Hong Kong finance chief Paul Chan Mo-po has highlighted the city’s central role in helping mainland Chinese companies develop their artificial intelligence (AI) capabilities as they eye expansion into South Asia. Southeast.
Speaking at a seminar on Friday, Chan highlighted Hong Kong’s strategic role in facilitating the growth of AI and financial technology (fintech) in the region.
As Southeast Asia becomes an increasingly attractive market for businesses, Chan highlighted that Hong Kong’s combined strengths in financial services and innovation provide a strong foundation for businesses seeking to expand. develop.
As a major financial center, the city offers advanced infrastructure and regulatory expertise, making it an ideal base for businesses targeting the fast-growing economies of the Association of Southeast Asian Nations (ASEAN). ), whose collective GDP stands at $3.7 trillion and is expected to become the world’s fourth-largest economy by 2030.
Hong Kong’s financial sector already plays a leading role on the global stage, with more than 70 of the world’s top 100 banks and several major insurance companies operating in the city. This, combined with the city’s sophistication in capital markets, reinforces its appeal as a launchpad for companies developing fintech solutions, such as digital payments and AI-driven financial services.
One of the major upcoming developments to support Hong Kong’s role as an AI hub is the AI Supercomputing Centre, scheduled to open by the end of the year. This facility will provide high-performance computing resources to businesses, enabling them to more efficiently develop and scale AI solutions. According to Chan, this center is a key initiative aimed at strengthening the city’s capabilities in AI and big data, especially for companies exploring digital transformation.
In addition to infrastructure, Hong Kong’s access to mainland Chinese and international data, as well as a wide range of application scenarios, positions it as a prime location for AI development. The city’s connectivity with the Greater Bay Area and its ability to integrate AI into various sectors make it an attractive option for companies looking to innovate in the field.
Chan’s remarks coincided with the opening of Chinese financial technology company KN Group’s global headquarters in Hong Kong. Founded in 2014, the company specializes in using AI and Big Data to improve financial services and has chosen Hong Kong as the location for its corporate treasury and research and development centers.