Hong Kong Announces $10 Billion Fund To Boost Innovation And Technology

According to Odaily, Hong Kong Special Administrative Region Chief Executive John Lee delivered his third Policy Address today, unveiling a HKD 10 billion Innovation and Technology Industry Guidance Fund. The fund aims to establish a parent fund to attract market investments into strategic emerging and future industries, including artificial intelligence, and systematically build an innovation and technology industry ecosystem. The Hong Kong Financial Services and the Treasury Bureau will issue a policy statement outlining its stance and guidelines on the application of artificial intelligence in financial markets. Additionally, the bureau has completed the second round of consultations on regulating over-the-counter virtual asset trading and will submit a proposed licensing regime for virtual asset custody service providers.