https://www.scmp.com/rss/508824/feed The Digital Transformation Series will examine the many factors driving businesses to seek digital solutions for their organisations — from consumer behavior, shifting market conditions, evolving economies, regulatory laws and increased competition — to the technologies that will lead the digital charge in the coming decades, including 5G, cybersecurity, artificial intelligence, cloud computing and automation. The series will dive deep into exploring the future of digital transformation in... en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Coco Feng,Mia Nurmamat,Ann Cao Coco Feng,Mia Nurmamat,Ann Cao China’s policymakers want the digital economy to account for 12.5 per cent of gross domestic product by 2030, as Beijing accelerates its push to build a modern industrial system anchored in advanced manufacturing. The goal represents a significant increase from the 10.5 per cent share achieved in 2025, which was announced on Thursday during the annual “two sessions” parliamentary meetings and exceeded the initial target. A large part of China’s digital economy – activities facilitated by data,... https://www.scmp.com/business/china-business/article/3345611/china-bets-ai-manufacturing-integration-narrow-digital-economy-gap-us?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3345611/china-bets-ai-manufacturing-integration-narrow-digital-economy-gap-us?utm_source=rss_feed Fri, 06 Mar 2026 01:00:12 +0000 Themis Qi Themis Qi The capital market is likely to be a battleground between traditional businesses and artificial intelligence start-ups, as tech investors expect both to survive AI-driven disruption through mergers and acquisitions (M&As). The outlook follows the launch of new agentic products by start-ups like Anthropic, which pushed investors to view AI as a potential replacement for the business models of established industry leaders, triggering an “AI scare trade” in January in listed software, wealth... https://www.scmp.com/business/banking-finance/article/3345226/how-ai-scare-trade-sparking-ma-battles-traditional-firms-and-start-ups?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3345226/how-ai-scare-trade-sparking-ma-battles-traditional-firms-and-start-ups?utm_source=rss_feed Tue, 03 Mar 2026 05:39:53 +0000 Peggy Ye Peggy Ye Hong Kong’s de facto central bank said on Thursday it will allow most second-hand residential property transactions to be settled through direct bank transfers, giving homebuyers and sellers a faster and safer alternative to cheque-based payments. The Hong Kong Monetary Authority said the expanded Payment Arrangements for Property Transactions (PAPT) scheme would take effect on February 28, covering the bulk of resale home deals in the city. The announcement was made jointly with the Hong Kong... https://www.scmp.com/business/article/3342543/faster-and-safer-hong-kong-allow-resale-home-payments-through-direct-bank-transfers?utm_source=rss_feed https://www.scmp.com/business/article/3342543/faster-and-safer-hong-kong-allow-resale-home-payments-through-direct-bank-transfers?utm_source=rss_feed Thu, 05 Feb 2026 11:46:03 +0000 Enoch Yiu Enoch Yiu The Hong Kong Monetary Authority (HKMA) has unveiled a road map to introduce 20 measures under a five-year initiative aimed at modernising the city’s trade finance landscape and strengthening connectivity with mainland China and Asean trade corridors. Project CargoX, part of HKMA’s Fintech 2030 strategy, would use blockchain and data to help exporters secure bank loans more easily and strengthen Hong Kong’s role as an international trading hub, said Howard Lee Tat-chi, deputy chief executive of... https://www.scmp.com/business/banking-finance/article/3340302/hkma-unveils-20-point-road-map-modernise-hong-kongs-trade-finance-ecosystem?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3340302/hkma-unveils-20-point-road-map-modernise-hong-kongs-trade-finance-ecosystem?utm_source=rss_feed Mon, 19 Jan 2026 00:30:10 +0000 Ji Siqi,Xiaofei Xu Ji Siqi,Xiaofei Xu In an effort to further promote the internationalisation of China’s currency, Beijing has pledged to expand the use of its digital yuan, including by establishing a cross-border payment pilot with Singapore. The measures, announced by the People’s Bank of China on Wednesday, are tied to a broader financial support plan for China’s New International Land-Sea Trade Corridor – a trade and logistics network, launched in 2017, that links landlocked cities in western China with hundreds of global... https://www.scmp.com/economy/global-economy/article/3337642/china-expands-digital-yuan-push-singapore-and-asean-trade-routes?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3337642/china-expands-digital-yuan-push-singapore-and-asean-trade-routes?utm_source=rss_feed Wed, 24 Dec 2025 11:30:09 +0000 Alice Li Alice Li China is elevating its digital competitiveness on the world’s stage, according to the latest rankings from a Swiss academic institute, while those behind the findings caution that trade fragmentation is weighing on economies’ digital prowess globally. The world’s second-largest economy has reached an all-time high of 12th place among 69 economies in terms of overall performance, improving by two places from 2024, according to this year’s edition of the World Digital Competitiveness Ranking,... https://www.scmp.com/economy/global-economy/article/3331478/chinas-digital-competitiveness-hits-all-time-high-amid-trade-splintering-worries-survey?