Hong Kong Allocated HK$200B to Advance Key Sectors Including Fintech and AIby Fintech News Hong Kong December 11, 2023
The Hong Kong government is actively working to establish the city as a fintech hub through various strategic initiatives. Significant investments have been made, with HK$200 billion allocated to innovation and technology development in recent years.
Specific plans were highlighted at the recent Huawei Cloud Software Partners Go Global Summit in Hong Kong. The government aims to facilitate cross-border data transfers to enable the development of fintech solutions for banks and financial institutions globally.
The Office for Attracting Strategic Enterprises (OASES) focuses on attracting high-potential fintech companies to set up operations in Hong Kong. It provides tailored one-stop services to meet specific needs, including assistance with launch and expansion. OASES has already drawn around 30 fintech and other strategic companies.
The Hong Kong Applied Science and Technology Research Institute (ASTRI) is leveraging latest technologies like 5G and blockchain to fast-track innovation and industrialisation of fintech. ASTRI aims to help local companies gain competitive advantages and capture new opportunities in the dynamic fintech landscape.
Cyberport, Hong Kong’s digital technology hub, is also providing diverse support for enterprises across industries to digitalise and adopt cloud and other technologies. This will enable organisations to enhance efficiencies, explore new ventures, and harness emerging opportunities in areas like fintech.
Vice President of OASES (AI and Data Science) Bryan Peng acknowledged the growing demand for digital transformation among Hong Kong businesses and that Cyberport and its ecosystem are providing diverse support plans for enterprises to apply various cloud and digital solutions, enabling them to explore new opportunities, enhance their competitiveness, and build digital into their organisations, riding the wave of Web3 and AI.
Significant funding of US$10 million (HK$78 million) has also been announced under the Huawei Cloud Software Partners Go Global Acceleration Program to help Asia Pacific enterprises expand globally.
The government initiatives, projects and investments aim to strengthen Hong Kong’s position as an international financial and technology hub while fostering the growth of homegrown startups. The concerted push to drive fintech seeks to unlock new opportunities for local and international enterprises looking to expand their offerings.