pillars include, among others, the extensive research and development activities across the company and the existing venture capital unit, Bosch Ventures.

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NEXT-GEN COMPUTING REDEFINED: INTEL LAUNCHES THE HIGH-PERFORMANCE CORE ULTRA 7 270K PLUS PROCESSOR

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Intel has officially expanded its Series 2 lineup with the release of the Intel® Core™ Ultra 7 270K Plus processor. Built on the advanced “Arrow Lake Refresh” architecture, this new flagship-tier CPU is engineered to deliver unprecedented levels of power, efficiency, and AI-driven performance for both enthusiast gamers and high-end creative professionals.

The Ultimate Expression of Performance

The Intel Core Ultra 7 270K Plus represents a significant leap forward in desktop computing. Featuring a robust 24-core configuration comprising 8 high-frequency Performance-cores (P-cores) and 16 high-efficiency Efficiency-cores (E-cores) the processor provides 24 dedicated threads of processing power. With a maximum turbo frequency reaching 5.5 GHz, it is designed to handle the most demanding multithreaded workloads, from 4K video rendering to complex 3D simulation, with remarkable ease.

Introducing Intel Binary Optimization Tool (iBOT)

A standout feature of the 270K Plus is the debut of the Intel Binary Optimization Tool (iBOT). This revolutionary x86 binary translation technology allows the CPU to analyze and optimize software code in real-time. By streamlining instructions for better execution, iBOT supercharges performance in gaming and professional applications, ensuring that software runs faster and more efficiently than ever before on the Intel platform.

Enhanced Memory and Connectivity

Intel continues to push the boundaries of platform technology. The Core Ultra 7 270K Plus natively supports DDR5 memory speeds up to 7200 MT/s and introduces support for CUDIMM (Clocked Unbuffered Dual In-Line Memory Modules). This allows for higher memory densities and improved stability at extreme frequencies.

Connectivity is also at the forefront, with integrated support for Thunderbolt™ 5, offering lightning-fast data transfer speeds and simplified single-cable docking solutions. Coupled with native Wi-Fi 7 capabilities, the 270K Plus ensures users remain at the cutting edge of networking technology.

Key Technical Specifications

Architecture                                                           Arrow Lake Refresh (Series 2)

Total Cores                                                              24 (8 P-cores + 16 E-cores)

Total Threads                                                         24

Max Turbo Frequency                                        5.5 GHz

Intel® Smart Cache (L3)                                    36 MB

Total L2 Cache                                                       40 MB

Graphics                                                                   Intel® Xe-LPG (4 Xe-cores)

Memory Support                                                  DDR5 up to 7200 MT/s (CUDIMM Support)

Socket                                                                       LGA 1851

Processor Base Power                                      125 W

Official Distribution and Availability

As a leading value-added distributor in the region, ASBIS is proud to be an official distributor of Intel products. We are committed to bringing the latest in semiconductor innovation to our partners and customers across the Middle East and Africa.

The Intel Core Ultra 7 270K Plus is now available through the ASBIS network. For more information regarding pricing, bulk orders, or technical support, please contact our dedicated marketing team.

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