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Hong Kong has allocated $383 million for an artificial intelligence program at Cyberport.

News straight from Hong Kong! 馃嚟馃嚢馃挕 The government has allocated $383 million to develop an artificial intelligence program at Cyberport. 馃寪馃挵 What will be the potential benefits of this investment move? 馃馃攳

Date: 2024-02-29 Author: 艁ukasz Micha艂ek
Hong Kong has allocated $383 million for an artificial intelligence program at Cyberport.

The Hong Kong government has decided to allocate 3 billion Hong Kong dollars ($383 million) for its Cyberport business center as part of a three-year artificial intelligence (AI) subsidy program, announced Paul Chan, Hong Kong’s secretary of finance.

The statement was made in conjunction with the announcement of the 2024 budget on Wednesday, February 28. The program is designed to help local universities, research institutes and companies take advantage of the computing capabilities of the new supercomputing center for artificial intelligence.

Chan stressed the importance of artificial intelligence in driving technological and industrial transformation and strengthening Hong Kong‘s digital economy. In addition to supporting local players, the grant will enhance the center’s cyber security and data protection. It aims to attract global artificial intelligence experts, companies and research projects to Hong Kong.

Chan announced that the Supercomputing Center for Artificial Intelligence will begin operations this year. By early 2026, it is expected to have a computing power of 3,000 petaflops, capable of processing nearly 10 billion images per hour.

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The Hong Konggovernment plans to launch the program and the center in 2024. The amount of the subsidy will vary depending on the category of applicants, applying the principle of paying by the user, with no overall subsidy amount.

Chan also disclosed the allocation of a start-up fund of 100 million Hong Kong dollars ($12.7 million) to help self-financing higher education institutions establish the Alliance of Applied Science Universities. He said:

“The purpose of this alliance is to jointly promote vocational and professional education and enhance its reputation among parents, students and the public in general.”

The government will also allocate 6 billion Hong Kong dollars ($766 million) to subsidize new life and health technology research institutes at eight local universities. These institutes will collaborate with organizations in mainland China and overseas.

The funding, from a budget of 10 billion Hong Kong dollars ($1.2 billion) allocated in 2023, is aimed at promoting the development of life and health technologies. The goal is to facilitate research and development, drive the transformation of research results, and attract leading innovation and technology talents and research teams to Hong Kong.

According to local media outlet The Standard, Hong Kong government sources indicate that eligibility for the program will be limited to institutions affiliated with eight subsidized local universities. The government plans to subsidize three institutions on a long-term basis.

Hong Kong is embracing the use of artificial intelligence in health technology. In November 2023, its hospital authorities planned to successfully combat the growth of two superbugs using artificial intelligence.

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艁ukasz Micha艂ek
艁ukasz Micha艂ek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. 艁ukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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