Veteran TV reporter sets up HK first news agency via crowd-funding

With the shutdown of Hong Kong Daily News, a former reporter Ng Hiu-tung plans to establish Hong Kong's first-ever news agency FactWire, specializing in investigative journalism by raising money on FringeBacker.Founder of FactWire, Ng Hiu-tung said their vision is to be the most trusted news organisation in the world. "Hong Kong is one of the few places where information flows almost completely freely. If Paris has Agence France-Presse, New York has the Associated Press, London has Reuters, why Hong Kong should not have FactWire?" He explained.Getting fed up with mainstream media headlines and annoyed at being pushed around by advertisers of “edutainment” for long, the news outlet claimed they want to show readers a full picture of the truth behind the news.The newswire initiated the fundraising an the end of June and targeted to fund $3 million in 60 days. As of Tuesday noon, about $515,000 has been raised from 435 backers.FactWire will be completely independent and free of commercial advertising, Ng said. "Every cents of  donations will be credited into the FactWire Press Foundation under whose trusteeship FactWire is run. We believe this is the best way to protect FactWire's independence and integrity." According to the FringeBacker's project page.Ng Hiu-tung is a veteran journalist with over 25 years experience, he had worked for TVB, Cable TV and Radio Television Hong Kong.The fundraising will end on 28 August.