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HKDPB announces key findings of “Hongkongers’ Sense of Security on Savings” Survey for the seventh consecutive year

Hongkongers’ average monthly savings soar to HK$9,800, while pre-retirees need HK$5.45 million to retire with sufficient “sense of security”


HONG KONG SAR – Media OutReach Newswire – 26 November 2024 – The Hong Kong Deposit Protection Board (HKDPB) has conducted its “Hongkongers’ Sense of Security on Savings” survey for the seventh consecutive year. According to the survey results of this year, the average monthly savings of Hongkongers have surged to HK$9,800, marking a nearly 10% growth from the last year, and setting a new record since the survey began. 40% of respondents reported saving an average of HK$10,000 or more each month, up 6 percentage points from last year. Additionally, 67% of respondents indicated that they have a habit of saving, which is similar to last year’s result. Given the bank deposit interest rates remaining high and the uncertainties of prevailing investment and market, nearly 80% of respondents save through by bank deposits or time deposits, approximately 5 percentage points higher than last year.

Ms Connie Lau Yin-hing, SBS, JP, Chairman of HKDPB (left) and Dr Victor Zheng Wan-tai, Associate Director (Executive), Hong Kong Institute of Asia-Pacific Studies, CUHK (right) announce the findings of the “Hongkongers’ Sense of Security on Savings 2024” survey.
Ms Connie Lau Yin-hing, SBS, JP, Chairman of HKDPB (left) and Dr Victor Zheng Wan-tai, Associate Director (Executive), Hong Kong Institute of Asia-Pacific Studies, CUHK (right) announce the findings of the “Hongkongers’ Sense of Security on Savings 2024” survey.

Close to 20% of respondents with a saving habits have set a yearly savings target of HK$307,000 on average, the highest amount since the inception of the survey, representing a dramatic increase of 68% from last year. Among those who have a saving target, two-thirds are confident in meeting their targets, while 40% of respondents indicated that their savings were intended for “unexpected needs” (39%), followed by “preparing for retirement” (26%).

According to the survey results, Hongkonger’s “sense of security” on savings is similar to last year, where the “sense of security” provided by their current savings is standing at 53.5 marks. Close to 75% of respondents rated their “sense of security” on savings at 50 marks or above, similar to last year, with 17% of respondents rated 80 marks or above, an increase of 3 percentage points from the previous year. The survey also shows that, to maintain the current living standard for one year, Hongkongers generally need an average of HK$1.03 million to gain sufficient “sense of security”, a slight fall of around 5% compared to last year.

Significant increase in savings among pre-retirees

Pursuing the study results in 2019, this year’s survey once again conducted an in-depth poll to analyse changes in savings habits among pre-retirees (working individuals aged 50 to 65). The results for this year show that the proportion of pre-retirees with saving habits has risen to over 80% a notable increase of about 10 percentage points from 2019. The average monthly savings of pre-retirees of this year is HK$9,600, a slight drop of 3 percentage points from HK$9,900 in 2019. Pre-retirees perceive they need an average of HK$5.45 million in savings to gain a sufficient “sense of security” for retirement. Among the respondents, the most common way to save for retirement is through bank savings (57%), followed by investing in financial products (30%). However, with the persistent increase in living costs and in case of insufficient savings, interviewed pre-retirees indicated they would likely to have “part-time work” (34%), “reduce expenses” (17%), and “delay retirement” (17%) to maintain a stable living.

The survey also reveals that pre-retirees planned to retire at an average age of 64, and good health (79%), sufficient savings (43%) and a stable residence (28%) are the top three contributors to their “sense of security” for retirement.

Hongkongers step up their saving efforts

Ms Connie Lau Yin-hing, SBS, JP, Chairman of HKDPB, said, “This year’s survey was conducted in an environment where global interest rates remain relatively high, and Hongkongers prefer bank deposits as their primary saving method. At the same time, we are pleased to see an overall increase in both the ‘average monthly saving amount’ and the ‘yearly saving target amount’ among the general public, particularly as the average yearly saving target amount has exceeded HK$300,000, reflecting a remarkable surge of 68% compared to that of last year. This demonstrates a heightened awareness among Hongkongers of the importance of setting money aside for a rainy day.”