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3331478/chinas-digital-competitiveness-hits-all-time-high-amid-trade-splintering-worries-survey?utm_source=rss_feed Tue, 04 Nov 2025 09:30:10 +0000 Aileen Chuang,Enoch Yiu Aileen Chuang,Enoch Yiu Hong Kong on Monday launched a five-year fintech strategy, pledging to advance artificial intelligence and tokenisation initiatives responsibly to strengthen the city’s position as a leading fintech hub. The Hong Kong Monetary Authority (HKMA), which unveiled the plan at the flagship Fintech Week conference, said it expected to launch more than 40 initiatives to embed AI in finance, build a financial tokenisation ecosystem, create data and payment infrastructure, and enhance sector-wide... https://www.scmp.com/business/banking-finance/article/3331294/hong-kong-unveils-fintech-strategy-future-proof-city-ai-and-tokenisation?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331294/hong-kong-unveils-fintech-strategy-future-proof-city-ai-and-tokenisation?utm_source=rss_feed Mon, 03 Nov 2025 06:08:52 +0000 Ann Cao Ann Cao Open-source artificial intelligence (AI) models from China are seeing increased adoption across various industries, according to research firm Frost & Sullivan, as major developers step up the commercial application of their systems. Developers such as DeepSeek, Alibaba Group Holding and Baidu have shifted from pushing their models’ “extreme performance” towards prioritising usability, cost efficiency and broad ecosystem support to accelerate industry adoption, according to Neil Wang, global... https://www.scmp.com/tech/tech-trends/article/3323533/chinese-ai-model-developers-push-faster-commercial-adoption-training-costs-fall?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3323533/chinese-ai-model-developers-push-faster-commercial-adoption-training-costs-fall?utm_source=rss_feed Thu, 28 Aug 2025 13:00:19 +0000 Luna Sun Luna Sun China is banking on artificial intelligence (AI) to become a new growth engine, and there are projections that it could add several trillion yuan to the economy by 2035 amid a national push for computing power and a unified data market. Beijing is knitting together a national computing network. At the China Computing Power Conference held in Datong, Shanxi province, over the weekend, officials announced that 10 provinces and municipalities – from Shanghai and Zhejiang in the east to Qinghai and... https://www.scmp.com/economy/china-economy/article/3323046/china-bets-ai-pump-trillions-economy-amid-national-computing-push?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3323046/china-bets-ai-pump-trillions-economy-amid-national-computing-push?utm_source=rss_feed Mon, 25 Aug 2025 08:30:13 +0000 Hannah Wang Hannah Wang China Communication Services, the country’s leading telecommunications infrastructure contractor, said a wave of artificial intelligence projects is now driving digital transformation in thousands of industries and providing a boost to the company’s three major business segments. Beijing-based China Comservice, a subsidiary of China Telecom, made that assessment on Thursday as the firm reported its latest financial results, which showed growth in both revenue and net profit in the first six... https://www.scmp.com/tech/big-tech/article/3322692/china-telecom-subsidiary-says-ai-wave-drives-steady-growth-digital-services-market?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3322692/china-telecom-subsidiary-says-ai-wave-drives-steady-growth-digital-services-market?utm_source=rss_feed Thu, 21 Aug 2025 11:41:11 +0000 Douglas Parkes Douglas Parkes When DeepSeek R1 launched in January, it sent shock waves through the tech world. Here was a large language model (LLM) capable of rivalling ChatGPT yet developed at a fraction of the cost. The breakthrough shifted global attention from Silicon Valley to Hangzhou, underscoring China’s emergence as a leader in artificial intelligence. This development was part of a broader, decisive national movement. In March, the local government in Beijing mandated new artificial intelligence courses for the... https://www.scmp.com/special-reports/article/3322237/ai-literacy-key-hong-kongs-future-supremacy-global-education-race?utm_source=rss_feed https://www.scmp.com/special-reports/article/3322237/ai-literacy-key-hong-kongs-future-supremacy-global-education-race?utm_source=rss_feed Tue, 19 Aug 2025 06:15:25 +0000 Luna Sun Luna Sun China has vowed an even stronger push to entrench digital infrastructure’s role as an economic growth engine, after a rapid 5G roll-out in recent years that has helped lift its computing power to the world’s No 2 ranking, trailing only the US. In the five years to June this year, the number of 5G base stations in China had grown fivefold to 4.55 million and the number of gigabit broadband users had risen 34-fold to 226 million, substantially lifting the country’s computing power, Liu Liehong,... https://www.scmp.com/economy/china-economy/article/3321880/china-no-2-global-computing-power-accelerates-build-out-ai-race-heats?