Hong Kong is recognised as a top regional hub for tech that will continue to grow exponentially. This is according to several local and international artificial intelligence and big data firms polled by industry advisory group, the FinTech Association of Hong Kong (FTAHK).

The findings show Hong Kong is an appealing city to construct an AI or big data business due to its role as a financial hub and its robust technology ecosystem. FTAHK surveyed 88 tech firms such as KPMG, IBM and the Hong Kong Science and Technology Parks Corp, reports South China Morning Post.

Yet, regulatory challenges still need to be tackled and more government support is needed to boost the development of the sector, the poll showed.

Around 70% of those taking part in the survey view Hong Kong as their principal market, whilst 80% have plans to expand within the city as they’re “positive” about potential opportunities.

“Hong Kong is fertile ground for AI and big data companies wanting to expand into mainland China, North Asia and internationally," said Lapman Lee and Medhy Souidi, board members of FTAHK and sponsors of the AI and big data committee.

Hong Kong has recently been stepping up efforts to support the technology sector, particularly in regard to AI and big data applications within the financial industry.

In 2021, the Hong Kong Monetary Authority (HKMA) unveiled its so-called "fintech 2025" strategy, with plans to fully adopt fintech solutions by 2025, providing increasingly efficient financial services, the report adds.

Furthermore, the HKMA has launched several initiatives to boost the city’s AI ecosystem. These include programmes to help institutions’ financial innovation and career acceleration plans.