PM Edition: Here are the top 10 business articles on LiveNews.co.nz for May 22, 2026 – Full Text
1. Universities – What’s stopping competition in New Zealand? – UoA
May 21, 2026
As New Zealanders grapple with the cost of everyday essentials, from the supermarket checkout to power bills and bank fees, pressure is growing to address weak competition in critical sectors.
Rebalancing Markets: Competition, power, and a fair economy, hosted by Business School research centreJuncture: Dialogues on Inclusive Capitalism, will see experts in regulation, energy, consumer behaviour, law and economics examine why competition remains weak and what could help rebalance the system.
The discussion comes as the Commerce Commission’s latest report on the state of competition in New Zealand suggests market conditions favour larger established businesses, making it harder for smaller and newer firms to displace these dominant players. Electricity, gas, water, and waste services, and financial and insurance services were identified as the areas most lacking competitive pressure.
The Commission’s Deputy Chief Executive Raj Krishnan is bringing insights from the competition and consumer watchdog to the panel discussion.
Another panellist, Business School alumnus Tex Edwards, the founder of independent public policy and research group Monopoly Watch, and telecommunications company 2degrees, says the Commerce Commission has clearly identified the country’s competition problems.
“Parliament must now arm the Commerce Commission with the powers, and protect it from lobbyists, so the evidence can be translated into lower prices, more choices, and a fairer economy.”
Dr Eric Crampton, chief economist at the New Zealand Initiative and adjunct senior fellow at the University of Canterbury, says too often, governments create the market power they later condemn.
“District plans often have rules banning new supermarkets in particular locations, and consenting processes that force entrants to prove they will not compete with established businesses,” he says.
“When markets are open, underperformance by established players becomes an opportunity for entrants and better service for consumers. When entry is blocked by law, regulation, planning, licensing or procurement, market power becomes entrenched.”
Dr John Land, senior barrister at Bankside Chambers and teaching fellow at Auckland Law School, says competition could be improved through increased Commerce Commission powers and by removing barriers to entry and expansion. He says some areas of the competition framework, however, may go too far, particularly around franchise networks and intellectual property rights, with possible impacts on innovation and pro-competitive business conduct.
Professor Jodi Gardner (Auckland Law School) researches how the law responds to issues such as inequality, vulnerability, poverty, and financial exclusion. She will bring a consumer rights perspective to the panel, which will also explore how technology reshapes markets.
Jessica Venning-Bryan, CEO and co-founder of AI-driven energy forecasting and pricing platform Factor, brings energy industry insights and says technology is constantly changing how households participate in the energy system.
“When households become producers, not just consumers of energy, they have economic leverage. As we reach a critical mass of empowered households, the market will respond with better products and services to attract these prosumers.”
The discussion is being facilitated by Dr Drew Franklin, senior lecturer in marketing and associate director at Juncture. Franklin says when people feel essential markets are stacked against them, trust in the whole economic system begins to weaken.
“Markets are one of the most powerful tools we have for coordinating economic life, but they don’t work well in isolation. They depend on rules that encourage openness, innovation and accountability.”
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2. SPEECH TO APŌPŌ CONGRESS 2026
May 21, 2026
Source: New Zealand Government
Good morning, everyone.
I’d like to thank Murray Pugh and the team at Apōpō for hosting this event and inviting me to speak.
I’d also like to acknowledge our international friends from the Global Forum for Maintenance and Asset Management, and World Partners in Asset Management including members from Japan, France, Canada, the UK, and South Africa.
It’s great to be speaking with you. I’m sorry I couldn’t be there in person – last minute plane changes.
I remember dialling into Apōpō’s annual conference in Christchurch last year. Now, I’m not trying to make this a tradition/habit, and if I’m still around next year, it would be great to see you all in person.
Last year, I announced the Government’s work programme to improve infrastructure asset management and performance.
Today, I want to give you an update on this work.
Then, I want to make a small announcement on advancing better corridor management and underground asset data.
But before I get into it, I want to go over the once-in-a-generation reform programme this Government is driving across planning, housing, earthquake-prone building laws, construction materials, education, infrastructure funding and financing, and more.
This Government is driving real change.
It’s clear to me that previous Governments of all flavours have put tough issues like poor asset maintenance, poor infrastructure performance, and low productivity in the too-hard basket.
Even worse – some Governments have irresponsibly thrown billions at problems or projects instead of fixing the fundamentals.
But I’m not going to do that.
And that’s not what this Government is about.
Achieving genuine economic prosperity is the great challenge driving this Government.
New Zealand is nowhere near as wealthy as we sometimes like to think we are.
Currently, our GDP per capita, on a purchasing power parity basis, is about the same as Slovenia, Lithuania, Poland, and the Czech Republic. Now, they went through 40 years of communism.
Our great challenge as a country is how we lift our long run growth rate and productivity – which are main determinants of prosperity.
And that is what we are tackling through fixing underlying systemic failures that have accumulated and festered over the last 10 to 30 years.
We are putting in a new planning system to replace the failed Resource Management Act once and for all. This is projected to save $13.3 billion in administrative and compliance costs over the next 30 years and increase GDP by at least 0.56 per cent annually by 2050.
Our new planning system is a once-in-a-generation opportunity to unleash growth. We are making the most of this by progressing Local Government reforms, and establishing the Ministry of Cities, Environment, Regions and Transport (MCERT). The intention here is to ensure both local and central governments are easier to work with.
23 projects have been granted consent under our Fast-Track legislation – including three in the Waikato – representing thousands of jobs and billions in investment.
In infrastructure funding and financing, we are making it easier for cities to grow both up and out through tools where “growth pays for growth”. This includes updating the Infrastructure Financing Act so that greenfield developers can get economically viable projects off the ground without being held back by council debt limits and balance sheets.
We are also replacing the failed Development Contributions regime with Development Levies – a new flexible funding and financing tool to match our new flexible planning system.
In education, we are reversing the 30-year experiment on our kids of pretending that basic knowledge and facts don’t matter. We’re restoring standards, teaching the basics, and focusing on achievement. Minister Stanford has significantly reduced the cost of a classroom – down from $1.2m to as low as $620k.
We are also reversing wealth destructive earthquake prone building legislation, opening-up competition in building materials, and tackling joint and several liability.
