This article will round up recent highlights news, which particularly focuses on topics including artificial intelligence, big data, fintech and robotics in Hong Kong.
Megvii Technology filed for Hong Kong’s IPO
Founded in 2011, Megvii Technology, one largest artificial intelligence companies in China, has filed for an initial public offering in Hong Kong. Megvii technology is estimated to value around $4 billion in the last funding round (May). Alibaba Group and its affiliate, subsidiaries are companies that owned the most stake of Megvii Technology. Megvii Technology founded in 2011, Megvii caters to Chinese technology including Alibaba, Huawei, Lenovo, and also support services for government body Ministry of Public Security. Face++, an online facial recognition software is one of the successful innovation of the company, however, it became controversial due to the risks of exposed identity authentication might bring. If approved, Megvii will be the first Chinese AI stock trading on the Hong Kong stock exchange.
Hong Kong stirs Cloud technology
In terms of cloud readiness, Hong Kong's government is very supportive, ranked the region second in the 2nd in Cloud Readiness Index 2018. However, a large number of businesses have yet to adopt cloud technology. This indicates the need of collaboration crossing public and private sectors in order to enhance the efficiency of data and information management. Hong Kong government has been directed towards the goal of becoming a smart city in the next 5 years, with developed infrastructure and technology, hence it also can gain more benefits when adopting the cloud technology to create a more trustworthy telecommunications infrastructure, high quality of broadband and information flow. Hong Kong expected to launch new Gov-Cloud and big data analytics platform in 2020.
Hong Kong loosens Fintech’s lending
Hong Kong Monetary Authority allowed lenders to use analytics tools like big data to assess, approve an application. The guideline was issued last year and now will liberalize the market. HKMA made a move for potential Fintech development in the future. Smart banking, namely Banking Made Easy Initiative was issued last year to abate regulations, easily facilitating digital banking activities including online finance and wealth management. Hong Kong has issued 8 virtual banking, and Singapore has been also following Hong Kong’s footsteps by having unveiling five digital bank licenses by July 2019. These new licenses are expected to create healthy competition in the future. Although this can open a new era of competitions for Hong Kong and Singapore in the retail banking industry, HSBC, one of the dominant banks in Hong Kong chose not to apply for the digital bank due to their discontent in virtual bank’s below and other associated fees.
Asian governments are trying to raise awareness of cybersecurity
Cybersecurity risk is rising rapidly. A study was conducted by the Cyber Security Agency of Singapore reported that the number of consumers using two-factor authentication is increasing, implying their concern over cybersecurity in recent years. Therefore, the Hong Kong government have tried to raised awareness of cybersecurity for a few years, and the police have partnered with local cybersecurity companies to help users scan and remove viruses. In 2018, cyber incidents caused victims in Hong Kong to lose HKD 147 million, equivalent to US$ 18.8 million. Similar incidents were reported to be common in Asia countries, for example, Indonesia. Currently, Hong Kong keeps aiming to change the resident’s mindset of protecting data privacy, as well as to help the enterprises to gain their strength in defending cyber threats.
Sophia and dating app!
The creation and on-going development of human-like robot Sophia were astonishing to the world. Created by Hanson Robotics based in Hong Kong. Unlike previous interviews that she used to threaten to destroy the humankind, Sophia’s exclusive interview with Yahoo Finance last week was hilarious. In the interview, Sophia has shared her opinions on dating apps and who needs to pay for the first date! She stated that she was a fan of the dating app because she was fond of the app’s goal - to bring people together. Humorously, she said, “Whoever loses the pi memorization contest (math contest), that person should pay on a first date.”. The robot created by Hong-Kong based Hanson Robotics has shown to have a strong improvement in human communication, implying for the ongoing advanced development in robotics and artificial intelligence.