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3321880/china-no-2-global-computing-power-accelerates-build-out-ai-race-heats?utm_source=rss_feed Thu, 14 Aug 2025 12:00:15 +0000 Ben Jiang Ben Jiang Meituan and JD.com are taking China’s delivery war to another level, as the two instant commerce rivals have started building thousands of central kitchens in strategic locations to speed up fulfilment of online food orders. On-demand local delivery giant Meituan is expected to continue leading the market through its launch of 1,200 so-called Raccoon Restaurants over the next three years, a plan it revealed early last month. These facilities are designed as food court-like hubs that host various... https://www.scmp.com/tech/tech-trends/article/3320325/chinas-delivery-war-intensifies-meituan-jdcom-build-central-kitchens-takeaways?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3320325/chinas-delivery-war-intensifies-meituan-jdcom-build-central-kitchens-takeaways?utm_source=rss_feed Thu, 31 Jul 2025 23:00:15 +0000 Aileen Chuang Aileen Chuang Companies are eager to explore the advantages of stablecoins as the world shifts rapidly towards instantaneous payments, clearing and settlements, but they want greater clarity on regulations and use cases, according to a senior Citigroup banker. The observation came amid the US bank’s effort to offer technology-enhanced services and its statement that it was looking at the issuance of a “Citi stablecoin”. Stablecoins are digital tokens backed by fiat currencies or other reserve assets. CEO Jane... https://www.scmp.com/business/banking-finance/article/3319158/citigroup-explore-stablecoins-hong-kong-and-us-regulations-evolve?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3319158/citigroup-explore-stablecoins-hong-kong-and-us-regulations-evolve?utm_source=rss_feed Tue, 22 Jul 2025 23:30:07 +0000 Jiang Chuqin Jiang Chuqin Hong Kong will extend digital-only applications to all civil service positions from next month, as part of the government’s efforts to promote digitalisation and improve recruitment efficiency. Secretary for the Civil Service Ingrid Yeung Ho Poi-yan announced on social media on Sunday that, as of Tuesday, all job applications had to be submitted electronically, unless stated otherwise. She also highlighted other measures adopted by the Civil Service Bureau under the same digitalisation drive to... https://www.scmp.com/news/hong-kong/society/article/3316263/hong-kong-mandate-digital-job-applications-civil-service?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3316263/hong-kong-mandate-digital-job-applications-civil-service?utm_source=rss_feed Sun, 29 Jun 2025 07:29:56 +0000 Eric Ng Eric Ng Vincent Medical Holdings, a Hong Kong-based medical device maker, has doubled down on manufacturing in China by investing in automation and digitalisation, instead of moving operations abroad amid rising trade barriers in the US and Europe. The maker of disposable radiology products and respiratory devices is building a factory in Kaiping in the western part of the Greater Bay Area, CEO Raymond Choi Cheung-tai said in an interview. Trial operations could start before the end of the year, he... https://www.scmp.com/business/article/3313774/hong-kong-medical-device-maker-build-china-plant-us-eu-raise-trade-barriers?utm_source=rss_feed https://www.scmp.com/business/article/3313774/hong-kong-medical-device-maker-build-china-plant-us-eu-raise-trade-barriers?utm_source=rss_feed Tue, 10 Jun 2025 02:35:09 +0000 Enoch Yiu Enoch Yiu Hong Kong’s eight digital banks have vowed to expand their wealth management businesses in the coming years, after five successful years of drawing customers’ deposits gave them the confidence to venture further into a territory long dominated by bricks-and-mortar banks. All eight of the branchless lenders reported a strong increase in deposits, loans and net interest income in 2024. They did not report a net profit, but their losses narrowed due to improved net interest income and fee income... https://www.scmp.com/business/article/3309033/hong-kongs-8-online-banks-set-sights-managing-wealth-after-74-deposits-growth?utm_source=rss_feed https://www.scmp.com/business/article/3309033/hong-kongs-8-online-banks-set-sights-managing-wealth-after-74-deposits-growth?utm_source=rss_feed Sun, 04 May 2025 23:15:14 +0000 Aileen Chuang Aileen Chuang The Hong Kong Monetary Authority (HKMA) has launched a new initiative that will use cargo logistics data to help banks assess companies for trade financing amid escalating global worries about tariffs. The initiative, called CargoX, would expand data sets and applications in the de facto central bank’s electronic platform – the Commercial Data Interchange (CDI) – in an effort to make trade financing more readily available to small and medium-sized enterprises (SMEs), the HKMA said on Monday. The... https://www.scmp.com/business/banking-finance/article/3308218/hkma-help-banks-assess-firms-trade-financing-using-cargo-data?