Emil (Chairman of Hong Kong Digital Finance Association, Mr Emil Chan), distinguished speakers, honourable guests , ladies and gentlemen,

Good morning! I am very privileged to join you all today at the Hong Kong FinTech Week Satellite Event to explore the immense potential of latest innovation and technology (I&T) in driving economic development and fostering social well-being in Hong Kong.

Digital transformation is an inevitable trend in revolutionising how all corporations and organisations conduct their businesses. The advancement of technologies such as artificial intelligence (AI), the third generation Internet (Web3) and virtual assets, along with Hong Kong’s established digital infrastructure and I&T workforce, has brought forward a unique opportunity for our city to leverage these advantages to shape the future of the digital economy and further develop into a world-class I&T centre.

AI is an important technology area that drives the development of digital economy. Last week (25 Oct), the Chief Executive stated in his Policy Address that the Government will press ahead with the digitalisation of government services, using AI and opening up more government data to accelerate development of digital economy . In fact, the Government has been committed to adopting AI to further innovate digital government services and improve citizens’ lives. We have developed the Traffic Data Analytics System adopting AI to analyse traffic and weather data, providing the public with useful information such as real-time and predicted average traffic speed and journey time in order to facilitate their journey planning .

To keep pace with the technological development of the leading countries and neighbouring cities, Hong Kong must strengthen our efforts on scientific research and the development of local AI industry. Having an adequate computing infrastructure is a key prerequisite. We are actively pursuing the development of an AI Supercomputing Centre in Hong Kong as a major strategic technology infrastructure to provide AI supercomputing services for local universities, research institutes, government departments and industry sectors, with a view to strengthening the local research and development capabilities and advancing related industry ecosystems.

Similar to the emergence of AI technology, the huge potential of Web3 technology should also be tapped to spearhead the innovation development for our city. To expedite the Web3 ecosystem development, the Government established the Task Force on Promoting Web3 Development in this June. Chaired by the Financial Secretary, the Task Force brings together leaders and professionals in various related sectors to spur the Web3 ecosystem development in Hong Kong. The Government has allocated $50 million to Cyberport to drive Web3 ecosystem development , including attracting enterprises and talents and organising related educational and promotional activities.

The Government also attaches great importance to the development of the vibrant virtual assets sector which is an integral part of the Web3 ecosystem. Last October (2022), we have clearly set out our policy stance to embrace the development of new financial innovation of virtual assets. To keep pace with the fast-changing virtual asset sector, the Government is ready to calibrate our legal and regulatory regime to provide a facilitating environment for virtual assets.

In closing, Hong Kong is making a new page in our digital transformation journey by leveraging the huge potential of AI and other emerging potentials such as Web3 and virtual assets. I encourage all participants to join hands with the Government to drive the digital transformation and build a prosperous and sustainable community.

Thank you.

- ENDS -