HONG Kong, Singapore, Japan, South Korea and Australia have some of the most advanced telecommunications infrastructure, according to analysts, but an information superhighway in Asia is still years away. ''The concept is great,'' said Joseph Yang, Asia-Pacific director of corporate finance at Baring. ''But the implementation has yet to be proved.'' Mr Yang cites the many national telecommunication monopolies throughout Asia as obstacles to integrated voice, data and video services. In addition, the lack of cable services in the region is a barrier to the rapid development of an information superhighway in Asia. ''Singapore and Hong Kong telecommunications markets have the same opportunities for development as the US, but these markets do not have the capacity to produce industry standards,'' Mr Yang said. ''Big US companies will move to merge or tap the expertise of regional companies that develop industry standards.'' But William Lo, director of strategic planning for Hongkong Telecom, disagrees. ''Japan, South Korea, Australia, Singapore and Hong Kong have the advanced networks to support and make the transition to multimedia, interactive technology - that is the information superhighway,'' Mr Lo said. ''These countries also have the economy to support such technology, and consumers are receptive to the concept.'' Robert Harris, managing director of Goldman Sachs in London, said Hong Kong and Singapore could prove to be the most attractive markets for the development of an information superhighway industry in Asia, as both cities had high-density urban populations and modern telecom systems. Foo Kim Leng, corporate communications officer at Singapore Telecom, said more than 54,000 kilometres of fibre-optic cables had been laid in the city state and more than 80 per cent of the telephone switching system was already digitised. She said that in July 1992, Singapore Telecom launched a two-year trial of broadband services such as video and data retrieval. Mr Morris said the Hong Kong Government's announcement that it will allow three additional telephone franchises in the territory by mid-1995 meant the implementation of a broad-based multimedia, interactive telecom system was a step closer for the territory. The three consortia - New T & T, New World and Hutchinson Telephone - will be able to provide voice telephonic services by mid-1995, according to Alex Arena, director general of telecoms in Hong Kong. Mr Arena explained that the opening of the domestic telephone market was an effort to ensure that ''Hong Kong remains the pre-eminent telecommunications hub in the region''. ''Hong Kong will need time to develop the infrastructure, file service, storage, transmission and programmes.'' Emil Fung, corporate finance director of Wharf Cable, which won an exclusive contract to provide cable television programmes in the territory until June this year, and is part of the T & T telephone consortium - is cautious when asked if he thinks his company is better placed than any other to take the local lead in the information highway age. ''The consumer needs to be convinced the products we provide are what people need,'' he said. ''The key to growth is to establish consumer loyalty for our products.'' Mr Fung said that apart from its present subscription eight-channel television service, Wharf was exploring services such as video-on-demand, carrying out trials in data and telephone transmissions, and exploring interactive services. Hongkong Telecom's Mr Lo said his company intended not to be left behind. ''We aim to supply a full range of interactive multimedia broadband services,'' he said. ''Our aim is to create a full service network.'' CONTENT: Information in all its forms - tables, text, images, audio, and video - is digitised, compressed, and stored in computerised libraries or warehouses along the information superhighway. STORAGE: Storing vast amounts of content requires large information warehouses, referred to as servers. The information superhighway will demand robust media servers to handle all kinds of content. NETWORK: Interconnected webs of twisted-pair telephone wire, coaxial cable, fibre-optic cable, cellular, broadcast, microwave systems and satellite links will move content across the country. APPLICATIONS: Application software will make content accessible. Expect to see entertainment on demand, medical consultations, home management and shopping, electronic newspapers and more. CONSUMER DEVICES: Videophones, PCs, personal digital assistants, two-way and traditional TV, cellular, traditional and ''smart'' telephones will use the applications to deliver the content to consumers. Peter Howell-Davis, deputy chief executive of Hongkong Telecom, said last November that the company would provide cable television and video-on-demand by the middle of this year.