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Hong Kong leveraging AI and Big Data

Big data, with open data, and artificial intelligence (AI) are a powerful combination, an expert explained in a report.

With Internet-of-Things (IoT) becoming more and more prevalent, global citizens have unprecedented access to a wide range of measurable attributes for devices and objects as well as people and processes. This too at a very detailed level.

This ability to know, in real-time, exactly what’s happening with objects, equipment, vehicular surroundings, as well as our bodies and processes.

That is, the Internet-of-Everything (IoE) is providing mankind with powerful new opportunities in improving efficiencies and effectiveness in the city, government, industries, and personal life/health at levels that cannot be imagined just a few years ago.

AI and Big Data in Hong Kong

As countries and cities across the world push to encourage the widespread adoption of tech, Hong Kong is also moving fast in leveraging AI to create applications with big data or open data.

Numerous examples can be found in applications for smart city, health, finance, and insurance industries.

For example, insurance companies in Hong Kong are streamlining and improving efficiencies and effectiveness in the overall customer experience through innovative use of AI and big data; face recognition and BMI prediction can reduce the time needed to sign up a new customer.

Big data and AI prediction are making the process of underwriting and pricing more efficient, accurate, time- and cost-effective.

A growing number of insurance companies are using AI to automate claims processing. AI and big data are also used for fraud detection as well as ensure compliance. Similarly, other financial services companies in Hong Kong are also using big data and AI data analytics to predict risks in investment, manage portfolios, and detect fraud.

In fact, Hong Kong is home to the world’s highest-valued AI company with a valuation of several billion US dollars. Founded by academics from the Chinese University of Hong Kong only a few years ago, the company focuses on using AI and deep-learning for face/image recognition, autonomous driving, and medical imaging.

Its high-performance deep learning supercomputing platform is one of China’s largest, able to support building models with hundreds of billions of parameters, categorizing hundreds of millions of data and training billions of images.

Hong Kong ranks high in AI research

One of the most respected databases of research papers, ranked Hong Kong’s AI research to be third globally in terms of producing the most highly cited and impactful research in recent years in 2018.

Hong Kong technology innovation got a big boost with an HK$50 billion investment from the Government in 2018. This budget aims to strengthen innovations in areas such as biotechnology, ICT, AI, big data, and fintech.

Part of this budget will provide funding for a new Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop, two new Technology Research Clusters on healthcare technologies and on AI and robotics technologies, development of eSports, as well as additional funding to support the Innovation and Technology Fund (ITF), HKSTP, and Cyberport.

There will be funding to nurture IT talent, such as a Postdoctoral Hub to encourage the recruitment of postgraduate talents, as well as increased Continuing Education Fund (CEF).

Recently, a major Chinese e-commerce giant, the AI start-up and HKSTP opened a non-profit Hong Kong AI & Data Laboratory (HKAI) to advance local AI development with cutting-edge technologies and expertise.

There will be programs to empower start-ups and commercialize innovations, as well as communities to inspire new ideas and knowledge sharing among academics, scientists and entrepreneurs.

The Massachusetts Institute of Technology (MIT) also opened its Hong Kong Innovation Node in 2017, aiming to nurture future start-up founders by connecting MIT and Hong Kong students to develop tech business ideas together.

The Innovation Node is a 5,000-square-foot multifunctional space with classroom, co-working space and maker space facilities, featuring advanced prototyping equipment and media centres for teaching purpose.

With these and other industry, Government and University initiatives, Hong Kong will be much better positioned to cultivate and nurture local AI and big data talent as well as to create an ecosystem to support innovation and start-ups in AI, machine learning, big/open data, and data science.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.