What is Generative AI and why is it causing such a buzz within the international business community? What are the considerations for Hong Kong as it looks to sustainably develop this innovative technology? These were some of the questions speakers tackled at a Chamber seminar on 11 July, against the backdrop of global conversations surrounding Generative AI models that have taken the world by storm.  

Kicking off the session, Duncan Chiu, Legislative Council member for the Technology and Innovation Constituency, said that notwithstanding the “gaps that artificial intelligence (AI) can bridge” given the recent breakthroughs with Generative AI, AI itself remained a challenging topic for public policy considering its potential reputational, financial, regulatory and compliance, as well as ethical risks. How to strike the right balance with regulating AI generated content, which jurisdictions such as the European Union and the Mainland are actively looking into, is an issue that the Government and lawmakers would have to grapple with going forward.  

On the business front, Generative AI – which is predicted by Goldman Sachs to raise the global gross domestic product by 7% – is expected to bring a slew of benefits to companies. Hong Kong Science and Technology Parks Corporation’s Head of STP Platform, Crystal Fok, pointed out that the technology’s potential for automating tasks, enhancing decision-making and repurposing or improving content could be leveraged to enhance time and cost efficiency. This was echoed by Fred Sheu, National Technology Officer at Microsoft Hong Kong, and Timothy Tam, Head of Government Affairs and Public Policy (Hong Kong) at Google, who shared the technology’s promising potential for streamlining work in sectors like education, financial services and healthcare. Thomas Poon, Alibaba Cloud Intelligence HK’s Head of Solutions Architect, also observed a rising demand in marketing for the use of Generative AI to enhance customer experience.

The panel of speakers agreed that for Generative AI to successfully help companies gain a competitive edge in the digital economy, businesses need to take a proactive approach in identifying and mitigating the risks associated with it. This includes setting up clear and proportionate company guidelines and guardrails for its usage, as well as educating customers on how to deploy the technology responsibly. 

When it comes to deciding whether to deploy Generative AI, Fok suggested that companies conduct a return on investment (ROI) evaluation on factors such as compatibility with business models, the nature and quality of data stored in-house, as well as the availability of existing resources to support the integration.