'Asia's Nobel Prize' award launched by local tycoon

The long-planned awards, created by Ruentex Group (潤泰集團) Chairman Samuel Yin (尹衍樑) with the help of Academia Sinica, Taiwan's top research institution, will honor individuals, regardless of nationality, who have made outstanding contributions or who have achieved significant breakthroughs in sustainable engineering, medical and biotech research, Sinology studies, and law.

A cash prize of NT$50 million (US$1.69 million) will be presented to the winner in each of the four categories, making the awards more lucrative than the Nobel Prize, which garners winners around NT$44 million.

The Tang Awards will be presented every two years, according to the organizers.

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