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3308218/hkma-help-banks-assess-firms-trade-financing-using-cargo-data?utm_source=rss_feed Mon, 28 Apr 2025 10:30:10 +0000 Enoch Yiu Enoch Yiu The Hong Kong Monetary Authority (HKMA) will announce on Monday new measures to be implemented by banks to safeguard the public from financial fraud, stepping up its vigilance to prevent scams that caused losses of HK$9.15 billion (US$1.2 billion) last year. Called “E-Banking Security ABC”, the “ABC” refers to tightening “authorisation” methods for transactions, saying “bye-bye” to chosen functions and “cancelling” suspicious transactions. These safety measures will enhance electronic banking... https://www.scmp.com/business/banking-finance/article/3306341/hong-kong-introduce-3-digital-security-measures-combat-financial-fraud?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3306341/hong-kong-introduce-3-digital-security-measures-combat-financial-fraud?utm_source=rss_feed Sun, 13 Apr 2025 23:30:11 +0000 Yujie Xue Yujie Xue The adoption of generative artificial intelligence (GenAI) in Hong Kong’s financial services industry is gathering pace, with a study showing that 75 per cent of companies surveyed are designing or implementing at least one use case. This figure is projected to rise to nearly 90 per cent within the next three to five years, according to the study released on Wednesday by the Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of... https://www.scmp.com/business/banking-finance/article/3305877/hong-kongs-finance-sector-embraces-genai-adoption-reach-90-5-years-survey?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3305877/hong-kongs-finance-sector-embraces-genai-adoption-reach-90-5-years-survey?utm_source=rss_feed Wed, 09 Apr 2025 12:05:25 +0000 Iris Deng Iris Deng Tencent Holdings released an updated 3D-generation system based on its artificial intelligence (AI) foundation model, Hunyuan, on open-source platforms, a move that is expected to help video game developers produce three-dimensional content more efficiently, from days to a few minutes. The open-source Hunyuan3D 2.0, built on Tencent’s own large language model (LLM), is used to generate high-resolution, textured 3D assets, according to a statement by the Shenzhen-based company on Tuesday. The... https://www.scmp.com/tech/big-tech/article/3295845/tencent-ramps-global-ai-efforts-roll-out-advanced-hunyuan-3d-generation-system?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3295845/tencent-ramps-global-ai-efforts-roll-out-advanced-hunyuan-3d-generation-system?utm_source=rss_feed Wed, 22 Jan 2025 11:30:34 +0000 When Bimbadhar Gouda stepped onto the stage last November in a small town in Odisha, his portrayal of a demon in a retelling of the Ramayana took a shocking turn that would echo across India. As the audience watched, he tore open the skin of a live pig hanging in front of him and consumed its raw meat. A video of the visceral act went viral, sparking outrage among animal rights activists and igniting a national debate about the state of Indian street theatre. Gouda and one of the organisers were... https://www.scmp.com/week-asia/lifestyle-culture/article/3293298/shock-and-gore-why-indian-street-plays-resort-outrageous-and-grotesque?utm_source=rss_feed https://www.scmp.com/week-asia/lifestyle-culture/article/3293298/shock-and-gore-why-indian-street-plays-resort-outrageous-and-grotesque?utm_source=rss_feed Sun, 05 Jan 2025 04:00:13 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification Hong Kong’s impressive rise to No 7 in global digital competitiveness rankings is a remarkable achievement. However, these rankings often overlook transformative educational initiatives in... https://www.scmp.com/opinion/letters/article/3289502/yidan-prize-laureate-shows-power-digital-education?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3289502/yidan-prize-laureate-shows-power-digital-education?utm_source=rss_feed Sun, 08 Dec 2024 03:30:08 +0000 Xinmei Shen Xinmei Shen A Chinese start-up incubated at the prestigious Tsinghua University has started internal tests of its virtual hospital platform powered by artificial intelligence (AI), as the country extends the technology’s application to the medical sector. The platform developed by Tairex, a company set up in September under the university’s Institute for Al Industry Research (AIR), features 42 AI doctors covering 21 departments that include emergency, respiratory, paediatrics and cardiology, according to an... https://www.scmp.com/tech/tech-trends/article/3289015/tsinghua-university-incubated-start-widen-test-virtual-hospital-ai-doctors?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3289015/tsinghua-university-incubated-start-widen-test-virtual-hospital-ai-doctors?utm_source=rss_feed Mon, 02 Dec 2024 12:00:14 +0000 Sylvia Ma Sylvia Ma The downfall of Yao Qian, who spearheaded China’s digital currency design at the People’s Bank of China, has raised concerns over the digital yuan’s development. China’s top anti-corruption watchdog has accused Yao, who was the inaugural director of the PBOC’s institute overseeing digital currency research, and later head of the securities regulator’s tech-supervision department, of taking bribes through cryptocurrencies. The country’s first cryptocurrency-related corruption case raises... https://www.scmp.com/economy/china-economy/article/3288723/chinas-digital-yuan-roared-out-gate-stumbling-blocks-could-give-it-pause?