Ant Group, PolyU form joint AI and Web3 lab, boosting Hong Kong’s tech hub goal

Fintech giant Ant Group’s digital technology subsidiary plans to invest HK$100 million (US$12.7 million) over the next three years to establish and support the operations of a joint AI and Web3 laboratory with the Hong Kong Polytechnic University (PolyU).

Ant Digital Technologies and PolyU expect their collaboration to drive breakthroughs in cutting-edge technologies, while helping propel Hong Kong’s development into an international innovation and technology hub, according to senior officials at Tuesday’s ceremony that marked the strategic cooperation.

“We look forward to this collaboration, which unlocks Hong Kong’s transformative potential at the intersection of AI and Web3 – accelerating its growth as a global hub for innovation and technology, finance and trade,” said Ant Group chairman Eric Jing Xiandong in a statement released by PolyU.

The joint lab represented the latest expansion initiative in Hong Kong by Ant Digital, months after choosing the city as its international headquarters and “bridgehead” for the firm’s global strategy.

Hangzhou-based Ant Digital is also making plans to apply for a stablecoin licence in Hong Kong, along with Ant Group’s global payments spin-off Ant International. Ant Group is an affiliate of Alibaba Group Holding, owner of the South China Morning Post.

The joint lab will focus on three core domains: trustworthy artificial intelligence agents, AI-enhanced blockchain security architecture and data privacy verification technologies, according to the statement.