Financial Secretary Paul Chan Mo-po’s announcement, in his latest budget speech, of Hong Kong’s aspiration to become an international exchange and cooperation hub for artificial intelligence (AI) is bold and timely. As one of the world’s most connected cities, Hong Kong has the potential to play a pivotal role in the global AI conversation. However, the path to achieving this requires strategic planning and concrete action.
According to the 2024 Global AI Index, Hong Kong ranks 16th, which is respectable but also shows room for improvement. While strong in infrastructure and research, the city lags in government strategy, regulatory frameworks and operating environment. The top three – the US, China and Singapore – have demonstrated stronger leadership in these areas.
Singapore’s journey offers valuable lessons. It unveiled its national AI strategy in 2019 and updated it in 2023, with the latter version focusing on developing AI for the public good and positioning Singapore as a contributor to global AI governance.
It has taken part in international AI safety conversations including at the World Economic Forum and the recent AI in Action Summit in Paris, supporting the development of AI governance among Southeast Asian countries and leading capacity-building initiatives for smaller nations.
Hong Kong, a relative latecomer to the international AI community, must take decisive action and put its own house in order first. We propose a five-point plan to set the foundation for Hong Kong’s AI future.
First, we need a clear AI development blueprint. The government has issued a policy statement on responsible AI applications in financial services. This is far from sufficient. The city needs a comprehensive AI blueprint covering all key industries with clear strategies defining the vision, infrastructural and talent requirements, application road maps and governance framework.
Visited 1 times, 1 visit(s) today