Ms Lau added, “Hong Kong is facing an aging population, and Hongkongers are experiencing greater longevity. Many Hongkongers are expressing the need to save for retirement, and are making plans for the next chapter of their lives. This year’s survey has once again focused on pre-retirees and found that among working respondents aged 50 to 65, the proportion of those with plans for the future has significantly increased. The number of respondents with saving habits has also risen by about 10 percentage points since 2019, which is very encouraging. We are delighted with the result and will continue to promote the importance of saving and financial education to the general public through extensive outreach and community education efforts. The Deposit Protection Scheme will continue to provide statutory protection for everyone’s bank deposits, and contribute to maintaining the stability of Hong Kong’s banking system and enhance public confidence in it.”

Other highlights of the survey results
:

  • 34% of respondents aged 18 to 29 have set a saving target for the year, which is the highest among all age groups, indicating that young people are committed to saving.
  • Respondents aged 30 to 39 top the list with nearly 87% have saving habits, the highest among all age groups. They save HK$12,600 on average per month, 30% higher than the general public. With 55.5 marks for the “sense of security” on savings, they rank second among all age groups.
  • 78% of respondents aged 40 to 49 are regular savers, rank second among all age groups. Meanwhile, they perceive a savings of HK$1.39 million is required for a sufficient “sense of security”, which topped all age groups. It is believed that the people in this age group have relatively heavier family burdens, and thus requiring more savings for peace of mind.

Based on returns submitted by members, the aggregate amount of relevant bank deposits held with members of the Deposit Protection Scheme (DPS), i.e., licensed banks in Hong Kong, was HK$ 2,585 billion in 2023. All depositors are protected by the DPS, and according to the statistics, the eligible deposits of about 90% of the depositors are fully covered.

From 23 August to 7 October 2024, the Hong Kong Institute of Asia-Pacific Studies (HKIAPS) randomly selected and polled a total of 1,001 Hongkongers aged 18 or above across the city by telephone and then carried out a more in-depth survey with a total of 323 pre-retirees.

Hashtag: #HKDPB

The issuer is solely responsible for the content of this announcement.

About Hong Kong Deposit Protection Board

The Hong Kong Deposit Protection Board is a statutory body established under the Deposit Protection Scheme Ordinance to oversee the operations of the Deposit Protection Scheme. The objectives of the Scheme are to protect depositors and to help maintain the stability of Hong Kong’s banking system. ()

Pioneering Collaboration: Over 300 Listed Companies Unite for Sustainable Growth in the GBA

The Guangdong-Hong Kong-Macao Greater Bay Area Listed Companies Summit 2024 Unveils the “Hong Kong—Best Headquarters Choice for Greater Bay Area Listed Companies” Initiative Empowering Mainland Enterprises to Leverage Hong Kong for IPOs and International Growth


HONG KONG SAR – Media OutReach Newswire – 26 November 2024 – On November 25, the “Guangdong-Hong Kong-Macao Greater Bay Area Listed Companies Summit 2024,” hosted by the Greater Bay Area Association of Listed Companies, was successfully held in Hong Kong. Themed “Situated in Hong Kong, Uniting the Greater Bay, and Embracing Worldwide Opportunities,” the forum brought together over than 300 esteemed political leaders, industry specialists, and representatives from Hong Kong and A-share companies came together in Hong Kong for a dialogue.

Inauguration Ceremony for the “Hong Kong—Best Headquarters Choice for Greater Bay Area Listed Companies “ Initiative.
Inauguration Ceremony for the “Hong Kong—Best Headquarters Choice for Greater Bay Area Listed Companies “ Initiative.

The forum officially launched the “Three Pillar Strategies” of the Greater Bay Area Association of Listed Companies: ESG, industrial mergers and acquisitions, and IPOs, as well as the “100+ Guangdong-Hong Kong-Macau Greater Bay Area Alliance for Global Outreach.”

The Financial Secretary of the Hong Kong Special Administrative Region,Mr Paul Chan Mo-po; the Deputy Director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region,Dr Qi Bin; the Founding President of Greater Bay Area Association of Listed Companies, Dr Hooy Kok Wai; the Founding Chairman of Greater Bay Area Association of Listed Companies,Mr Zhong Xueyong; the Standing Committee Member of the National People’s Congress, Legislative Council Member, and former Chairwoman of the Democratic Alliance for the Betterment and Progress of Hong Kong, Dr Hon Starry LEE Wai-king; the Standing Committee Member of the National Committee of the Chinese People’s Political Consultative Conference, the Chairman of the Chinese General Chamber of Commerce, Hong Kong, and Chairman of the Guangdong Hong Kong Macao Greater Bay Area Entrepreneurs Alliance, Dr Jonathan Choi Koon-shum; and the Managing Director and Chief China Economist of Hong Kong Exchange and Clearing Limited, Prof Ba Shusong, were the honorable guests who delivered speeches.

