Hong Kong deepens push into AI, tech to boost its edge over Singapore, Paul Chan says
Artificial intelligence is the future, as it has the potential to boost Hong Kong’s competitiveness, financial secretary says
Hong Kong is channelling funds into several dozen innovative companies to further bolster the city’s appeal as a hub for technology, banking and finance compared with regional competitors like Singapore, according to Financial Secretary Paul Chan Mo-po.
The Hong Kong Investment Corp (HKIC), funded by the city’s reserves, has invested in nearly 100 start-ups involved in artificial intelligence (AI) and pharmaceutical research among others, Chan told the HSBC Global Investment Summit on Tuesday.
“I think artificial intelligence is the future,” he said. “It will define the competitiveness of not just businesses but also economies, and it will have a significant impact on geopolitics in the future.”
In the budget for the 2025-2026 financial year, the government proposed an outlay of HK$1 billion (US$128 million) to establish the Hong Kong AI Research and Development Institute, as well as other technology-related initiatives worth billions of dollars.
He said that Hong Kong, under the “one country, two systems” arrangement, was in a unique advantageous position to develop the AI sector, and the city’s “superconnector” role allowed investors access to the vast market on the mainland.
The HKIC’s investments in AI-related start-ups showed the government’s commitment to promoting the technology and fostering companies to undertake research to develop new uses, he said.