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Hong Kong is ‘living lab’ where Chinese companies can hone AI abilities: Paul Chan
The city’s strength in fintech makes it an ideal place to develop AI and big data analytics, finance chief says
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Hong Kong is a “living lab” where mainland Chinese companies can build their artificial intelligence (AI) capabilities before expanding into Southeast Asia and beyond, the city’s finance chief said.
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As more companies evaluate business opportunities in Southeast Asia, the city has become a strategic springboard for them “with dual strengths in financial services and innovation and technology”, Paul Chan Mo-po said at a seminar in Hong Kong on Friday.
Chan said the city is well positioned to support Association of Southeast Asian Nations (Asean) economies in terms of building financial infrastructure and services. Asean has a collective gross domestic product of US$3.7 trillion and is expected to become the world’s fourth-largest economy by 2030.
The city is home to more than 70 of the top 100 global banks, as well as seven of the world’s top 10 insurance companies.
“We boast a highly sophisticated capital market, top-class financial infrastructure, and deep regulatory expertise,” he said.
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In addition, the city’s strength in fintech makes it an ideal place for companies to develop innovative services from digital payments to AI-empowered credit risk profiling, Chan said. That capability, he said, will get stronger when a new supercomputing centre opens by the end of the year.
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