Massive Funding Injection: Hong Kong Backs Cyberport AI with 383 Million Dollars

Crypto News- Hong Kong Backs Cyberport AI: In a bold move to propel Hong Kong’s technological advancement, the government has earmarked a substantial $3 billion Hong Kong dollars ($383 million USD) for the Cyberport business park. This initiative, announced by Paul Chan, the financial secretary, during the 2024 budget declaration on Wednesday, Feb. 28, underscores the city’s commitment to fostering innovation.

The primary focus of this three-year artificial intelligence (AI) subsidy scheme is to empower local universities, research institutes, and businesses through the cutting-edge AI Supercomputing Centre. This state-of-the-art facility is poised to revolutionize computational capabilities and is slated to commence operations this year.

Massive Funding Injection: Hong Kong Backs Cyberport AI with 383 Million Dollars

Chan emphasized the pivotal role of AI in catalyzing technological and industrial metamorphosis, thereby propelling Hong Kong’s digital economy to greater heights. Apart from bolstering local entities, the subsidy program aims to fortify cybersecurity and data protection measures within the center, while also beckoning global AI experts, enterprises, and research projects to Hong Kong’s shores.

Anticipated to reach a computing power of 3,000 petaflops by early 2026, the AI Supercomputing Centre holds the promise of processing nearly 10 billion images per hour. The government’s ambitious timeline aims to roll out the scheme and inaugurate the center in 2024. Notably, subsidy allocations will vary based on applicant categories, adhering to a user-pays principle without total subsidies being guaranteed.

Furthermore, the government disclosed the allocation of a HK$100 million ($12.7 million USD) startup fund to support self-financing post-secondary institutions in establishing an Alliance of Universities in Applied Sciences. This strategic alliance aims to elevate vocational and professional education and training, thereby enhancing its standing among parents, students, and society at large.

Investment in Innovation: Hong Kong’s Ambitious AI Initiative Receives 383 Million Dollars Boost

In a bid to foster groundbreaking advancements in life and health technology, the government will inject HK$6 billion ($766 million USD) to establish new research institutes at eight local universities. These institutes will collaborate with both mainland Chinese and overseas organizations, with the aim of propelling research and development efforts, catalyzing the transformation of research outcomes, and attracting top-tier innovation and technology talent to Hong Kong.

According to sources within the Hong Kong government, eligibility for the scheme will be restricted to institutions affiliated with the eight subsidized local universities. Over time, the government envisions subsidizing three institutions under this initiative.

Hong Kong’s commitment to leveraging AI in healthcare is evident, with the hospital authority devising plans to combat the emergence of two superbugs in November 2023, utilizing the power of AI to address pressing healthcare challenges.