We’re finally sorting the Holidays Act. And major reforms are underway to employment law and health and safety.
Now, these changes don’t happen overnight, nor are their benefits felt immediately.
This approach isn’t about ‘sugar hit’ economics, and, although it’s not always popular, it’s the right thing to do.
The changes we are making are foundational, beneficial shifts to our economy that we should have implemented years ago.
They will set the country up for long-term success.
I truly believe that if we follow through with these reforms, the 2030s will be New Zealand’s decade.
It’s important we get on with fixing our infrastructure system and fixing our country.
Asset Management Work Programme
Now, I’ll go over where we are at on our central government asset management work programme.
The objective of this programme is to provide safer and more reliable infrastructure services to New Zealanders; and to achieve better value for money by making the most of what we have.
This work is taking place across two phases.
Phase 1 is about providing clarity on what ‘good’ looks like and ensuring that there are better tools and guidance to help central government agencies succeed.
Phase 2 is about driving more fundamental changes to system settings.
Phase 1
Phase 1 is largely complete and was rolled out in 2025. It includes:
• The Infrastructure Commission’s Public Investment Management Assessment of New Zealand.
• Detailed asset management guidance from the Commission, which was released in December last year.
• And a “Community of Practice” for public service asset management professionals, which the Commission and Apōpō run together.
As part of Phase 1, the Government committed to investigating the feasibility of a National Underground Asset Register.
More on that soon.
Phase 2
Now, Phase 2 will largely be informed by the Government’s response to the National Infrastructure Plan, which was publicly released in February this year.
The Plan has 16 recommendations, and 10 priorities for the decade ahead.
When it comes to asset management, the Commission makes it clear that New Zealand has lots of work to do.
This case for change is supported by international findings that we rank fourth to last in the OECD for asset management.
To drive better infrastructure performance, the Commission makes several recommendations to strengthen central government’s Investment Management System (IMS) including:
• Strengthening the Public Finance Act to require agencies to periodically develop proper long-term investment and asset management plans.
• Strengthening reporting requirements to lift transparency over asset management outcomes and spending and maintenance and renewals.
• Establishing oversight and independent review or audit requirements for asset management and investment planning and performance.
• Explicitly incorporating assessments of bottom-up infrastructure needs, including spending on asset management and renewals, into fiscal strategies.
• And strengthening incentives for better asset management practice by, for example, linking investment decision making to agency asset management capability or ringfencing depreciation funding.
We have already taken steps to improve the IMS by strengthening assurance for central government-funded infrastructure – ahead of the Government’s formal response to the Plan in June.
Strengthening Investor Assurance
Since coming into Government, the Minister of Finance and I have been concerned by the quality of information provided on infrastructure including what we own and its condition, the forward investment pipeline, assurance on individual projects and programmes, and agency performance.
When it comes to assurance, there are multiple project review tools across the investment system that serve slightly different purposes and have different assessors, information requirements, reporting formats, and outputs.
However, none of these tools provide Ministers with unapologetically strong, clear, and actionable assurance that is focused on substance – as opposed to bureaucracy – so that we can make well-informed investment decisions.
We want experts to give us their free and frank advice; is it a ‘yes’ or a ‘no’?
Instead, it seems the modus operandi is to let investments move through the system and let bad projects gain momentum – until it’s too late – wasting tens or hundreds of millions of taxpayer money on Business Cases and early design and feasibility work for phantom projects.
Multiple assurance products like the Infrastructure Priorities Programme and Gateway Reviews are also causing duplication and overcomplication for both Ministers and agencies.
Put simply, there are too many assurance tools, but none of them do what is needed – support ministers to make good decisions.
This is alarming considering it’s Ministers who ultimately make these significant investment decisions. It’s clear change is needed.
So, Cabinet has agreed to strengthen assurance for central-government funded projects, with a focus on infrastructure.
This is being progressed through five changes.
Firstly, on 1 November 2026, we will transfer responsibility for providing external investment assurance on central-government-funded infrastructure proposals from the Treasury to the Infrastructure Commission. This will allow Government to leverage the Commission’s expertise and independence.
This means the Commission will analyse all major infrastructure investments funded by central government including hospitals, schools, prisons, courthouses, and more.
Treasury will continue to lead policy across the Investment Management System and provide holistic advice to Ministers on investments – including on prioritisation, sequencing and fiscals.
Secondly, Government has agreed to establish a formal assurance function for asset management and long-term investment plans, which will apply to capital-intensive central government agencies and other entities.
The Commission will be responsible for running the ruler over these plans, and the Treasury will be responsible for policy.
Thirdly, going forward, external investment assurance will be focused on what Ministers need to make good decisions on behalf of New Zealanders.
This means simplifying the external assurance space by consolidating existing products like the Commission’s Infrastructure Priorities Programme (IPP) and Treasury’s Gateway Review – taking the best elements of both.
Fourthly, for all Business Cases seeking Cabinet endorsement, Treasury will provide Ministers with a standardised “Fitness Assessment” that has holistic, high-quality information on proposals.
The assessment will also provide Ministers strategic advice by putting the project in context of the entity’s past performance and the fiscal landscape.
Lastly, to test the quality and credibility of investments, the Infrastructure and Investment Ministers Group will review High-Profile-High-Risk investments, and Long-Term Investment Plans before they go to Cabinet, and monitor delivery after decisions are made.
These changes directly respond to and accept recommendations 7, 8, and 9 in the Plan under the theme of, prioritising the right projects.
For Ministers, these changes mean they can confidently say ‘yes’ or ‘no’ to projects and long-term investment plans – early – knowing that their decisions are informed by strong evidence and independent, expert advice.
For taxpayers, these changes mean more projects that meet their needs and represent good value for money. Stronger assurance can also be a tool for the public to hold Ministers to account. If a government funds a project that did not receive a favourable assessment, then that’s a good basis for scrutiny.
For the sector, these changes will mean less stopping and starting of projects as good projects rise to the top, and unrealistic, unfunded projects quickly sink to the bottom.
Of course, central government agencies will need to up their game on asset management plans, asset registers, data collection and reporting, monitoring the condition of assets, long-term investment plans – which likely means getting more capacity and capability in these areas.
