AI Supersedes Web3 in Spotlight at Hong Kong’s FinTech Week Amidst Evolving Challenges and Opportunities

AI supersedes Web3 as the trendy term in Hong Kong's FinTech Week. The event's coordinators, two years after highlighting Hong Kong's turn towards cryptocurrency, believe that FinTech Week can act as a nurturing ground for cutting-edge technologies.

"There's been a significant surge in the presence of mainland Chinese firms at this year's event… with a major emphasis on AI and cutting-edge technologies," stated Anthony Sar, the creator and chief executive of Finoverse. "AI, primarily propelled by Chinese technology, is one of the standout trends that's quite distinct."

A couple of years back, Hong Kong utilized FinTech Week to concentrate on revamping regulations with an aim to transform the city into a digital asset center. A prominent speaker at the event was Sam Bankman Fried, the founder of FTX, who is currently serving a quarter-century jail term for fraudulent activities.

From that point forward, numerous obstacles have come about, including a downturn in the cryptocurrency market – partly instigated by the 2022 meltdown of FTX – significant scams in Hong Kong, and an exchange regulatory system that some argue is overly rigid to promote business operations. Concurrently, the introduction of ChatGPT by OpenAI has caused AI initiatives to absorb a substantial portion of the technology sector's focus.