Smart Economy

Smart Economy

Developing financial technology; revitalising Hong Kong’s manufacturing with “re-industrialisation”; enhancing the eco-systems for start-ups to attract investments by foreign companies; establishing a research and development platform at the Hong Kong – Shenzhen Innovation and Technology Park in Lok Ma Chau Loop; promoting smart tourism, etc.

Smart Economy

1. FinTech

  1. Do you agree that the proposed short-medium-long term initiatives can facilitate the development of smart city in Hong Kong?


  2. Do you agree these short-medium-long term initiatives are appropriate?


  3. Any suggestions for the Government to consider regarding the short-medium-long term initiatives?

Initiatives
   
Comments
Developing financial technology
Short Term Initiatives (2017-2020)
  • Enhance transaction security through biometric authentication options
  • Encourage using Fintech Supervisory Sandbox to test and deliver products and services
  • Continue to consider technologies to improve transactions and financial management
  • Explore feasibility of Distributed Ledger Technology (Blockchain) on trade financing, insurance claims, cross-boundary remittance
  • Assess the feasibility of a cashless economy and using digital currencies
  • Assess the feasibility for leveraging technology in relation to regulatory monitoring, reporting and compliance in the financial industry
Medium Term Initiatives (2021-2025)
  • Continue to encourage development of blockchain and cybersecurity within Fintech and promote Hong Kong as a hub and leading example for the application of these technologies
  • Pilot projects of cashless economy and use of digital currencies

2. Smart Manufacturing

  1. Do you agree that the proposed short-medium-long term initiatives can facilitate the development of smart city in Hong Kong?


  2. Do you agree these short-medium-long term initiatives are appropriate?


  3. Any suggestions for the Government to consider regarding the short-medium-long term initiatives?

Initiatives
   
Comments
Revitalising Hong Kong’s manufacturing with “re-industrialisation”
Short Term Initiatives (2017-2020)
  • Evaluate the industry landscape and regional collaboration opportunities of product innovation and manufacturing, and formulate a policy to promote re-industrialisation for Hong Kong focusing on incorporating emerging technologies, such as robotics, IoT, 3D printing, into high value manufacturing processes
  • Continue to encourage and support collaboration among universities, industry and the Government/public organisations in support of re-industrialisation
Medium Term Initiatives (2021-2025)
  • Promote utilisation of sites set aside for innovation and technology sector to continue developing infrastructure including Hong Kong – Shenzhen Innovation and Technology Park at Lok Ma Chau Loop and industrial estates
  • Develop an action plan to support the implementation of Hong Kong’s re-industrialisation
Long Term Initiatives (2026-2030+)
  • Review and refine policies related to re-industrialisation to reflect emerging industry development and technologies

3. Eco-systems for Start-ups and Foreign Investments

  1. Do you agree that the proposed short-medium-long term initiatives can facilitate the development of smart city in Hong Kong?


  2. Do you agree these short-medium-long term initiatives are appropriate?


  3. Any suggestions for the Government to consider regarding the short-medium-long term initiatives?

Initiatives
   
Comments
Enhancing the eco-systems for start-ups to attract investments by foreign companies
Short Term Initiatives (2017-2020)
  • Continue to expand the number of annual / biennial events which focus on next generation technology innovation
  • Design and implement an Asia-targeted marketing campaign to position Hong Kong as a preferred investment destination for creative and innovative products and services
  • Explore a government procurement approach focusing on outcome and innovation
  • Develop policies to lower barriers to access funds for start-ups
  • Continue to expand incubation programmes to assist with start-ups
  • Identify possible partners to establish a Student Entrepreneur of the year award to promote entrepreneurship and attract students from across the world to compete for the award
  • Provide more comprehensive and in-depth subject knowledge on ICT and practical skills to younger generation
  • Expand scholarship/twinning programmes with leading universities in the world
  • Enhance programmes that promote entrepreneurship as a strong career choice
  • Attract foreign investment and technology for smart city Hong Kong
  • Work with relevant organisations such as the Hong Kong Economic and Trade Office (ETO), Hong Kong Trade Development Council (HKTDC), InvestHK, HKSTP, and Cyberport to further enhance their investor attraction programmes, in particular for innovation and technology sector
  • Encourage corporations to create co-working spaces and other programmes targeted at start-ups and businesses to spur innovation
  • Consider tax incentives for research and development (R&D)
  • Attract talents by enhancing Quality Migrant Admission Scheme
Medium Term Initiatives (2021-2025)
  • Design and implement a globally-targeted marketing campaign to position Hong Kong as a preferred investment destination for creative and innovative products and services
  • Establish large scale, international annual/biannual events to focus on next generation technology innovation
  • Adopt a government procurement approach focusing on outcome and innovation
  • Explore to further establish other student and business entrepreneur award and schemes to promote entrepreneurship and attract students and business globally
  • Partnerships between local and overseas universities to establish internationally recognised innovation programmes / R&D centres in Hong Kong
  • Work with the Mainland Government to continue supporting the Partner State Key Laboratories and Hong Kong Branches of Chinese National Engineering Research Centres in Hong Kong
  • Execute strategy to strengthen Hong Kong’s ability to attract foreign direct investment and talents
  • Develop/expand innovation centres and create programmes to engage youth and innovators, broadcast smart city initiatives and provide a platform for smart city innovation
  • Replicate smart city solutions proven in Hong Kong to other parts of the world, exporting technology and services similar to MTR
Long Term Initiatives (2026-2030+)
  • Continue to develop services for innovation centres across city creating a platform for future innovation
  • Hosting of global smart city related events and conferences similar to Smart City Expo World Congress and Smart Cities Asia in Hong Kong

4. Research and Development Platform

  1. Do you agree that the proposed short-medium-long term initiatives can facilitate the development of smart city in Hong Kong?


  2. Do you agree these short-medium-long term initiatives are appropriate?


  3. Any suggestions for the Government to consider regarding the short-medium-long term initiatives?

Initiatives
   
Comments
Establishing a research and development platform at the Hong Kong – Shenzhen Innovation and Technology Park in Lok Ma Chau Loop
Long Term Initiatives (2026-2030+)
  • Develop the Hong Kong – Shenzhen Innovation and Technology Park as a key base on technology research in the region

5. Smart Tourism

  1. Do you agree that the proposed short-medium-long term initiatives can facilitate the development of smart city in Hong Kong?


  2. Do you agree these short-medium-long term initiatives are appropriate?


  3. Any suggestions for the Government to consider regarding the short-medium-long term initiatives?

Initiatives
   
Comments
Promoting smart tourism
Short Term Initiatives (2017-2020)
  • Enhance the attractiveness of cultural and heritage tourism in Central District
  • Assess and review the effectiveness of smart technologies implemented
Medium Term Initiatives (2021-2025)
  • Identify and assess other tourism projects, initiatives, and tourist attractions
  • Leverage data collected from smart tourism projects to generate valuable tourist behaviour and preferences

6. Sharing Economy

  1. Do you agree that the proposed short-medium-long term initiatives can facilitate the development of smart city in Hong Kong?


  2. Do you agree these short-medium-long term initiatives are appropriate?


  3. Any suggestions for the Government to consider regarding the short-medium-long term initiatives?

Initiatives
   
Comments
Promoting sharing economy
Short Term Initiatives (2017-2020)
  • Assess policies and initiatives to enable sharing economy

Overall Comments for Smart Economy


  1. Do you agree that those projects and initiatives of Smart Economy proposed in the consultancy study report can facilitate the development of smart city in Hong Kong?
  2. Any suggestions for the Government to consider regarding the Smart Economy?

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