The NIP recommends further changes here – so watch this space for the Government’s formal response next month.
Now, I’ve heard concerns from agencies about “lack of funding” for these functions. From my perspective, good asset management is BAU. If agencies can’t fund it out of baselines, then they shouldn’t be infrastructure providers or asset owners.
Central Government holds regulated utilities, and local government to these standards, certainly a higher standard than it does itself, and it’s time that changed.
Government response to the Plan
Just taking a step back – it’s important to note that the National Infrastructure Plan is a strategy document and is rightly produced independently from government.
As such, improving our infrastructure system and improving asset management will ultimately be implemented through the Government’s formal Response to the Plan.
Improving corridor management and underground asset data
Another issue I have been keen to address is the co-ordination of the work of utility providers in transport corridors.
As I noted earlier, as part of Phase 1 of the Government’s asset management work programme, we are investigating the feasibility of a National Underground Asset Register.
So, last year, I commissioned an independent review from New Zealand Utilities Advisory Group (NZUAG) to investigate options to improve the planning, delivery, and management of work in infrastructure corridors – with a focus on the National Code of Practice for Utility Operators’ access to Transport Corridors.
Today, we are releasing NZUAG’s review.
I’d like to thank Jim Donovan and his team for their good work on this.
Overall, the review found that information on many underground assets is difficult to access, poor quality, or incomplete – and where it does exist, it is under shared.
This is creating disruption and costs that could have been avoided.
Three key costs stand out to me:
• There are 6,000 reported asset strikes annually in New Zealand, with the true number likely much higher. This has an estimated direct cost of $50 million per annum to the sector and generates $1.45 billion in indirect costs to New Zealanders through traffic delays and loss of utility services.
• Unknown assets found on site can also lead to delays and additional costs to the sector. These are estimated to impact anywhere between 4 to 50 percent of projects, creating an additional direct cost of $7 million to $92 million annually.
• Outdated information also creates costs. Design practices relying on outdated utility information are costing industry an estimated $165 million annually, as designers are re-digitising paper or PDF plans as part of the process.
The review also found that a lack of works coordination is leading to more disruption in transport corridors than is necessary.
There are frequent examples of newly resurfaced roads being dug up for works soon after other works had just been completed.
I’m told each organisation tends to optimise its own work programme because there are poor incentives to co-plan.
This speaks to a broader problem – the system has no teeth and compliance is weak.
The Review shows New Zealand is less developed than several international comparators, with heavier reliance on voluntary, sector-led arrangements.
Compliance with the Code relies largely on voluntary uptake, local interpretation, and relationship-based enforcement.
NZUAG, who currently administers the Code, has very few mechanisms to verify data, compel reporting, or address persistent non-compliance.
It’s clear that New Zealand would benefit from a National Underground Asset Register.
BUT a tool like this will only be effective if:
• The register is populated with high-quality data,
• Utility operators and transport corridor managers use it, and – most importantly –
• The system adopts stronger leadership, process, rules, as well as enforcement and monitoring mechanisms to ensure works are better co-ordinated.
This requires more fundamental changes beyond an Underground Asset Register.
Announcement
Today, I am happy to announce that the Government is taking two initial actions to strengthen corridor management.
Firstly, we are establishing an active, central government system steward for corridor management.
From 1 July 2026, the new Ministry of Cities, Environment, Regions, and Transport (MCERT) will be the lead agency responsible for reviewing and administering the Utilities Access Act, and updating, monitoring, and enforcing the Code that sits underneath.
Secondly, through Budget 2026, MCERT has been given $2.5 million in operating funding to strengthen rules and requirements by reviewing and refreshing both the Utilities Access Act 2010, and the Code.
This funding has come from reprioritisation and is an example of what can be achieved within new organisations that share common functions.
As part of this work, MCERT will complete further policy analysis building on NZUAG’s independent review, and will explore the development of:
• A national utility locating standard, to provide a framework for the collection, classification, and communication of information about underground assets
• Transparency requirements, for example, making it mandatory to report on the number of asset strikes
• Stronger compliance powers, like introducing sanctions, penalties, and fines for non-compliance with the Code
• Compliance incentives, like making funding conditional on meeting rules and requirements
• Training and guidance, building on existing certification and training programmes
• Planned works coordination, by encouraging or mandating further uptake of the National Forward Works Viewer
• A National Underground Asset Register.
It’s worth noting that the NZTA Board has already strengthened corridor management by making co-funding of transport projects conditional on the use and publication of a Road Controlling Authority’s Forward Works Programme.
NZTA has also adopted reporting requirements on the extent of works published on the Forward Works Viewer, with full publication expected by 30 September 2027.
This is a good start, but more can be done.
National Underground Asset Register
Now, on the National Underground Asset Register – NZUAG’s review concluded that central government should develop one in partnership with the private sector.
However, both NZUAG and officials advise me that this is secondary to policy and potential legislative and regulatory changes in the system– including those to strengthen oversight and enforcement of Code obligations – which could incentivise greater adoption of existing asset register tools in the market.
I’m still keen to progress a register – or something that functions similarly, and I expect MCERT to consider this as part of its more fulsome review of the system.
Conclusion
To finish, I’d like to thank Apōpō again for inviting me to speak.
Getting asset management right is one of my top priorities as Minister for Infrastructure.
It’s always a pleasure to get into the detail and progress what may seem like small changes in the scheme of things – but are actually extremely important shifts that will improve the lives of Kiwis through better infrastructure services and improved productivity across New Zealand.
Fixing the infrastructure system is a slow grind, but I’m committed to getting it done.
Thank you.
Original source: https://nz.mil-osi.com/2026/05/21/speech-to-apopo-congress-2026/
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3. China, ASEAN launch business and trade information platform in South China’s Nanning
May 22, 2026
Source: Media Outreach
NANNING, CHINA – Media OutReach Newswire – 21 May 2026 – The China-ASEAN Business and Trade Information Platform was officially launched in Nanning, Guangxi Zhuang Autonomous Region on Tuesday.
A sub-forum themed international exchange and mutual learning of cyber civilization at the 2026 China Internet Civilization Conference is held in Nanning, Guangxi Zhuang Autonomous Region, May 19, 2026. (Photo: China News Service/Li Taiyuan)
The platform offers comprehensive information services and an international communication platform to support economic and trade cooperation between China and ASEAN countries.
