Paul Chan: HK aims to become international innovation hub
Paul Chan, the Financial Secretary, stated during an event today (Oct. 4) that Hong Kong possesses a vibrant financial technology ecosystem and is committed to developing into an international innovation hub.
Chan highlighted Hong Kong's role as an excellent platform for mainland companies to enter the Association of Southeast Asian Nations (ASEAN) market and for international companies looking to penetrate the Mainland market.
Chan noted that the ASEAN region is expected to become the world's fourth-largest economy by 2030. Given the region's economic growth and youthful population, there are substantial opportunities in consumer goods and financial services. The development process in the region will require time to build financial infrastructure and expand the depth and breadth of services, where artificial intelligence can play a significant role in advancing financial services.
According to Chan, Hong Kong is a leading international financial center with a highly mature capital market, top-tier financial infrastructure, and extensive regulatory expertise. The city's fintech ecosystem is dynamic, with ongoing efforts to position itself as a global center for innovation.
Chan pointed out that Hong Kong is focusing on artificial intelligence (AI) and big data analytics, currently investing in related infrastructure. A supercomputing center is expected to commence operations by the end of this year. Together with other cities in the Greater Bay Area, Hong Kong can offer numerous application scenarios for artificial intelligence, he added.
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