Opinion | How the ChatGPT-led AI revolution can be a game changer for Hong Kong

The liberation of AI that ChatGPT represents helps level the playing field for Hong Kong’s finance and service industries by making AI more accessible

In turn, the growing need for start-ups to bring new, innovative solutions to these industries will help drive the expansion of the city’s tech sector

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Pedestrians are reflected in an advertisement as they cross a road in the Central district of Hong Kong in January 2020. Hong Kong can leverage the latest developments in AI to take its financial and service industries to the next level. Photo: Bloomberg

Published: 8:15am, 25 Feb 2023

OpenAI, the creator of ChatGPT, has created a buzz in seemingly every business sector. The chatbot has been used around the world to create content, generate business proposals and write code, all at low cost. Microsoft’s US$10 billion investment in OpenAI is just fuelling the fire and igniting new competition and opportunity.

The high development cost and output quality of previous artificial intelligence systems meant they were limited to professional use, which is different to what we are seeing with ChatGPT. With a single command line in almost any human language, OpenAI’s machine learning algorithms can be called on to create new logic that adapts to the situation in real time, providing a dynamic and responsive experience.

The capabilities of this advanced AI system enable a new kind of collaboration, allowing one person to do the work of many. This development liberates AI and makes it accessible to everyone, changing the global dynamic.

The liberation of AI holds great promise for businesses, giving them the chance to make 2023 a year of thrilling development. The playing field has been levelled, and it is time for Hong Kong to step up to the challenge. The city’s financial and service industries have long been one of its core strengths, but with the latest developments in AI, Hong Kong can take these strengths to the next level and spur the growth of its tech space.

First, for the financial industry to make the most of the extended productivity enabled by low-cost AI, it needs to build an open, inclusive environment – from the policy to the administrative level – which allows businesses to grow in diversified ways. Risk management and fraud detection are particularly valuable.

That advanced AI solutions are now accessible to small businesses can help them stay competitive. Properly equipping the city’s ecosystem to capitalise on the new AI solutions would lay the foundation for the future growth of the financial industry, enabling Hong Kong to effectively tackle the challenges of rising competition from nearby cities.