Built and operated by China News Network, the official website of China News Service, the platform serves as ASEAN trade agencies, industry associations, overseas Chinese communities, and cross-border enterprises, providing one-stop trade information services.
China News Service will leverage its strengths to build the China-ASEAN Business and Trade Information Platform into an influential and dynamic communication channel that promotes information sharing and provides services, to facilitate trade and people-to-people exchanges between China and ASEAN countries.
Currently, a trade information network between China and ASEAN countries has been built, with key content covering policy explanations, market conditions, investment promotion, business cooperation, and industry analysis, to comprehensively support cross-border trade activities.
Prior to the platform’s launch, representatives from government departments, media outlets, research institutes, and universities in China and multiple ASEAN countries participated in discussions on economic and trade information exchange between China and ASEAN countries, as well as the development of the platform.
Consular officials from ASEAN member states including Cambodia, Myanmar, and Vietnam, stationed in Nanning expressed their hopes for enhancing China-ASEAN economic and trade connectivity as well as people-to-people ties through information sharing.
Against the backdrop of the signing of the China-ASEAN Free Trade Area 3.0 Upgrade Protocol, the platform serves as an information bridge for expanding cooperation, promoting trade, enhancing industrial upgrade, and achieving mutual benefits and win-win outcomes, they said.
They hope that the platform will play a greater role in trade facilitation and logistics services, empowering micro, small and medium-sized enterprises (MSMEs), and investment policies and regulatory measures, while helping share cooperation stories between China and ASEAN countries.
Hashtag: #Nanning
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
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4. Turners profit dips on write-down despite record underlying result
May 21, 2026
Source: Radio New Zealand
Turners Automotive Group. (File photo) RNZ / Nate McKinnon
Car dealer and financier Turners Automotive has posted a slightly lower net profit after a goodwill write-down in its credit business masked a record performance across its divisions.
Key numbers for the year ended March compared with a year ago:
- Net profit $38.2m vs $38.6m
- Revenue $451.2m vs $414.2m
- Operating earnings $70.6m vs $61.9m
- Final dividend 9.0 cents per share
After adjusting for one-off costs, Turners delivered a record financial result across its three core operating divisions – auto retail, finance and insurance – with the company saying the final quarter was a record for the business.
Net profit after tax (NPAT) was hit by a $7.5 million non-cash goodwill write-down on its EC Credit business, which it flagged in its March 2026 guidance update.
Stripping that out, its normalised NPAT was $45.6 million.
Group chief executive Todd Hunter called the result a “significant achievement”, saying demand was soft in the first half of the year before rebounding in the second.
Turners Used Cars chief executive Todd Hunter. (File photo) RNZ / Marika Khabazi
“Each of our three core automotive divisions delivered profit growth, and the integrated platform continues to compound as we expand our network and our customer base,” he said, singling out the finance division where new lending grew by more than 50 percent.
The company said it now expected to bring forward its $65 million normalised profit before tax (NPBT) target, originally set for 2028, to the 2027 financial year.
Hunter said the Iran-US conflict had softened trading this quarter, but he remained confident the company could weather the downturn using strategies applied in previous years.
“This is a business that knows how to perform and still grow across cycles,” he said.
The company said softer consumer demand was being offset by stronger earnings from its finance and insurance businesses, highlighting the benefit of diversified revenue streams.
The board declared a final dividend of 9.0 cents per share, fully imputed, taking total dividends for 2026 to 33.0 cents per share, up 14 percent on the previous year.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
Original source: https://nz.mil-osi.com/2026/05/21/turners-profit-dips-on-write-down-despite-record-underlying-result/
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5. Hainan Economic and Trade Delegation Visits the U.S., Focusing on Trade and Investment Cooperation
May 21, 2026
Source: Media Outreach
SAN FRANCISCO, USA – Media OutReach Newswire – 21 May 2026 – From May 11 to 14, a Hainan economic and trade delegation, jointly organized by the China Council for the Promotion of International Trade Hainan Provincial Committee (CCPIT Hainan)and the Hainan Youth Federation, visited the United States to conduct business exchange activities aimed at accelerating bilateral trade and investment between Hainan and the U.S. The delegation, comprising over 20 members, included heads of enterprises and institutions from sectors such as international trade, port logistics, digital technology, marine environmental protection, legal services, and modern agriculture.
China (Hainan Free Trade Port)–U.S. (San Francisco) Economic and Trade Exchange Meeting
At the China (Hainan Free Trade Port)–U.S. (San Francisco) Economic and Trade Exchange Meeting, the delegation highlighted the policy advantages and innovative achievements of the Hainan Free Trade Port to American enterprises. The two sides engaged in extensive exchanges in areas such as international trade, modern services, high-tech industries, and cross-border investment.
The head of the delegation noted that since the Hainan Free Trade Port began island-wide special customs operations on December 18, 2025, policy dividends have been steadily unleashed. The customs supervision model of “freer access at the first line, regulated access at the second line” has been fully implemented. The number of zero-tariff commodity items has been expanded to 6,631. Additionally, the policy of exempting tariffs on processed goods with a value-added rate exceeding 30% has created new cost advantages for cooperation between Chinese and U.S. enterprises.
Sean Randolph, a representative of the Bay Area Council, stated that direct exchanges between companies are essential for establishing long-term cooperative relationships. He noted that the San Francisco Bay Area, as a key gateway for Pacific trade, has maintained long-standing economic ties with Asia, particularly China. As the Hainan Free Trade Port continues to develop, sectors such as services, life sciences, and tourism are creating new opportunities for collaboration with California-based businesses.
During the visit, the delegation also participated in the 2026 China-California Economic and Trade Forum and held business negotiations with U.S. companies. The CCPIT Hainan signed a memorandum of cooperation with the Sino America Business Information Center to support the establishment of a platform for bilateral economic and trade cooperation and exchanges.
In addition, the delegation visited institutions such as the American-Chinese CEO Society, the Huamei Business Information Center, the Silicon Valley Open Intelligent Culture Foundation, and Sidley Austin LLP, engaging in in-depth exchanges on cross-border investment , specialized industry development, and commercial legal matters.
