Hong Kong’s finance chief, Paul Chan Mo-po, has emphasized the city’s pivotal role in helping mainland Chinese companies build their artificial intelligence (AI) capabilities as they eye expansion into Southeast Asia.
Speaking at a seminar on Friday, Chan highlighted Hong Kong’s strategic role in facilitating the growth of AI and financial technology (fintech) across the region.
With Southeast Asia becoming an increasingly attractive market for businesses, Chan emphasized that Hong Kong’s combined strengths in financial services and innovation provide a strong foundation for companies looking to expand.
As a major financial center, the city offers advanced infrastructure and regulatory expertise, making it an ideal base for companies targeting the fast-growing economies of the Association of Southeast Asian Nations (ASEAN), which has a collective GDP of $3.7 trillion and is projected to become the fourth-largest economy in the world by 2030.
Hong Kong’s financial sector already plays a prominent role on the global stage, with more than 70 of the world’s top 100 banks and several leading insurance companies operating in the city. This, combined with the city’s sophistication in capital markets, enhances 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 offer high-performance computing resources to companies, enabling them to develop and scale AI solutions more efficiently. According to Chan, this center is a key initiative aimed at boosting the city’s capabilities in AI and big data, particularly for companies exploring digital transformation.
In addition to infrastructure, Hong Kong’s access to both 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 fintech company KN Group’s global headquarters in Hong Kong. Founded in 2014, the company specializes in using AI and big data to enhance financial services and has chosen Hong Kong as the site for its corporate treasury and research and development centers.
