Amid the flurry of measures announced in the budget by Financial Secretary Paul Chan Mo-po it was good to see the pledge to transform Hong Kong into a hub for international exchange and cooperation for artificial intelligence (AI). The plan to leverage technology to create a new economic driver would come with HK$1 billion (US$128.6 million) to establish the Hong Kong AI Research and Development Institute, along with other investment initiatives among the many spending cuts to help address a looming deficit.
Given the global race for rapid AI development is well afoot on the mainland, the United States and Europe, it would have been far more worrying if Chan had made little mention of it.
Yet worrying news emerged all the same. Changes to the public transport subsidy scheme that were announced as cost-cutting measures will take a mind-boggling 18 months to implement, the Post has learned.
The changes, which would cap fares for the elderly and passengers with disabilities at HK$2 for fares under HK$10, but charge 20 per cent for routes above HK$10, can only be implemented in September 2026. Authorities placed the blame on Octopus, citing a lack of technical capability and the need for a systems update, among other issues.
The stored-value card company said it was ready to help authorities with their optimisation plans and timetables.