In June 2020, China unveiled a master plan to build the whole of Hainan Island into a globally influential and high-level free trade port by the middle of the century. The initiative reached a major milestone in December last year with the launch of island-wide special customs operations, which marked the completion of the first key step toward that goal.
The move has turned the island into a special customs supervision zone, allowing freer trade between Hainan and areas outside China’s customs borders, while enforcing standard customs controls for goods moving from Hainan to the mainland.
Hashtag: #CPITHainan
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
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6. From Africa to Asia: InvestHK wraps up strategic visit to South Africa and Rwanda riding on Global South momentum (with photos)
May 21, 2026
Source: Media Outreach
HONG KONG SAR – Media OutReach Newswire – 21 May 2026 – Associate Director-General of Investment Promotion of Invest Hong Kong (InvestHK) Ms Loretta Lee concluded a successful mission to South Africa and Rwanda today (May 18), reinforcing Hong Kong’s position as the strategic launchpad for African and Global South enterprises seeking offshore business growth into the Chinese Mainland and the broader Asia-Pacific region.
Associate Director-General of Investment Promotion of Invest Hong Kong Ms Loretta Lee concluded a successful mission to South Africa and Rwanda today (May 18), reinforcing Hong Kong’s position as the strategic launchpad for African and Global South enterprises seeking offshore business growth into the Chinese Mainland and the broader Asia-Pacific region. Photo shows Ms Lee (fourth left) and the Minister Counsellor in charge of Economic and Commercial Affairs of the Chinese Embassy in South Africa, Ms Liu Yu (fourth right), with other guests at a luncheon event in Johannesburg, South Africa, on May 11 (Johannesburg time).
During her visit to Johannesburg (May 10 to13) (Johannesburg time), Ms Lee engaged with a diverse range of leading enterprises and industry bodies. Discussions focused on how Hong Kong’s robust business environment can empower African enterprises to effectively manage and scale their expanding Asian operations.
Associate Director-General of Investment Promotion of Invest Hong Kong Ms Loretta Lee concluded a successful mission to South Africa and Rwanda today (May 18), reinforcing Hong Kong’s position as the strategic launchpad for African and Global South enterprises seeking offshore business growth into the Chinese Mainland and the broader Asia-Pacific region. Photo shows Ms Lee (centre) meeting with local media at the Africa CEO Forum in Kigali, Rwanda, on May 15 (Kigali time).
Ms Lee also met with local chambers of commerce and government investment agencies to explore new avenues for collaboration. She highlighted that Africa is one of the InvestHK’s key markets, as many African enterprises are now looking to diversify their funding sources and simplify cross-border transactions through Hong Kong’s deep capital markets and unique connectivity with Chinese Mainland.
Ms Lee said, “Africa has emerged as a vital engine of growth within the Global South. Our journey of thousands of miles to Africa begins with a meaningful step. For African corporates looking for a trusted and strategic partner to expand into the Chinese Mainland and the Asia-Pacific region, the interest, relationships, and momentum are building up. Hong Kong has vast potential to play a unique role linking capital, talent, and innovation between Africa and our part of the world, while InvestHK will continue to be a driver of this interconnectivity, facilitating two-way investment through strategic market insights, extensive global access, targeted promotion, and policy facilitation. “
Associate Director-General of Investment Promotion of Invest Hong Kong Ms Loretta Lee concluded a successful mission to South Africa and Rwanda today (May 18), reinforcing Hong Kong’s position as the strategic launchpad for African and Global South enterprises seeking offshore business growth into the Chinese Mainland and the broader Asia-Pacific region. Photo shows Ms Lee (fourth left) at a local marketing agency in Johannesburg, South Africa, on May 13 (Johannesburg time).
The Minister Counsellor in charge of Economic and Commercial Affairs of the Chinese Embassy in South Africa, Ms Liu Yu, said, “The synergy between South Africa and Hong Kong in the economic and trade fields is both complementary and strategically significant. Under the framework of the 15th Five-Year Plan, Hong Kong’s status as a global offshore Renminbi hub and an international asset management centre provides a professional one-stop platform for enterprises to go global. We encourage South African and Chinese Mainland enterprises in South Africa to leverage Hong Kong’s unique professional advantages to optimise their supply chain layouts and achieve high-quality, mutually beneficial development.”
Associate Director-General of Investment Promotion of Invest Hong Kong Ms Loretta Lee concluded a successful mission to South Africa and Rwanda today (May 18), reinforcing Hong Kong’s position as the strategic launchpad for African and Global South enterprises seeking offshore business growth into the Chinese Mainland and the broader Asia-Pacific region. Photo shows Ms Lee (third right) at the Johannesburg Stock Exchange on May 12 (Johannesburg time).
The President of the South African Chamber of Commerce and Industry (SACCI), Mr Mtho Xulu, said, “We want to see the relationship beyond our borders, where we take companies from South Africa into Hong Kong, using the city as a platform to scale into the bigger markets. Whether it’s for innovation, manufacturing, or industrialisation, we want to look at how we can collaborate further and bring the two places closer together. This ecosystem is exactly what our members need to unlock high-value opportunities on the Chinese Mainland and across Asia.”
The visit culminated in Kigali, Rwanda, where Ms Lee represented InvestHK at the Africa CEO Forum, engaging in high-level discussions with C-suite executives from the continent’s leading multinationals on May 14 and 15 (Kigali time).
Continuing the momentum of two-way economic ties, InvestHK will host an Africa Day Reception in Hong Kong on May 26, assembling local African business communities to explore new avenues for cross-border collaboration.