In keynote speech at the forum, Mr Paul Chan stated that the Greater Bay Area (GBA) has an economic scale equivalent to that of a medium-sized developed economy. It is one of the most dynamic and open regions in China, with flourishing state-owned and private enterprises and robust innovation capabilities. He anticipated that GBA enterprises would play a pioneering role in China’s broader opening-up strategy.

Mr Paul Chan highlighted three strategic priorities for Hong Kong’s role in the GBA’s development:

Empowering Enterprise Growth: As a global financial hub, Hong Kong is committed to exploring and implementing initiatives that foster enterprise expansion, enhance its financial markets, and contribute to the nation’s overall progress.

A Premier Hub for Globalization: Hong Kong remains the top choice for GBA and Mainland enterprises aiming for international growth. It actively supports these companies in setting up global or regional headquarters, treasury centers, and supply chain management operations.

Catalyzing Connectivity and Value Creation: Leveraging its role as a “super connector” and “super value-added facilitator,” Hong Kong is deepening partnerships with emerging markets like Southeast Asia and the Middle East to attract new capital flows. Simultaneously, it promotes bilateral capital movement and fosters robust business collaborations to drive shared success.

Dr Qi Bin encouraged listed companies, as industry leaders, to act as vanguards in the construction of the GBA. With over 5,000 listed companies in the GBA, they play a crucial role in building major cooperative platforms, deepening financial connectivity, and promoting economic and trade collaboration between regions. He emphasized the importance of improving corporate governance, delivering strong business performance to demonstrate social responsibility, and leveraging the capital markets to drive the development of new productive capacities.

Dr Hooy Kok Wai highlighted the pivotal role of listed companies as the backbone of economic growth and pioneers of regional economic integration. He expressed hope that the forum would gather collective wisdom to drive the GBA’s vibrant development and bright future. Mr Zhong Xueyong eloquently likened China’s economy to a boundless ocean, highlighting its resilience and enduring stability. He noted that while storms may stir the surface of a small pond, they are incapable of unsettling the immense depths of an ocean. Within this vast economic expanse, listed companies stand as the navigators, steering innovation and progress to chart the course for sustainable growth and development. This forum brought together over 300 esteemed government officials, industry experts, and representatives from Hong Kong and A-share listed companies to explore pivotal topics, including leveraging Hong Kong for IPOs and global expansion. With its diverse representation and active participation, the forum serves as a catalyst for driving the future economic growth of Hong Kong and the GBA.

Dr Jonathan Choi shared data illustrating the GBA’s remarkable achievements. In 2023, the GBA’s GDP exceeded 14 trillion RMB, generating 1/9 of China’s GDP on just 0.6% of its land area. Its patent growth leads the world’s four major bay areas, and its innovation clusters in Shenzhen, Hong Kong, and Guangzhou have been ranked second in China’s National Innovation Index for four consecutive years, making it a global hub of promising growth.

Prof Ba Shusong forecasted that China might enter a new phase where its GNP grows faster than its GDP. While domestic GDP growth may moderate, the growth of Chinese enterprises operating in Southeast Asia, the Middle East, and South America is accelerating. He emphasized the need for Hong Kong to pivot and support the global expansion of Chinese enterprises, just as it once creatively facilitated international investors’ access to Mainland China. Hong Kong can play a critical role in areas such as overseas M&A and relisting of international businesses.

