The proposed stablecoin law is making progress in the Hong Kong legislature, with supporters highlighting its numerous applications. Industry specialists believe that stablecoins have the potential to extend their reach in the actual financial market.

People in Hong Kong are gradually moving towards the utilization of stablecoins for various purposes including local transactions and international trade settlements, as a legislation concerning this digital currency is being processed in the Legislative Council.

A possible application could be the automation of rewards, discounts, or loyalty points in digital wallets, similar to the Octopus scheme, through the use of stablecoins' programmability. This involves the capacity to integrate rules and data into the blockchain.

For instance, if a customer is part of a rewards scheme, their purchases could be directly added to their loyalty account and discounts could be implemented at the point of sale without the customer having to share their membership information.

Hong Kong's MPF is poised for its highest yield in four years; the projection for 2025 appears 'favorable'.

MPF Ratings advises that 'members might be inclined to favor US stocks in their portfolio, but it's crucial to maintain a diverse investment mix'.

According to independent research firm, MPF Ratings, the MPF's 379 investment funds have seen a projected profit of around HK$102.8 billion (US$13.2 billion) this year, as of December 18. This marks the third occasion where the fund's earnings have surpassed the HK$100 billion mark.

Thus far this year, American stock funds have outperformed others with an impressive 21.5% increase. Japanese stock funds follow closely, having risen by 18.7%. Stock funds in China and Hong Kong are in third place with a 15.5% gain.

Instituted in the year 2000, MPF is a mandatory pension plan that includes 4.7 million existing and past employees.

A Shanghai-supported company assists AI startup Stepfun in securing 'hundreds of millions of dollars'

Fortera Capital, a private investment firm affiliated with the Shanghai State-owned Capital Investment Co, spearheaded the latest series B financing for Stepfun.

The recent series B funding for Stepfun was spearheaded by Fortera Capital, a private-equity company that operates under the Shanghai State-owned Capital Investment Co (SSCIC), as revealed in Fortera's WeChat message on Monday.

Stepfun, a startup based in Shanghai that was established in April of the previous year, plans to utilize its recent financial backing to create basic AI models. These models will concentrate on multifaceted abilities and intricate reasoning, the startup's post on Fortera's WeChat revealed. This will also aid in enhancing the firm's range of products targeted at consumers.

The most recent action from Shanghai's city government demonstrates the city's increasing endeavors to enhance technological advancement in key sectors.

Insurance companies BOC Life, HSBC, and Manulife are targeting a larger portion of Hong Kong's elderly market. As per government statistics, in 2023, individuals aged 65 and above accounted for roughly 22% of Hong Kong's total population of 7.5 million.

Individuals who are 65 years old or older constituted 22% of the city's population of 7.5 million last year, as reported by the department of statistics. From 1971, there's been a rise in the average lifespan in Hong Kong, reaching 82.5 years from 67.8 for males, and for females, it's risen to 88.1 from 75.3 as of 2023.

BOC Life is looking to expand its "RetireCation" program, which was introduced last month. This scheme permits policy holders to utilize the monetary value of their retirement plans to fund their accommodation in properties offered by their partners in significant cities on the mainland. The insurance company has plans to extend its services to Southeast Asia and Japan in the upcoming year.

"Previously, insurance firms primarily offered security to families in the event of the sudden demise of their primary earners," stated Wilson Tang, BOC Life's CEO, during an interview. "Currently, there's a growing need for retirement security due to the extended lifespan of individuals. Hence, it's crucial for them to begin retirement planning at an early stage."

Tang indicated that the company will also focus on creating products for affluent clients, particularly in the area of estate planning.

Edward Moncreiffe, the chief executive officer of HSBC's global insurance, stated that there is a high demand for products that enable wealth transfer to the succeeding generation.

Li Auto, a Chinese competitor to Tesla, is looking to broaden its horizons to include AI and robotics. The luxury electric vehicle manufacturer's ambition is to create humanoid robots once they've mastered level-4 self-driving technology, according to their CEO Li Xiang.

Artificial Intelligence (AI) is integral to Li Auto's future, according to the company's founder and CEO, Li Xiang, in a video released on the luxury electric vehicle manufacturer's website on Wednesday. Li Xiang expressed the company's ambition for its core AI model to rank among China's top three, challenging not just automotive companies, but significant technology corporations as well, within a few years.

Li Auto is set to unveil a mobile application for its AI assistant, Lixiang Tongxue, which has been developed using its proprietary Mind GPT model, said Li.

The South China Morning Post is owned by Alibaba.

Stepfun, an AI start-up, has garnered 'hundreds of millions of dollars' in funding with the assistance of Shanghai-supported company, Fortera Capital. This private-equity firm, which operates under Shanghai State-owned Capital Investment Co, spearheaded Stepfun's latest Series B financing round.

The private equity company, Fortera Capital, which operates under the umbrella of Shanghai State-owned Capital Investment Co (SSCIC), was the leader in the recent series B funding round for Stepfun, as revealed in a WeChat post by Fortera on Monday.

Stepfun, a Shanghai-based company established in April of the previous year, plans to utilize its recent funding to build foundational AI models. These models will concentrate on multimodal functions and intricate reasoning, aiming to enhance the start-up's product range targeted towards consumers. This information was relayed via a WeChat post by Fortera.

Shanghai's city administration's most recent project demonstrates the city's increasing endeavors to enhance technological advancement in key sectors.