Hashtag: #InvestHK
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
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7. “AI with HKPC” Smart Solutions Showcase Series Returns
May 21, 2026
Source: Media Outreach
Driving Industrial Upgrading and Widespread AI Adoption through Smart Manufacturing, Public Services and “AI for All” Training
Mr. Kevin CHOI, JP, Permanent Secretary for Innovation, Technology and Industry of the HKSAR Government, said: “This year’s Budget Announcement continues the Government’s overall industry‑oriented development approach, with innovation and technology as a key driver and financial empowerment as a central theme. It also puts forward a series of measures to promote the AI development. Over the past few years, the Government has enhanced the strategic layout for AI development, laying a solid foundation for both the industrialisation of AI and the integration of AI across industries. These efforts include establishing an AI Supercomputing Centre, launching a $3 billion AI Subsidy Scheme, and advancing AI research and development through InnoHK. Nevertheless, the most important priority remains “AI for All”, ensuring the comprehensive advancement of “AI+” across the whole community. HKPC is a key partner of the Government. At the same time, close collaboration among stakeholders in innovation and technology, industry, commerce and education is essential to fully harness the potential of AI. Talent and enterprises are welcome to explore development opportunities in Hong Kong, whether by establishing a presence or expanding their operations here.”
Mr. Mohamed BUTT, MH, Executive Director of HKPC, stated: ” Continuously advancing the ‘AI Plus’ initiative is one of the key national work priorities for this year. In a guideline to implement the ‘AI Plus’initiative, the State Council has also clearly specified key performance indicators for the short-term (2027), medium-term (2030) and long-term (2035) phases, with the ultimate goal of fully building an intelligent economy and an intelligent society across the country. The HKSAR Government’s clear positioning of AI as a core industry has greatly encouraged the innovation and technology sector. HKPC actively aligns with the national plan and supports the HKSAR Government’s initiatives, making AI a key development priority, spanning technology integration and innovation, AI governance and cyber security, as well as talent development. Through this one-stop approach, we aim to support enterprises in leveraging AI to upgrade and transform industries, while also promoting broader public awareness and adoption of AI.”
Mr. BUTT added that he was delighted to see the successful return of the AI Solutions Showcase with wider industry participation. The exhibition aims to bring AI from “visibility” to “affordability, accuracy and security”, enabling wider adoption across industries and increasing AI penetration. HKPC will continue working with all sectors to advance the popularisation, industrialisation and application of AI, supporting Hong Kong ‘s development as a leading hub for AI innovation and application.
The themed programme, “AI for Manufacturing: Redefining Productivity in the AI Era”, showcases a wide range of innovative applications, demonstrating how AI reshapes manufacturing sector, comprehensively enhances productivity, product quality and operational efficiency. Key solutions include:
- Magnetic Crawling Robot for corrosion inspection of pipeline: Developed by HKPC in collaboration with the Electrical and Mechanical Services Department (EMSD), it leverages AI-assisted visual inspection to detect internal and external pipe corrosion, enabling predictive maintenance.
- Autonomous Air-ground Cooperative Tunnel Inspector: The system was jointly developed by HKPC, the Civil Engineering and Development Department (CEDD), and Hyder-Meinhardt Joint Venture, integrated with AI, robotics, and millimetre-level positioning in GPS-denied environments for quality inspection and maintenance in the Trunk Road T2 and Cha Kwo Ling Tunnel project.
- StationInspector: Co-developed by HKPC and MTR Corporation, it features AI-enhanced 3D visual scanning, advanced sensors and deep learning to accurately identify risks, navigate autonomously, generate reports and provide predictive maintenance recommendations, efficiently detecting safety hazards in stations.
In addition, HKPC’s self-developed open AI platform “HKPC Picasso” integrates a variety of standardised core AI modules. Enterprises can quickly deploy vision inspection, large language model (LLM) and other capabilities without building infrastructure from scratch, achieving efficient and internationally compliant intelligent transformation. This helps enterprises overcome integration challenges, cost concerns, and security risks in AI adoption.
The “Innovating Public Services, Driving the AI Transformation“ stream focuses on AI applications in Government processes, medical diagnostics and data analysis to enhance public service efficiency and risk management capabilities. The event invites speakers from the Digital Policy Office, Hong Kong Generative AI Research & Development Centre and Cyberport to explore how AI infrastructure empowers public services. Industry leaders including Alibaba Cloud, Huawei, Intertek and Shadow Bot also join HKPC experts to share insights on smart governance, data governance and automated approval. Key solutions cover AI-enabled digital public service platforms, AI healthcare applications, and smart systems for data security and leakage prevention, demonstrating how AI improves the quality and security of public services.
The “FutureSkills: AI Training for ALL” stream aims to cultivate AI talent and prepare the workforce for future challenges. In recent years, the HKSAR Government has actively promoted territory-wide AI training and enhanced AI literacy. In response, HKPC Academy has launched the “Future Skills with AI” Framework to support the “AI for All” initiative. Through professional training programmes and certification covering AI knowledge, technology applications, business management and growth mindset, the framework comprehensively enhances the future workplace competitiveness of working professionals, technology practitioners, business leaders, educators and families.The themed forum, “Enabling the Human + AI Workforce“, explores in depth the evolving workplace ecosystem driven by human-AI collaboration, as well as strategies for organisational transformation and leadership action. A series of AI training workshops and expert sharing sessions further cover topics such as Vibe Coding for workplace empowerment, the new era of precision administration, human-machine collaboration, and AI-driven education.
Furthermore, HKPC signed Memoranda of Understanding with numerous schools and educational organisations, including the Subsidized Primary Schools Council, The Association of Hong Kong Chinese Middle Schools, Hong Kong Subsidized Secondary Schools Council, Hong Kong Aided Primary School Heads Association, Catholic Diocese of Hong Kong, The Hong Kong Association for Computer Education, and Hong Kong Federation of Education Workers TechEd Centre , to jointly promote AI education. The AI education programmes are expected to reach over 500 primary and secondary schools across Hong Kong, fostering future digital talent and strengthening the translation of industry-academia outcomes into real-world impact.
Click here to download the high-resolution photos
- Mr. Kevin CHOI, JP, Permanent Secretary for Innovation, Technology and Industry of the HKSAR Government, attends the opening ceremony of the “AI with HKPC” Smart Solutions Showcase Series, supporting the integration of AI into industries and the “AI for All” programme.
- Mr. Mohamed BUTT, MH, Executive Director of the HKPC, encourages enterprises to actively adopt AI to enhance productivity, product quality and operational efficiency at the opening ceremony.
- Officiating guests and industry representatives take a group photo to witness the success of the “AI with HKPC” Smart Solutions Showcase Series Returns.
- The showcase features nearly 50 AI solutions and on-site demonstrations, presenting the practical application of AI across various industries and offering actionable transformation pathways for enterprises and organisations.