The forum also awarded the GBA Listed Companies ESG100 Green Advancement Awards, honoring over 100 listed companies, including CENTRAL NEW ENERGY HOLDING GROUP LIMITED (1735.HK), YONYOU NETWORK TECHNOLOGY CO., LTD. (600588.SH), GUANGDONG AOFEI DATA TECHNOLOGY CO., LTD. (300738.SZ), ZHEJIANG HUAHAI PHARMACEUTICAL CO., LTD. (600521.SS), HENAN ZHONGFU INDUSTRIAL CO.,LTD (600595.SS), HENGAN INTERNATIONAL GROUP COMPANY LIMITED (1044.HK), CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED (0291.HK), SHENZHEN KEDALI INDUSTRY CO., LTD. (002850.SZ), HENDERSON LAND DEVELOPMENT COMPANY LIMITED (0012.HK), KINGDEE INTERNATIONAL SOFTWARE GROUP COMPANY LIMITED(0268.HK), TELLING TELECOMMUNICATION HOLDING CO.,LTD (000829.SZ), POLY PROPERTY SERVICES CO., LTD. (6049.HK), CHINA RISUN GROUP LIMITED (1907.HK) etc.

The success of this forum marks a significant step in supporting Mainland enterprises’ global expansion via Hong Kong, establishing Hong Kong as an international headquarters hub, and promoting regional economic integration. It injects robust momentum into the future development of the GBA.
Hashtag: #Wantian

The issuer is solely responsible for the content of this announcement.

Vientiane’s Patuxay Turns Orange to Say “NO” to Violence Against Women and Girls

UNFPA Laos

By UNFPA Laos


To commemorate the International Day for Elimination of Violence Against Women and Girls, the Lao Government, in collaboration with the United Nations and partners, held an event on 25 November to light up the Patuxay Monument in orange, marking the launch of the 16 Days of Activism against Gender-Based Violence.

The two-week-long campaign, involving 40 partners, supported by the United Nations Population Fund (UNFPA), the European Union (EU) and the Korea International Cooperation Agency (KOICA), aimed to raise awareness and foster actions to prevent and eliminate violence against women and girls.

In Laos, about 1 in 3 women have experienced sexual, physical or emotional violence, and yet of these women, only 1 in 10 sought help from authorities such as the police, medical centers or Lao Women Union and relevant sectors. 

Vientiane Turns Orange

Lao President speaks at UNFPA event in Vientiane on 25 November. (Photo: UNFPA Laos)

The Orange Patuxay event, held under the theme ‘Toward 30 Years of the Beijing Declaration and Platform for Action: UNiTE to End Violence Against Women and Girls,‘ brought together a diverse group of local and international attendees.

Participants wore orange in solidarity, creating a powerful collective statement to advance the advocacy efforts, which will continue until 10 December (Human Rights Day).

The event saw active engagement from a wide range of stakeholders, including government representatives, United Nations agencies, embassies and development partners, civil society organizations, disability advocates, and both public and private sector representatives.

Their unified presence highlighted the commitment to ending all forms of violence against women and girls in Laos, amplifying the ‘Say No’ message through their participation in various activities.

During the ceremony, a video message from the Prime Minister of Laos, Sonexay Siphandone, was broadcast for the audience, reaffirming the commitment of the Lao Government  to prevent and eliminate all forms of violence regardless of sexes and genders. 

“Every year, during the 16 Days of Activism, we unite to reaffirm our ownership, leadership, cooperation, and engagement in ending violence against women and girls. Our government stands firm in its commitment to implementing laws and policies that promote gender equality and protect women’s rights. We are dedicated to strengthening mechanisms to prevent and address violence, transforming harmful attitudes, and ensuring perpetrators are held accountable under the law. By allocating resources and investing in initiatives that support gender equality, we are paving the way for a future where every woman and girl can live free from fear and violence,”  President Sonexay Siphandone said.

Lao President speaks at UNFPA event in Vientiane on 25 November. (Photo: UNFPA Laos)

Over the past decade, Laos has witnessed a remarkable transformation in cultural norms, thanks to the combined efforts of public awareness campaigns, government leadership, and significant investments in the prevention of violence against women.

Kambiz Kabiri, UNFPA Officer-in-Charge, highlighted this progress, noting that tolerance for domestic violence has greatly diminished, thanks to the coordinated efforts of ministries and development partners.

Despite these positive changes, Kabiri stressed that much work remains to be done.

“UNFPA remains resolute in advocating for bold action to raise awareness, drive advocacy, and promote innovative solutions to eradicate violence against women and girls,” he said.

In line with this ongoing commitment, Bakhodir Burkhanov, the UN Resident Coordinator in Laos, reiterated the United Nations’ pledge to continue its strong partnership with Laos and all stakeholders in building a future where women and girls can live without the fear of violence.

