Strategic Industries

Artificial Intelligence and Data Science

• The HKSAR Government is committed to building the infrastructure to allow more applications of artificial intelligence (AI) in both the public and private sectors. Moreover, the HKSAR Government will adopt more AI in its services in city management, including transport, customs inspection and cyber security.
• Hong Kong has a vibrant AI and robotics innovation scene, and is home to some of the city’s unicorns, including SmartMore, and the global technology company Geek+, testifying to an abundance of quality talent. At the Hong Kong Science Park, AIR@InnoHK focusing on AI and robotics technologies has been established as one of the main InnoHK research clusters. 28 research laboratories under InnoHK have commenced operation, involving 7 local universities and research institutions as well as over 30 institutions from 11 economies.
• World No.6 and Asia-Pacific No.2 data centre market (Cushman & Wakefield: 2022 Global Data Center Market Comparison)
• World No.1 lowest taxed data centre market (Cushman & Wakefield: 2022 Global Data Center Market Comparison)
• HK$100 million has been allocated to develop an integrated digital platform for data integration and information exchange of all public works projects.
• The Geospatial Lab, established in May 2021, helps raise public interest in spatial data, and explores together with the community value and application of spatial data in support of smart city development.
• The Data Technology Hub in Tseung Kwan O, provides a purpose-designed infrastructure for the data technology and telecommunications services industry.

Financial Technology (Fintech)

• Over 800 FinTech organisations are operating in Hong Kong, and 5 of them are unicorns; around HK$14 billion (US$1.8 billion) raised between 2019 and 2021.
• Major FinTech infrastructure includes the FasterPayment System, a blockchain-based “eTradeConnect” trade finance platform, and Commercial Data Interchange.
• 8 virtual banks, 4 virtual insurers, 2 virtual asset trading platform and 16 stored value facilities/ e-wallets granted licences. An Open Application Programming Interface (Open API) Framework for the banking and insurance sector being implemented in phases.
• Regulatory sandboxes available in the Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority.
• In October 2022, the Government issued a policy statement on the development of Virtual Assets (VA) in Hong Kong setting out the Government's stance that Hong Kong is open and inclusive towards the global community of innovators engaging in VA businesses.

Cultural and Creative Industry

• The Blueprint for Arts and Culture and Creative Industries Development positions arts, culture and creative industries as a pillar of economic diversification, aspiring to make Hong Kong a “Capital of Creative” and “Capital of Pop Culture”, with over 70 initiatives on infrastructure, talent, investment and more to build a thriving ecosystem.
• The Government injects $1.4 billion into the Film Development Fund and $2.9 billion into the CreateSmart Initiative (CSI) to catalyse private capital, expand overseas markets and support “Arts + Tech” integration across creative sectors.
• The Cultural and Creative Industries Development Agency (CCIDA) is established on an industry-oriented principle to nurture arts, culture and creative sectors, including driving cultural IP projects through CSI and promoting IP protection applications to commercialise creative products.
• Cyberport has launched a Web 3.0 Proof-of-Concept Subsidy Scheme to support commercial adoption of Web 3.0 in arts, culture, telecommunications and other domains.
• World-class museums and performance venues, such as the West Kowloon Cultural District and Kai Tak Sports Park, provide platforms for immersive, technology-enabled cultural experiences and global events.
• The East Kowloon Cultural Centre is a new world-class flagship performance venue integrating arts and technology, creating new opportunities for the arts sector and offering audiences diverse, high-quality experiences.
• Hong Kong hosts international business and IP platforms including the Business of IP Asia Forum and the Hong Kong International Licensing Show, and offers the Asia IP Exchange, a free online platform managed by the Hong Kong Trade Development Council to promote cultural and creative IP transactions.
• The “Patent Box” tax incentive, designed to encourage innovation and R&D, imposes a 5% tax rate on assessable profits derived from eligible IP income in Hong Kong, maximising business returns.