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3288723/chinas-digital-yuan-roared-out-gate-stumbling-blocks-could-give-it-pause?utm_source=rss_feed Sun, 01 Dec 2024 01:00:11 +0000 Bien Perez Bien Perez The adoption of artificial intelligence (AI) in Hong Kong is on the rise, as enterprises look to deploy advanced computing infrastructure in their premises and in the city’s data centres, according to industry experts at a recent tech event. “We understand that businesses are eager to jump on the AI bandwagon to improve their efficiency and performance, but the challenge is how to drive efficiencies and optimise processes without manual intervention and complexity,” said Jackie Kwong, general... https://www.scmp.com/tech/big-tech/article/3286216/hong-kong-enterprise-ai-adoption-sees-upswing-back-government-policy-support?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3286216/hong-kong-enterprise-ai-adoption-sees-upswing-back-government-policy-support?utm_source=rss_feed Tue, 12 Nov 2024 09:00:09 +0000 Iris Deng Iris Deng China Merchants Group (CMG), the mainland’s leading public port services operator, is pushing a range of automation and digital technologies in its global network, in a major revamp that is expected to cut costs and raise efficiency at these sites. The state-owned conglomerate’s unit, China Merchants Port Holdings, has already initiated these upgrades to its network, starting with operations at the Port of Shenzhen – ranked among the world’s busiest container terminals. On the western coastline... https://www.scmp.com/tech/tech-trends/article/3285840/what-china-doing-make-ports-smart-and-not-prone-work-stoppages?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3285840/what-china-doing-make-ports-smart-and-not-prone-work-stoppages?utm_source=rss_feed Sun, 10 Nov 2024 03:00:14 +0000 Enoch Yiu Enoch Yiu Hong Kong’s de facto central bank is pulling out all the stops to help the city’s struggling small and medium-sized (SME) businesses open accounts remotely and access loans. Close on the heels of setting up the Task Force on SME Lending last Friday to help SMEs and mortgage borrowers get funding, the Hong Kong Monetary Authority (HKMA) on Monday expanded its electronic platform designed to help SMEs by linking up with the Companies Registry to share more data with banks. HSBC and Bank of China... https://www.scmp.com/business/banking-finance/article/3275985/hkma-links-data-platform-companies-registry-help-smes-open-bank-accounts?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3275985/hkma-links-data-platform-companies-registry-help-smes-open-bank-accounts?utm_source=rss_feed Mon, 26 Aug 2024 11:07:56 +0000 Tirupur Subramaniam has spent a lifetime in the movie business, from hawking tickets at his family’s modest cinema hall to presiding over the Tamil Nadu Theatre and Multiplex Owners Association. But these days, the 73-year-old film distributor can’t help feeling that the golden era of India’s grand moviegoing tradition is dimming. “Running a cinema hall in India is no longer profitable,” Subramaniam told This Week in Asia, surveying the once-bustling lobby of his Sri Sakthi chain. His words cut... https://www.scmp.com/week-asia/lifestyle-culture/article/3274810/lights-camera-disruption-indias-storied-cinema-halls-struggle-under-digital-onslaught?utm_source=rss_feed https://www.scmp.com/week-asia/lifestyle-culture/article/3274810/lights-camera-disruption-indias-storied-cinema-halls-struggle-under-digital-onslaught?utm_source=rss_feed Sun, 18 Aug 2024 10:00:20 +0000 The Hong Kong Monetary Authority (HKMA) and tech hub Cyberport have launched a generative artificial intelligence (GenAI) sandbox to help foster adoption of the technology in the city’s banking industry, while mitigating potential risks. HKMA chief executive Eddie Yue Wai-man, who is serving a second five-year term as the city’s de facto central banker, said at the launch on Tuesday – via his AI-generated avatar – that the sandbox “will empower banks to pilot their novel GenAI use cases within a... https://www.scmp.com/tech/tech-trends/article/3274489/hkma-cyberport-collaborate-genai-sandbox-foster-adoption-citys-banking-industry?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3274489/hkma-cyberport-collaborate-genai-sandbox-foster-adoption-citys-banking-industry?utm_source=rss_feed Wed, 14 Aug 2024 13:00:16 +0000 Xinmei Shen Xinmei Shen Equinix plans to spend US$124 million to build its sixth data centre in Hong Kong, expanding its storage capacity to cater to the growing demand in the Greater Bay Area while other international tech firms reassess their footprints in the city. The new facility will be located in a building Tsuen Wan designed to house data centres, and Equinix plans to have it operational by the first quarter of 2026, the Redwood City, California-based company announced on Tuesday. It will be the company’s... https://www.scmp.com/tech/tech-trends/article/3274288/equinix-spend-us124-million-6th-hong-kong-data-centre-serve-greater-bay-area?