Hashtag: #HKPC
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
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8. Vietnam’s International Financial Center Launches Maritime Financial Ecosystem to Capture USD Billions Flowing Offshore
May 22, 2026
Source: Media Outreach
HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 21 May 2026 – Vietnam International Financial Center in Ho Chi Minh City (VIFC-HCMC), in collaboration with Gemadept Corporation and the Ho Chi Minh City Institute for Development Studies, today hosted a high-level forum to officially launch the International Maritime Financial Ecosystem (IMFE) — one of the four strategic pillars of VIFC-HCMC.
<figure data-width="100%" data-caption="Assoc. Prof. Dr. Nguyen Huu Huan (left), Vice Chairman of VIFC-HCMC, and Mr. Nguyen Thanh Binh, General Director of Gemadept Corporation, at the official launch ceremony of the International Maritime Financial Ecosystem (IMFE) in Ho Chi Minh City. Assoc. Prof. Dr. Nguyen Huu Huan (left), Vice Chairman of VIFC-HCMC, and Mr. Nguyen Thanh Binh, General Director of Gemadept Corporation, at the official launch ceremony of the International Maritime Financial Ecosystem (IMFE) in Ho Chi Minh City. The forum, themed “Developing the International Maritime Financial Ecosystem within the Vietnam International Financial Center in Ho Chi Minh City,” took place at the VIFC-HCMC Building, 08 Nguyen Hue Street, District 1, and drew more than 100 senior delegates. Attendees included leaders from central ministries and agencies, the Ho Chi Minh City People’s Committee, representatives from coastal provinces (Da Nang, Khanh Hoa, Kien Giang), domestic and international financial institutions, port and logistics enterprises, and international organisations. The day’s agenda focused on three headline moments: a strategic industry report by Roland Berger, titled “Vietnam Maritime Industry: A Strategic Opportunity for Breakthrough Growth,” which benchmarked leading global maritime financial hubs and mapped a roadmap to raise Vietnam’s domestic value retention from the current 4–5% to 15% by 2035; the official launch ceremony of the IMFE initiative within VIFC-HCMC; and a memorandum of understanding signed between VIFC-HCMC and Gemadept Corporation, owner and operator of Gemalink International Port in Cai Mep – Thi Vai, formalising Gemadept’s role as a founding lead of the initiative. The forum also saw the introduction of the first maritime financial products and initiatives to be developed within the VIFC-HCMC framework. A seaport system of growing global weight The ambition behind IMFE is grounded in the rapid rise of southern Vietnam’s port infrastructure. Ho Chi Minh City is home to Cat Lai Port — ranked among the world’s top 21, handling approximately 7.5 million TEUs annually — and Gemalink International Port in Cai Mep – Thi Vai, capable of receiving ultra-large container vessels. These existing assets are set to be joined by the Can Gio International Transshipment Port, a 571-hectare project with a projected capacity of 17 million TEUs per year, further deepening the city’s integration into global logistics and trade networks. In 2025, the Ho Chi Minh City port system handled over 24 million TEUs, ranking 8th globally according to Lloyd’s List, and was associated with approximately USD 200 billion in import-export turnover, accounting for around 20% of Vietnam’s total trade value. Surrounding this physical infrastructure, a broad ecosystem of supporting services has expanded significantly, spanning cargo handling, warehousing, freight forwarding, customs clearance, and supply chain management. The total annual trade transaction value flowing through the region — encompassing goods, logistics services, and related financial demand – is estimated at over USD 1 trillion. The financial gap: billions flowing through offshore centers However, the scale of this physical activity stands in sharp contrast to the financial value Vietnam currently retains. Despite enormous cargo volumes, most high-value maritime financial services generating the largest profit margin including trade finance, ship financing, marine insurance and reinsurance, international payments, and logistics risk management continue to flow through developed offshore maritime financial centers. Vietnam currently captures only around 4–5% of these financial transaction values domestically, leaving an estimated USD 6–8 billion in potential value accessible but unrealised. To complete the maritime value chain and retain these economic benefits onshore, Vietnam must evolve beyond purely physical cargo transshipment. The gradual development of a comprehensive maritime financial ecosystem is an essential and inevitable strategic step. IMFE: from vision to institutional launch Against this backdrop, the IMFE initiative took shape as a core component of VIFC-HCMC, with Gemadept Corporation serving as a founding lead. The initiative was first introduced on September 12, 2025, during the symposium “Ho Chi Minh City – A Modern, High-End, High-Value Service Hub,” where Gemadept presented a strategic vision of integrating Vietnam’s deep-sea port infrastructure with a dedicated maritime financial ecosystem. To materialise that vision, the corporation cooperates with the Ho Chi Minh City People’s Committee, leading to its official designation as a Strategic Member of VIFC-HCMC on February 11, 2026, at the Center’s Launching Ceremony. Today, as the operator of Gemalink — a major deep-sea gateway at Cai Mep – Thi Vai — Gemadept is focused on channeling high-value capital flows and advanced financial services directly into Ho Chi Minh City’s real maritime economy. With this foundation in place, today’s forum pursues three concrete objectives: to officially launch the IMFE as a strategic platform designed to localise maritime financial capital and services, laying the groundwork for Ho Chi Minh City to emerge as one of the region’s leading maritime hubs; to connect financial institutions, banks, insurance companies, shipping lines, logistics enterprises, and international organisations within an integrated ecosystem, bringing the port-to-finance model to life in Vietnam; and to introduce the first maritime financial products and initiatives, creating mechanisms for Vietnamese enterprises to access financing, insurance, and risk management tools domestically rather than through foreign intermediaries. “Ports such as Can Gio and Cai Mep-Thi Vai are transshipment hubs for cargo flows — VIFC-HCMC must become the transshipment hub for capital flows serving Vietnam’s maritime economy,” said Assoc. Prof. Dr. Nguyen Huu Huan, Vice Chairman of VIFC-HCMC. Hashtag: #VIFC The issuer is solely responsible for the content of this announcement. – Published and distributed with permission of Media-Outreach.com.