“The Pact for the Future,” he stated, “reaffirms the critical importance of eradicating all forms of discrimination and violence, to not only protect their fundamental rights, but also to build resilient, equitable communities where all can thrive.”

The illumination of Patuxay Monument into orange marks the first official government event in a dynamic, action-packed calendar for the 16 Days of Activism, spanning from the International Day for the Elimination of Violence Against Women on 25 November to Human Rights Day on 10 December. The campaign will feature a series of impactful activities, including seminars, media campaigns, and public discussions on critical topics such as the importance of mental health for survivors of gender-based violence, HIV/AIDS, and the rights of people with disabilities.

Speaking at the ceremony, Mme Aly Vongnorbountham, President of the Lao Women’s Union (LWU) and Vice Standing President of the National Commission for the Advancement of Women,  Mothers and Children, said: “Orange radiates positivity and hope, symbolizing a brighter future free from violence against women and girls. Together, we can take a stand—support survivors, empower them with vital information to access justice, and amplify our voices to challenge harmful societal norms. Join the campaign to advocate for stricter laws, stronger enforcement, and greater resources to end violence against women and girls. Let’s unite for a world where every woman and girl can live in safety and dignity.”

UNFPA event in Vientiane on 25 November. (Photo: UNFPA Laos)

Following Patuxay illumination in orange, a diverse and inclusive fashion show themed “The Empowerment Runway” took place at ASEAN Park, spotlighting various forms of violence while advocating for inclusivity and respect for the rights of all women, including those with disabilities, women from rural and ethnic communities, and members of the LGBTQIA+ community.

Gender equality is more than a goal; it is a fundamental right and a shared responsibility, central to achieving the Sustainable Development Goals by 2030. Today is both a celebration of progress and a call to action. We must redouble efforts to eliminate GBV, expand reproductive health programs, and enhance education and economic opportunities for women and girls to ensure they can live lives of their choosing,” said Mark Gallagher, Ambassador and Head of Delegation of the European Union to Laos.

The 16 Days of Activism serves as a powerful platform for raising awareness, fostering dialogue, and driving tangible action to eliminate violence against women and girls. It calls for solidarity and collective actions, through united efforts to build a future of safety, equality, and dignity for all women and girls in Laos.

Hong Kong Brands & Influencers Unite to Embrace Being Never Normal


HONG KONG SAR – Media OutReach Newswire – 26 November 2024 – Is Hong Kong back to normal? It’s a question that continues to be asked of people who live in Hong Kong, and to those who visit Hong Kong. It assumes that the city has not been itself in recent years.

Hong Kong Never Normal

However, Hong Kong has always been a vibrant and entrepreneurial city with unique quirks and idiosyncrasies that gives the city its soul. So to answer the question, no, Hong Kong is not back to normal because the truth is, Hong Kong has never really been normal.

Tired of the negative headlines, a ground-up private sector initiative launches today, uniting Hong Kong Brands & Influencers behind Hong Kong Never Normal; a new platform that kicks off with a campaign that celebrates the city’s extraordinary spirit with over 100 stories across the initial phase.

PressReleaseTMPZ9Qqo7.jpg

Big and small brands, content creators and influencers with roots in Hong Kong have come together to share stories around people, places, culture, lifestyle and brands that embody Hong Kong’s Never Normal essence. The @HKNeverNormal Instagram page will feature original and collaborated social content to engage and inspire conversations.

Joanne Lao, CEO of TBWA, the creative agency that initiated this campaign, said, “Our ambition is to rekindle the pride HongKongers deserve to have towards their remarkable home city. While this launch phase aims to build awareness, engage and ignite buzz, future phases will involve more collaboration activities with our ‘Hong Kong Never Normal’ community of brands, creators and influencers”.

Supporting partners include home grown brands and start-ups across 12 industry sectors including art, beauty, entertainment, education, food and beverage, fashion, hotels, lifestyle, media, non-profit, retail, sustainability, technology and traditional Chinese medicine. Full list of partners below.

In addition, individuals and influencers from many facets of Hong Kong are generously sharing their Hong Kong Never Normal perspectives in support of the campaign, including film director/actor Stephen Fung, business influencer Allan Zeman, 5-time Olympic swimmer Stephanie Au, singer/songwriter Serrini Leung and comedians Jordan Leung and Vivek Mahbubani.

