Update | Hong Kong’s tech ambitions given major boost with AI lab funding

Hong Kong received a major boost to its technology ambitions on Monday with the launch of an AI lab jointly funded by SenseTime, which specialises in large scale facial recognition systems, and the Alibaba Hong Kong Entrepreneurs Fund.

The lab, with an investment of “tens of millions of [HK] dollars”, will be fitted out with supercomputers and technology developed by Alibaba’s DAMO Academy research institute. It will collaborate with the Hong Kong Science and Technology Parks Corporation (HKSTP) to roll out a six-month accelerator programme starting September to nurture AI start-ups in the city.

“SenseTime had the opportunity, the environment and the talent – there was no reason for us not to succeed,” said Tang Xiaoou, the Chinese University of Hong Kong professor who founded SenseTime, which earlier this year became a unicorn with a valuation of more than US$1 billion. “Hong Kong now also has the opportunity, the environment and the talent – similarly there is no reason for Hong Kong not to succeed in technology and innovation.”

The establishment of the AI Lab comes as Hong Kong’s government looks to step up innovation in technology areas like AI, biotechnology and financial technology to prevent the city from falling behind. The government’s budget for this year included HK$40 billion for HKSTP to support innovation and technology building. A separate amount of HK$10 billion was earmarked to establish two technology research clusters focusing on health care technology and AI.

Earlier this month, in a potential game changer for Hong Kong’s tech industry, the Chinese government announced that local scientists will have greater access to national-level funding once only available to mainland Chinese researchers.