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Digital evolution unfolds: Digital Economy Summit 2024 takes center stage this April

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Asia’s premier innovation and technology event, the Digital Economy Summit (DES) 2024, took place at the Hong Kong Convention and Exhibition Centre (HKCEC) and was also accessible online. Jointly organized by the HKSAR Government and Cyberport, this summit was conducted in a hybrid format over two days, attracting the world's most influential leaders in technology, business, academia, and government. These experts delved into the critical role of technological innovations in fostering economic growth and accelerating the development of resilient, future-proof digital societies.

The Digital Economy Summit 2024 marked its successful conclusion. Over the two days, the summit attracted more than 4,000 in-person and virtual participants and garnered over 300,000 online views. It brought together top innovators, industry pioneers, and business leaders from around 40 countries and regions. More than 100 renowned international speakers shared their insights across eight specialist forums, all centered around the theme "Smarter Technovation for All: Forging a Sustainable Future.” With a focus on smart city development, the summit covered a wide range of groundbreaking topics, providing participants with insights into how smart city initiatives can enhance the quality of urban life and create a healthier, more sustainable environment.

Mr Paul Chan Mo-po, Financial Secretary of Hong Kong SAR Government; Mr Song Wang, Vice Minister of the Cyberspace Administration of China; Ms Xinning Lu, Deputy Director of the Liaison Office of the Central People’s Government in the Hong Kong SAR; Mr Xiujun Wang, President of the China Internet Development Foundation; Professor Dong Sun, Secretary for Innovation, Technology and Industry of Hong Kong SAR Government; Ir Tony Wong, Government Chief Information Officer and Simon Chan, Chairman of Cyberport and officiated the opening ceremony.

Mr Paul Chan, Financial Secretary said, “The digital economy has clearly emerged as a major new driver of global economic development. From digital payments to generative AI, data is rapidly changing how businesses operate and thrive, how cities are managed, and how we work, learn and live. Our country has established itself as a leader in this respect. As the landscape of digital economy is complex and rapidly evolving, Hong Kong must therefore move fast to stay ahead of the curve. We have established the Digital Economy Development Committee that has put forward a set of 12 core recommendations under five major pillars, specifically strengthening overall digital policy, strengthening digital infrastructure, facilitating local and cross-boundary data flows, expediting digital transformation, and developing a sustainable talent strategy. I look forward to more inspiring ideas that will help us drive the progress of digital transformation further and faster.”

Professor Dong Sun, Secretary for Innovation, Technology and Industry said, “The Digital Economy Summit has established itself as Hong Kong’s annual high-powered I&T event. The Hong Kong SAR Government has always accorded high priority to developing the city into an international I&T hub, as set out in our country’s 14th Five-Year Plan. The Hong Kong I&T Development Blueprint published in December 2022 also laid out a clear course for Hong Kong’s I&T development in the next 5 to 10 years, which includes accelerating the development of the digital economy and smart city. The introduction of a number of digital economy-related initiatives and measures in this year’s Budget further demonstrates the Government’s commitment in I&T adoption for higher-quality economic growth. It is clear that Hong Kong will continue to contribute its I&T power in forging a sustainable future.”

The first day of DES 2024 featured a remarkable lineup of keynote speeches and panel discussions, presenting insights from distinguished speakers representing major tech corporations and thought leadership circles. Notable representatives from Huawei, Alibaba Group, Cisco, AirAsia MOVE, JD Logistics, Smart Cities Council, Masdar City, and Visa, along with esteemed government officials from Mainland China, took center stage. The day's discussions spanned a wide range of pivotal topics, including cloud technology, AI, digital travel, supply chain digitisation, smart cities, sustainable urban development, cybersecurity, and more, delivering a comprehensive overview of the latest innovations and strategies steering technological advancement and urban transformation for all attendees.

Industry leaders and participants delved into the application of smart technology across three key areas: smart economy and business innovation, smart industrialisation and supply chain, and energy, environment, and mobility. The focus was on leveraging technology to optimize transportation, reduce carbon emissions, improve energy efficiency, and promote sustainable practices, all contributing to a more sustainable future.

This year an experience zone showcased cutting- technologies, solutions, and products from Cyberport start-ups, DES partners, and industry-leading innovative technology companies, spanning the essential domains such as lifestyle and wellness, smart training, green living, Web3 and new industrialisation aspects, allowing attendees to experience firsthand how technology can transform our lives and propel the development of smart cities.

The second day of the Summit kicked off with the much-anticipated Smart Finance Forum, where industry leaders, financial experts, and policymakers participated in in-depth discussions on topics such as digital payments, artificial intelligence (AI), green finance, and Central Bank Digital Currencies (CBDCs), exchanging valuable insights on policies, regulatory frameworks, and green investment opportunities. Mr Michael Wong, Deputy Financial Secretary, and Mr Simon Chan, Chairman of Cyberport Hong Kong, officiated the opening ceremony.

Mr Michael Wong, Deputy Financial Secretary said: “Transformative potential could be unleashed in Smart Finance, where digital innovation and the financial industry converge. The various initiatives which the Government has undertaken in the three key areas of FinTech, International Green Finance Centre, as well as Green Fintech ecosystem, show its commitment to embracing innovation, promoting sustainable finance and developing the digital economy.”

Mr Simon Chan, Chairman of Cyberport said: “Tech-empowered digital finance is a key in our hands to unlock a sustainable future. Enabling sustainable finance with GreenTech and Green Finance solutions is pivotal in fostering financial market resilience and shaping a more inclusive and sustainable digital finance landscape within the smart city. The acceleration of sustainable finance also serves to support the transition to net zero carbon goals in Hong Kong and beyond, consolidating the role of our city as an international GreenTech and GreenFi hub. Cyberport looks forward to continuing collaboration with industry, academia and research sectors to take our green commitments forward through financial innovation.”

The second day featured insightful keynotes and panel discussions. A leader from the Bank of Thailand spoke about how digital payments strengthen interpersonal connections. Ant Group Digital Technologies highlighted strategies for innovating Fintech inclusion, bridging the digital divide, and driving the digital economy. Additionally, a leader from Bank of China (Hong Kong) Limited shared views on the digitalisation of the banking industry and the business value of AI transformation.

In the afternoon's parallel sessions, industry leaders and technologists convened to explore forward-looking insights in Web3 & AI, inclusive living environments, and data innovation. These discussions brought together diverse perspectives on the intersections of technology and society, highlighting innovative approaches to shaping the future.

For the first time, the summit was opened to secondary and tertiary students in the form of guided tours to stimulate their interest in the digital economy and ultimately strengthen Hong Kong’s pool of innovation and technology talents.

The online event platform remains open for event registrants to view on-demand contents and visit virtual solution showcases. Please visit HERE for highlights of the summit opening or social media for photos (Day 1, Day 2).  Stay tuned for more photos and video updates soon!

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