HK ranks third in Global AI Competitiveness Index after NYC and London

Hong Kong is ranked third in an indicator-based competitiveness index that ranks 20 countries and 15 city-level finance hubs on AI-for-Finance capability and maturity, after New York and London, reflecting their advantages in market connectivity, institutional concentration, and capital formation for AI-enabled financial activity.  

Deep Knowledge Group (DKG) has released "Global Artificial Intelligence Competitiveness Index” and “AI for Finance in Hong Kong” reports, analyzing AI competitiveness from a finance, economy and financial services perspective, with the Financial Services Development Council (FSDC) serving as observer. 

Dmitry Kaminskiy, partner at Deep Knowledge Group, stated that the three regions have formed advantages in AI-related financial activities and market connectivity, and welcomed the Hong Kong government's series of measures to support the use of AI in the financial industry.

"Hong Kong's ranking among leading global finance hubs reflects the city's excellent market connectivity and top-notch institutional quality-two conditions that matter when Al for finance must operate under finance-grade expectations," said King Au King-lun, executive director of the FSDC. 

Au stated that the government has made efforts to promote AI applications, and expressed hopes that the report would help stakeholders better understand Hong Kong's advantages in AI applications, thereby attracting more businesses and capital to Hong Kong.

He cited examples such as the use of AI to improve work efficiency within regulatory bodies, and the availability of various sandboxes for market participation, including the GenAI sandbox launched by the Hong Kong Monetary Authority in partnership with Cyberport. 

The study profiles 245 key actors in Hong Kong's AI-for-Finance ecosystem, including 160 companies, 50 investors and five hubs.