At a seminal event held on October 4, Financial Secretary Paul Chan delivered a major address at the "Empowering Regional Growth" Hong Kong-ASEAN AI Collaboration Seminar, coinciding with the global headquarters launch of KN Group.

Paul Chan commenced his speech with an enthusiastic acknowledgment of the gathering, highlighting the growing partnership between Hong Kong and the ASEAN region. This collaboration is essential for mutual prosperity and a bold vision for the future.

The ASEAN region, home to over 670 million people, had a staggering GDP of approximately US$3.7 trillion in 2022, with forecasts suggesting it could become the world's fourth-largest economy by 2030. This demographic dividend, characterized by a median age of just 35 years expected by 2040, is ripe for growth across various sectors, from consumer goods to financial services.

However, Chan pointed out that as ASEAN develops rapidly, it faces the significant challenge of building comprehensive financial infrastructure. Enter AI—an invaluable ally in tackling these obstacles. The advancements in artificial intelligence can revolutionize financial services, making them not only smarter but also more inclusive.

Hong Kong stands ready to assist its ASEAN partners in navigating these challenges. As a premier global financial hub, the city is the home base for more than 70 of the top 100 banks, along with seven of the world's leading insurance firms. The city's financial landscape is bolstered by a highly sophisticated capital market and deep regulatory knowledge, making it a powerhouse for fintech innovation.

In line with this, Hong Kong boasts over 1,000 fintech companies that are leading the way in services from digital payments to AI-driven credit assessments. Moreover, with the Government's commitment to elevate Hong Kong as an international innovation and technology center, collaborations with the Greater Bay Area are set to amplify these efforts.

A critical highlight of Chan's address was Hong Kong's strengths in AI infrastructure, including supercomputing facilities, robust data resources, and varied application scenarios. A supercomputing center is set to open by the end of the year, further cementing Hong Kong's role as an AI development hub.

Chan lauded the decision of KN Group to establish its international headquarters and R&D center in Hong Kong, underscoring the city's attractiveness for businesses seeking to expand into ASEAN and mainland China. "Hong Kong is more than just a financial center; it is a launchpad for innovation and growth," he remarked.

Furthermore, Chan expressed confidence that more enterprises would leverage Hong Kong's strategic advantages, fostering a dynamic business environment and attracting global talent. "This is exciting news for not only Hong Kong but for the greater regional economy as it transitions into a new era of innovation," he concluded.

In closing, Chan wished the seminar great success and the attendees good health and prosperity in their future endeavors.

Stay Tuned: The Future is Bright for Hong Kong and ASEAN!

With the ongoing partnership and technological advancements, both regions are poised to redefine the landscape of innovation and economic growth in the Asia-Pacific.