Hong Kong's MPF is set to achieve its highest return in four years; the forecast for 2025 is optimistic. MPF Ratings underscores that while members could lean towards an American preference in their portfolio, it's crucial to maintain diversity. MPF Ratings reiterates the significance of diversification, despite the possible inclination towards a US-centric portfolio.

As of December 18, the 379 investment funds of the MPF reported an approximate profit of HK$102.8 billion (US$13.2 billion) for the current year. This is the third instance of the fund's earnings surpassing HK$100 billion, as per the independent research company, MPF Ratings.

US stock funds have topped the list this year with an impressive 21.5% increase, followed closely by Japanese stock funds which saw a 18.7% rise. China and Hong Kong's stock funds came in third, showing a 15.5% growth.

MPF, inaugurated in 2000, is a mandatory pension plan encompassing 4.7 million active and retired employees.

Li Auto, a major competitor of Tesla in China, is planning to broaden its scope to include AI and robotics. The luxury electric vehicle manufacturer is set on manufacturing humanoid robots once they reach level-4 autonomous driving, according to CEO Li Xiang.

The future of Li Auto heavily relies on Artificial Intelligence, according to the company's founder and CEO, Li Xiang, in a video shared on the luxury electric vehicle manufacturer's website on Wednesday. He outlined the company's ambition for its core AI model to rank among the top three in China within the next few years, even going toe-to-toe with big technology companies outside of the automotive sector.

Li Auto is on the verge of releasing a mobile application for its AI assistant, Lixiang Tongxue, which is created based on its proprietary model, Mind GPT, according to Li.

Alibaba is the proprietor of the South China Morning Post.

Stepfun, an AI startup, has raised hundreds of millions of dollars with the assistance of a Shanghai-supported company. The recent series B funding round of Stepfun was spearheaded by Fortera Capital, a private-equity firm that operates under the Shanghai State-owned Capital Investment Co.

Shanghai State-owned Capital Investment Co's (SSCIC) private-equity subsidiary, Fortera Capital, was the leading contributor to Stepfun's latest series B funding round, as per a Monday post on Fortera's WeChat.

Stepfun, a startup based in Shanghai that was established in April of the previous year, plans to utilize its latest financial backing to build basic AI models. These models will concentrate on multimodal functions and intricate reasoning. The aim is to enhance the startup's product range that is primarily consumer-focused, as per the post by Fortera on WeChat.

The most recent move by the municipal government of Shanghai demonstrates the city's increasing endeavors to enhance technological innovation in key sectors.

BOC Life, HSBC, and Manulife strive to increase their stake in Hong Kong's mature market. In 2023, individuals aged 65 and above represented nearly 22% of Hong Kong's 7.5 million population, based on governmental figures.

According to the department of statistics, last year, individuals who were 65 years old and older accounted for 22% of the city's total population of 7.5 million. The life expectancy in Hong Kong has seen a significant rise since 1971, with an increase to 82.5 years from 67.8 for males, and a jump to 88.1 years from 75.3 for females in 2023.

BOC Life is looking to expand its "RetireCation" initiative, introduced last month, that lets policy owners utilize the monetary value of their retirement schemes to cover accommodation costs in properties owned by its associates in key mainland cities. The insurance company intends to broaden its reach to Southeast Asia and Japan in the upcoming year.

"Previously, insurance firms concentrated on providing security to families in the event of the unexpected death of their primary earners," stated Wilson Tang, Chief Executive Officer of BOC Life, during a discussion. "Currently, the need for retirement security is growing as life spans are extending. People need to initiate retirement planning at an earlier stage."

Tang mentioned that the company will also focus on creating products for affluent clients, particularly those related to estate planning.

HSBC's Global Insurance CEO, Edward Moncreiffe, stated there's a high demand for products that enable wealth transfer to future generations.

Li Auto, a competitor to Tesla in China, has plans to evolve into a company focused on AI and robotics. The high-end electric vehicle manufacturer intends to manufacture anthropomorphic robots once they have successfully achieved level-4 autonomous driving, according to CEO Li Xiang.

"Everything" is what artificial intelligence (AI) represents for the future of Li Auto, according to a video statement by its founder and CEO, Li Xiang, shared on the company's website this past Wednesday. The company's goal is to elevate its core AI model to be ranked among China's top three in the coming years, setting it up to compete with significant tech firms outside the automotive sector, he stated.

Li Auto is set to introduce a smartphone application for its AI assistant, Lixiang Tongxue, which has been developed on its proprietary model, Mind GPT, according to Li.

Alibaba is the proprietor of the South China Morning Post.

A business supported by Shanghai, Stepfun, an AI startup, has been assisted by Fortera Capital in securing 'hundreds of millions of dollars.' Fortera Capital, a private equity company affiliated with the Shanghai State-owned Capital Investment Co, spearheaded Stepfun's latest series B fundraising effort.

The recent Series B funding round for Stepfun was spearheaded by Fortera Capital, a private equity firm affiliated with Shanghai State-owned Capital Investment Co (SSCIC). This information was relayed via a WeChat post by Fortera on Monday.

Stepfun, a start-up located in Shanghai that was established in April of the previous year, plans to utilize the recently secured funds to create fundamental AI models. The focus will be on multimodal functions and intricate thinking processes. Additionally, they aim to enhance their consumer-targeted product range, as stated in a WeChat message by Fortera.

The most recent action from the Shanghai city authorities shows the city's increasing endeavors to enhance technological advancements in key sectors.