Hong Kong’s Bid to Maintain Global Financial Hub Status Could Leverage AI

Hong Kong Skyline

With technology transforming the future and Asia at the core of it, Hong Kong is under increasing strain. Despite economic hardships and technological developments, the area strives to preserve its famous role as a worldwide financial powerhouse. Artificial intelligence (AI) might develop as a crucial industry to assist Hong Kong in accomplishing this goal.

Call to Action from Businesses

Victor Li, a Hong Kong business magnate and chairman of CK Hutchison and CK Asset, stated that the area must maintain its status as an international financial hub.

The declaration came amid dwindling profitability in his businesses — 9% for CK Hutchison and 11.6% for CK Asset.
He focuses on the city’s resiliency in the face of current political instability and the epidemic. He was reported by SCMP at a news conference as saying, “How to respond depends on the Hong Kong government. There are only a few, and Hong Kong has been one of them for many years. It is hard-won. We must not lose this place.”

AI to Play a Role

In line with Li’s call for innovation, HSBC Digital Horizons research highlights the preparedness and ambition of Hong Kong’s small and medium-sized firms (SMEs). An HSBC Hong Kong poll found that SMEs are optimistic about future technologies over the next decade.

Notably, a sizable proportion of these organizations believe that technologies such as blockchain, machine intelligence, and robots will greatly help their growth.
However, there are obstacles. The survey revealed a significant disparity in familiarity and deployment of generative AI. According to the research, just one-third of SMEs have the necessary expertise.
Despite this, the vast majority of people feel that AI can provide transformational prospects.

Preserving Hong Kong’s Status

Hong Kong aspires to improve its position as a worldwide financial hub. Businesses that embrace AI and new technologies can make a technological leap.

However, due to talent and cost constraints, both the government and the private sector may need to work together to achieve success. Especially when industrial players want the government to intervene.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.