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9. Minor parties steal spotlight from Nicola Willis’ Budget
May 21, 2026
Source: Radio New Zealand
New Zealand First’s Winston Peters and ACT’s David Seymour. RNZ
Analysis – Much like every other political party in Parliament, New Zealand First isn’t really planning to use taxpayer money to buy back BNZ.
The idea is a bold and bizarre one given the potential price tag of anywhere between $7 billion and $30b, depending on who you believe.
Winston Peters himself couldn’t say what it would cost when asked on Morning Report on Monday, but he doesn’t need to.
Be under no illusions: this is not a make-or-break policy for New Zealand First, and it won’t be an election bottom line.
The country has been feeling the effects of a cost-of-living crisis since late 2021 and for many it hasn’t got any better. For plenty, it’s got worse.
Add to that an international fuel crisis, business confidence tanking, and inflation struggling to get back into the desired 1 to 3 percent bracket.
There isn’t a political leader who would realistically prioritise spending billions of dollars to buy back an Australian Bank at this point in time, or anytime in the near future.
What New Zealand First set out to achieve at the weekend was much simpler than spending billions of dollars buying the country an expensive and potentially out-of-reach bank.
The clue is in its name – putting New Zealand First – and reminding voters less than six months out from an election that the party that believes in nationalism, “taking back our country”, and holding onto state assets isn’t National, nor is it ACT.
Peters is the political leader who has spent the past 33 years reusing large sections of the same speech at his public meetings where he talks about New Zealanders keeping more of their own money, profits not going overseas, and state-owned assets staying that – state-owned.
It’s all part of a wider strategy of getting everybody else to spend their time talking about New Zealand First.
It’s one Peters, for decades, has mastered far better than any other politician, and MPs new to politics, like the Prime Minister, time and time again fall into his trap.
Responding to these sorts of policies is exactly what Peters wants, and day after day Luxon, and a string of other National Party ministers and MPs, have done exactly that – for five straight days.
There have been stories ad nauseam about coalition partners and the opposition parties pooh-poohing the idea, never mind the economists, columnists and experts commenting and writing endless paragraphs about it.
Finance Minister Nicola Willis. RNZ / Mark Papalii
Finance Minister Nicola Willis told media it was “attention-seeking” and not serious policy.
Willis has a point – Peters sought to get attention, but it’s his coalition partner who took the bait most of all.
New Zealand First has had a successful week notching up wins between the BNZ narrative taking flight exactly as planned, and convincing Willis to exempt his pet ministry – foreign affairs and trade – from her cost-cutting public service exercise for a third year running.
ACT has had its win too, with the public service cuts being centred on a head count reduction and department mergers – two ideas straight out of the party’s policy playbook making it easy for David Seymour to claim victory on saving the Budget for two years running.
The Budget is the pride and joy of any finance minister and the product of a lot of hard work, sleepless nights, sweat and at times, probably tears.
Thursday will be Willis’ day to shine and the National Party will hog most of the spotlight for that reason.
The week leading up to Budget Day has been all about New Zealand First and ACT.
Willis has seven days to wrestle the attention back.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
Original source: https://nz.mil-osi.com/2026/05/21/minor-parties-steal-spotlight-from-nicola-willis-budget/
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10. TP deepens AI data services capabilities across APAC markets – showcased live at Asia Tech x Singapore 2026
May 21, 2026
Source: Media Outreach
SINGAPORE – Media OutReach Newswire – 21 May 2026 – As part of its Future Forward strategy, global digital business services leader TP (ex-Teleperformance) is deepening its award-winning TP.ai Data Services capabilities across Asian markets. This is in response to rising enterprise demand for AI systems trained in local languages and compliant with evolving in-country data residency and governance requirements.
As enterprises accelerate AI deployment across Asia, success will increasingly depend on the quality, localization and governance of the underlying data powering these systems. At Asia Tech x Singapore 2026 this week, TP is present on the ground and is delivering two sessions to cover the insights of TP’s Future Forward strategy of scaling AI-led services.
Assaf Tarnopolsky, TP’s Chief Business Development & Customer Officer, APAC is joining the panel “The Enterprise AI Execution Challenge” to discuss the advantages of Asia-based enterprises in investing in robust data preparation before constructing AI tools. Michael Costevec, Head of Value Creation Office, TP APAC and Jonathan Phang, CTO, TP APAC are also delivering a keynote on “AI Orchestration in the World’s Most Complex Markets”, which covers the principles behind the shift from AI operations to AI orchestration.
TP.ai Data Services, an end-to-end AI data services solution, enables enterprises to build, train and scale AI systems that are locally relevant, operationally resilient and deployment-ready across Asia’s diverse markets. With specialized AI practitioners distributed across Singapore, Malaysia, Indonesia, Thailand, China, Japan, South Korea and Vietnam, TP delivers end-to-end AI/ML and GenAI support services, including data collection, validation, annotation, labeling, model evaluation, analytics operations and human-in-the-loop governance.
“The companies seeing real operational impact from AI in Asia are the ones investing in scalable data foundations, in-country execution and human expertise alongside the technology itself,” said Dave Rizzo, APAC President, TP. TP.ai Data Services has a proven track record in supporting customer live deployment. Within three weeks, it successfully created customized warehouse video streams, annotated with detailed object labels and dimensional data, enabling physical AI model training to support a client with real-time worker-safety-risk detection.
TP has been recognized globally for helping organizations move beyond fragmented data operations and reporting toward an analytics-led operating model that improves performance, governance, and AI outcomes. The 2026 Data Breakthrough Awards named TP’s data analytics services Overall Data Analytics Platform of the Year, citing measurable business results, including:
- Up to 31% improvement in customer experience quality scores
- Up to 30% lift in sales conversions
- Up to 20% improvement in resource forecasting accuracy
- Up to 15% gains in workforce efficiency
Beyond technology delivery, TP also places strong emphasis on preparing its own workforce for an AI-led operating environment. Across APAC, TP continues to invest in AI upskilling programs that equip employees with capabilities in model evaluation, synthetic data, human-in-the-loop and human-on-the-loop orchestration and AI governance. By combining advanced AI systems with locally trained human expertise, TP enables enterprises to scale AI responsibly across diverse Asian markets, ensuring that innovation remains grounded in cultural understanding, operational oversight and real-world business outcomes.
Hashtag: #TP
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
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