Hong Kong AI Funding Scheme Approves 10 Projects with HK$300 Million Investment

Hong Kong’s commitment to becoming a top Artificial Intelligence (AI) hub has received a significant boost with the approval of 10 pioneering projects under its dedicated AI Funding Scheme, backed by a substantial investment exceeding HK$300 million. This strategic injection of capital aims to accelerate local AI innovation and its application across various critical sectors, solidifying the city’s position in the global AI landscape.

The approved projects span a diverse range of AI applications, including advancements in large language models, the development of novel materials, and sophisticated medical AI solutions. This multi-faceted approach underscores Hong Kong’s vision to harness AI for both technological breakthroughs and tangible societal benefits. Sin Hon Dik, Chairman of the AI Funding Committee, emphasized the strong demand for computing power, a clear indicator of AI’s growing impact across industries.

This latest funding initiative is part of a broader government strategy to cultivate a robust AI ecosystem. The Hong Kong government has earmarked significant resources, including a HK$3 billion AI Subsidy Scheme to support local universities, research institutions, and enterprises in leveraging the city’s modern Cyberport AI Supercomputing Centre (AISC). The AISC’s computing capacity is set to more than double this year, providing the essential infrastructure for demanding AI research and development.

Beyond direct funding, Hong Kong is actively fostering an environment conducive to AI growth through initiatives like the HK$10 billion Research, Academic and Industry Sectors One-plus Scheme (RAISe+ Scheme), which incentivizes collaboration between academia, research, and industry to translate R&D outcomes into real-world applications. The establishment of the Hong Kong AI Research and Development Institute, with a HK$1 billion allocation, further highlights the city’s dedication to spearheading innovative AI research and industrial transformation.

The selected projects are expected to drive advancements in areas such as improved model accuracy, reduced AI training times, and the development of specialized “vertical” large language models tailored for specific industries like healthcare. This strategic investment is anticipated to not only generate advanced AI solutions but also to attract top-tier AI talent and enterprises, cementing Hong Kong’s ambition to become a global leader in AI research and application.