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3274288/equinix-spend-us124-million-6th-hong-kong-data-centre-serve-greater-bay-area?utm_source=rss_feed Tue, 13 Aug 2024 06:30:12 +0000 Mark Gong Mark Gong Digital Domain Holdings, the Hong Kong-listed firm behind the Oscar-winning visual effects studio involved in Marvel Studios’ blockbuster films, plans to set up a research and development (R&D) centre at Hong Kong Science Park in Sha Tin. The company plans to invest HK$204 million (US$26 million) in this facility by the end of 2029 to expand its professional team, according to Daniel Seah, acting chairman and chief executive at Digital Domain, during Wednesday’s launch ceremony at the park run... https://www.scmp.com/business/companies/article/3271738/hollywood-visual-effects-firm-digital-domain-set-rd-base-hong-kong-science-park?utm_source=rss_feed https://www.scmp.com/business/companies/article/3271738/hollywood-visual-effects-firm-digital-domain-set-rd-base-hong-kong-science-park?utm_source=rss_feed Wed, 24 Jul 2024 11:07:12 +0000 The growing popularity of driverless taxi services in Wuhan, capital of central Hubei province, and other mainland cities has raised a question for China’s policymakers: how fast should the country embrace technologies that threaten to destroy many jobs in traditional industries? For Chinese consumers, robotaxis represent a safe – if not safer – alternative mode of transport to conventional taxis with a driver behind the wheel. Robotaxi charges are comparatively lower because of reduced... https://www.scmp.com/opinion/china-opinion/article/3271425/robotaxis-china-faces-tough-balancing-act-embrace-tech-while-losing-traditional-jobs?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3271425/robotaxis-china-faces-tough-balancing-act-embrace-tech-while-losing-traditional-jobs?utm_source=rss_feed Mon, 22 Jul 2024 23:00:12 +0000 Huawei Technologies has entered into a partnership with Sichuan Zigong Conveying Machine Group Co (ZGCMC) to expand the adoption of artificial intelligence (AI) in heavy industries such as mining, bulk material transport and equipment manufacturing. The three-year pact between the two firms will involve the “deep integration” of large language models – the technology underpinning generative AI services like ChatGPT – in those industries, according to a filing on Wednesday by Shenzhen-listed... https://www.scmp.com/tech/tech-trends/article/3270813/huawei-enters-new-partnership-drive-increased-ai-adoption-chinas-heavy-industries?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3270813/huawei-enters-new-partnership-drive-increased-ai-adoption-chinas-heavy-industries?utm_source=rss_feed Wed, 17 Jul 2024 10:00:23 +0000 Enoch Yiu Enoch Yiu The Hong Kong Monetary Authority (HKMA) is assessing the way forward for the development of digital banking in the city and working with banks on the impact of artificial intelligence (AI) on jobs in the industry. The city’s de facto central bank is evaluating whether virtual banks have achieved the goals of financial inclusion, improved customer experience and competition with traditional banks, and reduced fees. “The HKMA will complete the review within this year on the way forward for digital... https://www.scmp.com/business/banking-finance/article/3270389/hkma-reviewing-digital-banks-evolution-over-next-decade-examining-ais-impact-talent?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3270389/hkma-reviewing-digital-banks-evolution-over-next-decade-examining-ais-impact-talent?utm_source=rss_feed Mon, 15 Jul 2024 00:30:14 +0000 WeLab, a Hong Kong-based fintech unicorn backed by billionaire Li Ka-shing, is exploring the idea of setting up digital banks across Southeast Asia and providing its technology services to conglomerates in Malaysia, Vietnam, Thailand and the Philippines. The expansion plan forms part of the target the company set last year to grow its users to 500 million by 2032, according to founder Simon Loong. “WeLab is actively exploring different opportunities in Southeast Asia markets by applying for new... https://www.scmp.com/business/banking-finance/article/3267272/hong-kongs-welab-eyes-southeast-asia-digital-banks-exporting-tech-services-new-growth-engines?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3267272/hong-kongs-welab-eyes-southeast-asia-digital-banks-exporting-tech-services-new-growth-engines?utm_source=rss_feed Thu, 20 Jun 2024 00:00:17 +0000 Shanghai’s northeastern Yangpu district, which has already attracted Big Tech firms such as food delivery giant Meituan and video-sharing platform Bilibili, has set its sights on smaller technology businesses to form an ecosystem for its growing digital economy. Xue Kan, the Communist Party secretary for Yangpu, once known for its heavy industries, told reporters at a media briefing on Friday that the district is trying to achieve a “cluster effect” by fully mobilising capital, talent and... https://www.scmp.com/business/china-business/article/3266657/shanghais-yangpu-district-eyes-smaller-tech-firms-complete-its-growing-digital-ecosystem?