Be inspired by the energy, entrepreneurism and creativity of Hong Kong and its people. Visit Instagram @HKNeverNormal and the website hknevernormal.com

~ END ~

Final List of Assets included here:
Hong Kong Never Normal Thematic Video – H:30 ENG
Hong Kong Never Normal Thematic Video – V:30 ENG
Hong Kong Never Normal Thematic Video– H:30 TC
Hong Kong Never Normal Thematic Video– V:30 TC

NOTES TO EDITOR – PARTNER QUOTES & INFORMATION

Girish Jhunjhnuwala, Founder and Executive Chairman of Hong Kong based Ovolo Group said, “Nothing is ever ‘normal’ in Hong Kong – and that’s what makes it so special. We should leave normal behind and take pride in the city’s eclecticism. This is a positive, and accurate narrative for Hong Kong that is authentic and confident.”

“Hong Kong is part of Animoca Brands’ DNA and the essence of our identity. As pioneers of digital property rights in Web3, we’ve witnessed firsthand this city’s extraordinary blend of resilience and innovation. That’s why we’re supporting Hong Kong Never Normal, which embodies the spirit of a city that adapts to change,” said Evan Auyang, Group President of Animoca Brands.

According to Marco So, Co-Founder of Factiv, Hong Kong’s innovative beauty startup, “This campaign reflects the spirit of our brand and our belief in coming together to support the city together. In developing our brand, we rejected the norms of gender and age specific skin care products, proudly making science based products in Hong Kong, for HongKongers, especially for Hong Kong’s humid weather!”.

PARTNERS
In alphabetical order

Official Brand Partners Story Partners Influencers/individuals
9GAG A Spark of Madness Allan Zeman @allanzeman
Animoca Brands BeCandle Chaotic Hong Kong Expats @chaoshongkong
Asiaray Media Group Broken Finger Plus Evelyn CHOI Wing Yan @evelynchoii
Easy Group COA Hong Kong Hong Kong Memes @hkmehmeh
Fleishman Hillard Eu Yan Sang Jordan Leung @69ranch
Fork Lore Factiv Serrini LEUNG Ka Yan @gwendolyn.spot
Greater Bay Media Entertainment (GBME) Hotel ICON Stephanie AU Hoi Shun @stephaniehsau
Hong Kong Community Foundation Mil Mill Stephen FUNG Tak Lun @stephenfungible
HYPEBEAST MPS International Consultancy Vian LIN Ka Wing @vian_vn
Index Game N.I.P. Gin – Hong Kong Craft Distilling Co. Vivek Mahbubani @funnyvivek
LKF Group Pirata Group
Media OutReach Newswire Pomme
Ocean Park Hong Kong Rooftop Republic
Ovolo Group Sleepyhead
South China Morning Post The Lion Rock Press
TBWA The Savory Project
The Sandbox Tuck Chong Sum Kee Bamboo Steamer Co.
Young Soy Gallery
Yuet Wo

Hashtag: #HongKongNeverNormal

The issuer is solely responsible for the content of this announcement.

Eight Detained in Laos Over Tourist Deaths Linked to Methanol Poisoning at Vang Vieng Hostel

Nana Backpackers Hostel in Vang Vieng. (Photo: Booking.com)

On 25 November, the Vang Vieng police arrested eight individuals allegedly linked to the deaths of foreign tourists at Nana Backpackers Hostel.

The detained individuals, all employees of Nana Backpacker Hostel, are all Vietnamese nationals between 23 and 44 years old.

The incident, which occurred on 12 November, involved the deaths of six tourists, one American, two Danish citizens, two Australians, and one British national.

Authorities suspect the deaths were caused by poisoning, possibly related to tainted drinks, though investigations are still ongoing.

The Vang Vieng district authorities, working alongside various ministries and organizations, continue to investigate the deaths and collect relevant data to determine the exact cause.

The Lao government has confirmed that the deaths were caused by methanol poisoning.

Reports have also surfaced that 12 other foreign tourists in Vang Vieng were hospitalized after consuming contaminated drinks from the same guesthouse. Preliminary tests indicated methanol contamination in beverages such as beer and spirits.

The embassies of Denmark, the United States, and other countries are working to repatriate the victims’ bodies.

