Taiwan business magnate Samuel Yin starts Asia’s Nobel-type prizes

Samuel Yin, head of Ruentex Group, of Taiwan tycoon is funding to establish Tang Prize Foundation with an initial endowment of $103 million. It has been named after the Tang Dynasty of 618-907 ADwhich is venerated by the Chinese for its cultural and scientific achievements.
What this foundation would do?
The foundation would award Nobel-type prizes to recognize extraordinary works in biopharmaceutical science, sustainable development, study of China and the rule of law.
Why this initiative?
As per the founder, the foundation would recognize those fields which bear intrinsic importance for humanity but are not covered by the 118-year-old Nobels.
The prizes will be awarded biennially starting next year (2014). Winners will receive $1.7 million, compared to $1.2 million that comes with a Nobel Prize.
The winners will be nominated and screened by special panel set up by the Academia Sinica, Taiwan’s most esteemed research organization.