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3266657/shanghais-yangpu-district-eyes-smaller-tech-firms-complete-its-growing-digital-ecosystem?utm_source=rss_feed Fri, 14 Jun 2024 11:00:19 +0000 Global private equity investors and asset managers are preparing for billions’ of dollars worth of mergers and acquisitions (M&A) and investments linked to data centres in the Asia-Pacific, as the artificial intelligence (AI) boom fuels demand for digital infrastructure. The intense pace of deals in the world’s most populous region comes as countries and companies respond to increasing demand for AI, which calls for more data capacity, industry executives said. The Asia-Pacific, including Japan,... https://www.scmp.com/tech/tech-trends/article/3261864/ai-boom-fuels-demand-major-data-centre-deals-asia-pacific-year?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3261864/ai-boom-fuels-demand-major-data-centre-deals-asia-pacific-year?utm_source=rss_feed Wed, 08 May 2024 08:38:58 +0000 Ebanx, a Brazilian financial technology company focused on e-commerce, has identified demand for payment digitisation in the business-to-business (B2B) space in China and the increased adoption of the unified payments interface (UPI) in India as real time payments (RTP) become prevalent globally. Amid rising demand for cheaper, faster and more efficient ways to pay, and with merchant acceptance on the rise, real-time transactions globally are forecast to grow at an annual rate of 21.3 per cent... https://www.scmp.com/business/banking-finance/article/3261316/chinas-growing-business-ties-emerging-markets-offer-huge-opportunity-b2b-payment-space-ebanx?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3261316/chinas-growing-business-ties-emerging-markets-offer-huge-opportunity-b2b-payment-space-ebanx?utm_source=rss_feed Sun, 05 May 2024 07:00:26 +0000 Veteran Huawei Technologies executive Richard Yu Chengdong is taking on the role of chairman at the company’s consumer business group after more than 12 years as its head, according to a local media report, as the US-sanctioned telecommunications equipment giant regains lost ground in China’s smartphone market and doubles down on electric vehicle (EV) systems. Yu, 54, will be replaced as chief executive at Huawei’s consumer business group by He Gang, who is currently the unit’s chief operating... https://www.scmp.com/tech/big-tech/article/3261089/huaweis-richard-yu-said-make-switch-ceo-chairman-chinese-tech-giants-consumer-business-group?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3261089/huaweis-richard-yu-said-make-switch-ceo-chairman-chinese-tech-giants-consumer-business-group?utm_source=rss_feed Wed, 01 May 2024 13:07:33 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification We write concerning the Digital Economy Development Committee’s 12 recommendations released earlier this month. Hong Kong has been without an overarching digital economy strategy while its peers... https://www.scmp.com/opinion/letters/article/3260359/going-digital-hong-kong-can-shape-future-trade-landscape?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3260359/going-digital-hong-kong-can-shape-future-trade-landscape?utm_source=rss_feed Sat, 27 Apr 2024 03:30:12 +0000 China’s young, tech-savvy, ultra-rich cohort is shaping the wealth management and luxury spending industries, including art collecting, according to experts at a conference in Hong Kong. “The asset management landscape in Asia is undergoing significant transformations due to changing demographics and digitisation,” said Chen Ding, the CEO of CSOP asset management. Speaking on a panel at the HSBC Global Investment Summit on Wednesday, Ding added that the wealth-management industry is being... https://www.scmp.com/business/china-business/article/3258620/chinas-young-ultra-rich-seen-reshaping-wealth-management-art-collection-and-luxury-spending-hsbc?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3258620/chinas-young-ultra-rich-seen-reshaping-wealth-management-art-collection-and-luxury-spending-hsbc?utm_source=rss_feed Thu, 11 Apr 2024 05:56:37 +0000 Huawei Technologies founder and chief executive Ren Zhengfei, in a rare public appearance, recently met senior executives from PetroChina amid efforts by the nation’s largest oil and gas producer to step up its low-carbon energy initiatives. Ren on Thursday met Dai Houliang, chairman of both the state-owned China National Petroleum Corp (CNPC) and its listed arm PetroChina, in Shenzhen where they discussed “improving corporate governance, digital transformation and intelligent development, as... https://www.scmp.com/tech/big-tech/article/3257308/huawei-founder-ren-zhengfei-focuses-digital-transformation-tech-innovation-meeting-petrochina?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3257308/huawei-founder-ren-zhengfei-focuses-digital-transformation-tech-innovation-meeting-petrochina?utm_source=rss_feed Sat, 30 Mar 2024 06:49:24 +0000 The United Nations General Assembly is set to vote on Thursday on what would be the international organisation’s first resolution on artificial intelligence (AI), aimed at ensuring the powerful new technology benefits all nations, respects human rights and is “safe, secure and trustworthy”. The United States, which sponsored the resolution, has said it hopes the world body will adopt it by consensus, meaning it would have the support of all 193 UN member nations. US National Security Adviser... https://www.scmp.com/tech/tech-trends/article/3256190/un-vote-first-resolution-ai-aimed-ensuring-safe-secure-and-trustworthy-use-technology?