Legco Rattles Through Funding Requests In 28 Mins
"); jQuery("#212 h3").html("

"); });
2022-12-29 HKT 17:59
The chairman of Legco’s Finance Committee, Chan Chun-ying, on Thursday said he believes more funding applications can be scrutinised every year now that all lawmakers are patriots, with the average time taken to decide on a government request for money down to less than half an hour.
Chan made the remarks at a press conference to conclude the committee’s work in the past year – the first since Beijing reformed the electoral system.
He said the committee no longer faces any filibustering and has rid itself of tedious sessions.
But he said its efficiency could be further enhanced if officials would improve their scheduling in submitting applications to avoid swamping meetings, and provide more information to lawmakers prior to each session.
“Some of the time, they would like to provide you a very high-level summary of some of the funding proposals instead of giving you all the details. They expect you to ask those details upon the FC meetings instead of providing all the details in one single document so that every member could easily grasp all the details and information before they join the FC meetings,” Chan said.
The committee held 29 meetings over the year and spent an average of 28 minutes scrutinising each funding application.
Up until last Wednesday, the committee had approved 70 items involving a total sum of HK$177.5 billion – including HK$70 billion for the Anti-epidemic Fund.
EDENA Unveils AI System To Automate Sovereign Asset Settlement
At the DAT Summit Hong Kong, EDENA Capital Partners launched the Autonomic Financial OS. The company describes it as an... Read more
Naver Exposes 15,000 Knowledge IN Users Activity, Moves To Improve Privacy Controls
Naver has announced measures following an incident in which around 15,000 users’ activity histories on Knowledge iN w... Read more
Japans PayPay Files For US IPO, Targets Valuation Above US$10B
SoftBank‘s digital payments unit, PayPay, has filed publicly for a US IPO. The listing could be the largest by a Japa... Read more
Inference Research Launches In Hong Kong With US$20M Seed Funding
Inference Research, an AI-native quantitative trading firm based in Hong Kong, has announced its launch and the expecte... Read more
London-Based Unlimit Appoints Michele Fung To Lead APAC Expansion
London-based fintech company Unlimit, which provides a broad range of financial technology services, has appointed Mich... Read more
SoFi Launches Digital Asset Trading In Hong Kong Through OSL Partnership
SoFi Securities (Hong Kong) (SoFi Hong Kong) and OSL Group have announced a partnership to offer digital asset trading ... Read more