Investigations continue, with a special task force working to determine the full scope of the incident. Unofficial reports suggest there may be additional fatalities, but these claims have not been confirmed.

Thai Court Issues Warrant for Healthcare Mogul Over Fraud Linked to Laos, Vietnam

Thai Court Issues Warrant for Healthcare Mogul Over Fraud Linked to Laos, Vietnam
Boon Vanasin, A founder of Thailand's Thonburi hospital and chairman Thonburi healthcare group (photo credit: Kaohoon international)

Thailand’s Criminal Court issued arrest warrants on 22 November for Boon Vanasin, a Thai national founder of Thonburi Hospital and chairman of Thonburi Healthcare Group (THG), along with eight other compatriots. The group is accused of running a fraudulent scheme involving fake medical projects, including hospitals in Laos and Vietnam.

Savannakhet Sees Tourism Boom, Economic Growth in 2024

Savannakhet Sees Tourism Boom, Economic Growth in 2024
That Ing Hang in Savannakhet Province (photo credit: Laos Tour)

Savannakhet Province has witnessed growth in tourism and economic development in 2024. 

Coda Bridge and StraitsX Collaborate on Blockchain-Powered Charity Initiative to Support Singapore’s Disadvantaged Communities


HONG KONG SAR – Media OutReach Newswire – 26 November 2024 – Coda Bridge, a pioneering Hong Kong-based blockchain platform provider known for its charity project that leverages blockchain technology to ensure accurate tracking of charitable donations, is pleased to announce its expansion into Singapore in collaboration with StraitsX. The upcoming collaboration aims to leverage blockchain technology and smart contract programming to issue Purpose Bound Money (PBM) in the form of meal vouchers to eligible migrant workers and other underserved communities to dine at Dignity Kitchen Singapore.

Coda Bridge’s platform has already seen significant success in Hong Kong, having partnered with Ronald McDonald House Charities (RMHC) Hong Kong, and Dignity Kitchen (Hong Kong), a social enterprise that employs physically challenged and disadvantaged people. The Hong Kong project, which was rolled out in May 2024, saw the distribution of HK$500 electronic meal vouchers to beneficiary families of the local chapter of RMHC, redeemable at Dignity Kitchen Hong Kong. The upcoming pilot in Singapore will see Coda Bridge utilise StraitsX’s platform solutions and its Singapore dollar pegged stablecoin, XSGD to power backend acceptance flows of the PBM digital meal vouchers, guaranteeing that charity donations from Ray of Hope reach the intended beneficiaries and are spent specifically for dining at Dignity Kitchen Singapore. Beneficiaries can then use their mobile phone to scan a merchant-presented QR code at Dignity Kitchen and seamlessly pay using their vouchers. At the end of the project, Dignity Kitchen can redeem the digital vouchers collected from beneficiaries and receive cash through a reconciliation process with Ray of Hope.

PBM is a protocol that specifies the conditions upon which an underlying digital currency (such as stablecoins) can be used, which has the capability for money to be directed towards a specific purpose, and the potential to promote increased donation by providing unprecedented transparency and integrity in the donation process.

Using the StraitsX issued stablecoin that is compliant with the forthcoming Singapore regulatory framework, Coda Bridge highlights their commitment to revolutionise the global charity landscape through digital innovation while ensuring continual compliance with evolving regulatory frameworks. In addition, the versatility of StraitsX-issued stablecoin extends beyond commercial use cases such as the recent go-live of a cross-border solution allowing Alipay+ payment partner apps to pay at GrabPay merchants in Singapore. By tapping on the capabilities of programmable money, StraitsX and Coda Bridge envision a future characterized by groundbreaking efficiency in funds transfer across multiple real-world use cases.

This pilot project will run from November 2024 to February 2025. If successful, this innovation in charity donations will expand the use cases of PBM and XSGD with the aim of including more charities and social enterprises within Singapore.

Hashtag: #CodaBridge #StraitsX

The issuer is solely responsible for the content of this announcement.

About Coda Bridge

, headquartered in Hong Kong and backed by leading venture capitalists, merges the expertise of seasoned financial and IT professionals. Our company harnesses the power of FinTech to innovate and drive efficiency in digital transactions through our blockchain based Purpose Bound Money platform, tailored for specific financial needs.