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3256190/un-vote-first-resolution-ai-aimed-ensuring-safe-secure-and-trustworthy-use-technology?utm_source=rss_feed Thu, 21 Mar 2024 06:28:56 +0000 Xinmei Shen Xinmei Shen With the recent launch of its first prototype product in collaboration with fintech giant Ant Group, Hong Kong-based Global Shipping Business Network (GSBN) aims to prove that blockchain can fully digitise a critical process in the shipping industry that has remained stubbornly paper-based for centuries. GSBN – a non-profit consortium whose shareholders include shipping industry stakeholders such as Cosco Shipping, Hapag-Lloyd and OOCL – last week finished a prototype electronic bill of lading... https://www.scmp.com/tech/blockchain/article/3255980/cbdc-trial-hong-kong-could-finally-enable-blockchain-digitise-shipping-help-ant-group?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3255980/cbdc-trial-hong-kong-could-finally-enable-blockchain-digitise-shipping-help-ant-group?utm_source=rss_feed Tue, 19 Mar 2024 23:00:21 +0000 Aileen Chuang Aileen Chuang The Hong Kong Monetary Authority has launched the second phase of a pilot programme to explore “innovative” uses for a central bank digital currency (CBDC) for public use, five months after it unveiled the results of the first trial run. “Building on the success and experience of phase 1, the next phase will delve deeper [to explore] where an e-HKD could add unique value, namely programmability, tokenisation and atomic settlement,” the HKMA said in a press release on Thursday. Atomic settlement... https://www.scmp.com/business/banking-finance/article/3255417/hong-kongs-digital-currency-hkma-launches-phase-2-e-hkd-pilot-programme-delving-deeper-potential?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3255417/hong-kongs-digital-currency-hkma-launches-phase-2-e-hkd-pilot-programme-delving-deeper-potential?utm_source=rss_feed Thu, 14 Mar 2024 12:30:10 +0000 Tech giant Microsoft said on Tuesday it will train 100,000 Philippine women on artificial intelligence technology and cybersecurity. The programme was announced during a two-day trade mission headed by US Commerce Secretary Gina Raimondo. The women will use an online platform to learn how to use Microsoft’s AI tools, including ones powered by OpenAI’s large language models, to gain workplace skills and to be able to recognise cybersecurity threats. “We are very excited about the potential for... https://www.scmp.com/news/asia/southeast-asia/article/3255084/microsoft-train-100000-philippine-women-ai-cybersecurity?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3255084/microsoft-train-100000-philippine-women-ai-cybersecurity?utm_source=rss_feed Tue, 12 Mar 2024 08:32:27 +0000 Major banks in Hong Kong will take additional measures to protect customers from malware scams by aiming to block unauthorised access to banking apps, the Hong Kong Association of Banks (HKAB) said on Thursday. The body, which represents all 160 banks in the city, also pledged to ensure personal data privacy as it steps up the mitigation of fraud risks. “Major retail banks will roll out additional anti-malware security measures tailored to their own customer base and systems from late February... https://www.scmp.com/business/companies/article/3252887/major-hong-kong-banks-roll-out-additional-anti-malware-measures-block-unauthorised-access-banking?utm_source=rss_feed https://www.scmp.com/business/companies/article/3252887/major-hong-kong-banks-roll-out-additional-anti-malware-measures-block-unauthorised-access-banking?utm_source=rss_feed Thu, 22 Feb 2024 13:36:39 +0000 China has begun the first nationwide survey of data resources, with all related entities – from companies to the police – asked to provide information about their data assets. According to one expert, the inclusion of police data in the survey suggests it has the support of the top leadership, which is pushing digitalisation as part of efforts to drive economic growth and technology development. The new National Data Administration (NDA) is conducting the survey. It has asked entities how they... https://www.scmp.com/news/china/politics/article/3252555/china-launches-nationwide-survey-data-resources-ai-firms-police?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3252555/china-launches-nationwide-survey-data-resources-ai-firms-police?utm_source=rss_feed Tue, 20 Feb 2024 11:00:14 +0000 Matt Haldane Matt Haldane Hong Kong’s de facto central bank has outlined its plans for making the city’s banking institutions among the first to fall in line with international standards for reserve requirements for cryptoassets first proposed in December 2022. The Hong Kong Monetary Authority (HKMA) issued a consultation paper on Monday explaining how the banking regulator plans to implement standards established more than a year ago by the international Basel Committee on Banking Supervision (BCBS) for governing banks’... https://www.scmp.com/tech/policy/article/3251420/hong-kong-among-first-propose-crypto-reserve-requirements-banks-aligned-new-international-standards?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3251420/hong-kong-among-first-propose-crypto-reserve-requirements-banks-aligned-new-international-standards?utm_source=rss_feed Thu, 08 Feb 2024 10:30:15 +0000