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The Tariff War Collateral: Is Hong Kong's Status as a Global Hub in Jeopardy?
The newly stirred up trade tensions between US and China has put Hong Kong in the line of fire, risking stripping its prime status as a global financial hub.
With Trump's heavy 10% blanket tariff on China, Hong Kong goods are also affected for the first time, following an executive order to withdraw the city’s special privileges. Chief Executive John Lee’s attempts at re-establishing the city’s image as a secure business centre have been dampened, as the distinction between Hong Kong and mainland China becomes growingly blur.
Experts project that the tariffs on Hong Kong would result in minimal damage as they apply to goods manufactured in the city, instead of “re-exports” that make up the majority of its trade. Domestic exports – mostly jewellery, gold and metals – made up just 1.3 per cent of total shipments last year, with only a small portion going to the US.
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As a contingency plan, Hong Kong officials are trying to nudge companies to look to the Middle East, where China has better relations. According to a recent statement, the Hong Kong government deplored the US tariffs, followed by a brief suspension of postal items. “If the US does not rectify its wrongdoing, we will take all possible actions to defend our legitimate interests, including consider taking up the matter in the WTO,” a spokesperson stated on Wednesday (Feb 5).
Source: Business Times
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The Tech Tariff Showdown: China’s Sanctions Target Google and Rare Earths in a New Economic Battle
China's recent tech sanctions against the US are a sign of significant escalation in the ongoing economic battle, particularly targeting Google and rare earth metals critical for technology manufacturing. With president Trump’s imposition of a 10% blanket tariff on China, the Chinese government has begun an anti-monopoly investigation into Google, despite the company's minimal presence in China since 2010. This move signals Beijing's readiness to leverage its regulatory powers against American tech firms, posing significant risk of further scrutiny of American technologies & their business practices.
China’s announcement of imposing export controls on 25 rare earth metals that play a vital role in manufacturing smartphones and semiconductors shows its intention of controlling vital technology components, which could have serious supply chain implications. With China already dominating nearly 90% of the global refined rare metal market, the US manufacturing industry could be in jeopardy. To cope with this, the US has resorted to alternative sources, including a significant diplomatic pivot towards Ukraine.
As the February 10 deadline for new tariffs approaches, industry leaders are assessing impacts and devising contingency plans, emphasizing the need for technological self-sufficiency. This situation could exacerbate to a more fragmented global tech ecosystem, with parallel supply chains emerging for different markets, drastically reshaping US-China tech relations and the broader global technology landscape.
Source: Tech HQ
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The Bold Billion Budget: UBS’s $14 Billion Plan to Drive System Integration and Innovation
Transforming technology infrastructure is a massive investment for banks, especially when it comes to integrating a newly acquired competitor simultaneously. Having initially allocated $13 billion for its tech integration the previous year, UBS has now revised its projection to $14 billion by the end of 2026, with the increase being linked to "incremental costs" aimed at unlocking additional shareholder value, as explained by CFO Todd Tuckner during the Q4 investor call.
UBS is optimistic that the long-term benefits will pay off for the current extra expenditure. According to CEO Sergio Ermotti, the decommissioning of outdated legacy applications is the most effective strategy for reducing costs at present. Relative to its original target of 30%, UBS has exceeded its 2024 goal by decommissioning 42% of non-core and legacy applications, out of which IT infrastructure costs make up roughly 20% of the bank’s non-core spending.
Nonetheless, challenges concerning data management persist. Ermotti indicated that UBS’s massive data migration project for 2025 presents concerning operational risks. The bank currently has 114 petabytes of data to process, with only 16 petabytes sorted to date.
Beyond this, UBS is also focusing on the development of new technology for its workforce. Employees have utilized the bank's generative AI tools a remarkable 1.75 million times in 2024, evident of the firm’s strong commitment to innovation.
Source: efinancialcareers
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India's GPU Revolution: Tech giants HPE, AMD & NVIDIA Unite for AI Innovation
Three major tech giants, namely – Nvidia, Hewlett Packard Enterprise (HPE) and Advanced Micro Devices (AMD), are in talks with the Indian government to collaborate on the design and development of indigenous" graphic processing units (GPUs) and the AI ecosystem in the nation.
According to a recent interview, a government spokesperson mentioned that the government has initiated discussions with the technology industry on locally designed GPUs, affirming their support for the initiative. As part of its USD 1.5m AI project, the government is also open to proposals from startups and developers at present, giving out incentives to develop core AI models. US-based company NVIDIA has shown enthusiasm to collaborate on the creation of a chip in India, leveraging the country’s chip design expertise.
HPE plays a crucial role in the supply of server infrastructure tailored for GPUs, which is significant to boost AI-driven computational tasks. As for AMD, a veteran in the GPU sector since acquiring ATI Technologies in 2006, the company has called for a collaborative AI ecosystem, alarming that monopolistic practices could dampen innovation and adversely affect all stakeholders involved.
Source: Communications Today
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WeBank Sets Sail in Hong Kong: Launching into Hong Kong’s Web3 Wave with New Tech Subsidiary
WeBank Technology Services, a subsidiary of WeBank, has entered Hong Kong's Web3 sector. Supported by Tencent, the firm commenced operations in January. This initiative is targeted to enhance Web3 infrastructure in Hong Kong while ensuring adherence to regulatory requirements.
Henry Ma, WeBank’s Chief Information Officer, emphasized the importance of establishing a “robust and regulator-friendly Web3 infrastructure” in the region, which is striving to become a prominent center for virtual assets. The strategic move is in line with Hong Kong’s objective to foster a thriving ecosystem for digital technologies.
Founded in 2014 by Tencent and several other Chinese enterprises, WeBank is recognized as China’s largest online-only lender. According to the Hurun Research Institute, its valuation surpassed 235 billion US$32.4 billion just over the past year, establishing it as the 10th largest unicorn worldwide.
WeBank Technology Services aims to play a pivotal role in shaping the future of Web3 in Hong Kong, with hopes to accelerate the adoption of virtual assets and contribute to the city's ambition of becoming a leading hub for technology and finance The subsidiary's focus on compliance and infrastructure development reflects the growing demand for innovative financial solutions in the digital age. As the landscape evolves, WeBank’s initiatives could significantly influence the trajectory of Web3 developments in the region.
Source: Tech in Asia
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NVIDIA in Deep Waters: Staggering Drop in NVIDIA’s Shares as China's DeepSeek App Alarms Investors
The China-originated app, DeepSeek, has recently been the talk of the "tech" town, specifically in the US, where it has become the most downloaded free app post its launch. This overwhelming public response has sent shockwaves through the tech market, causing significant stock losses for major tech firms like Nvidia, which experienced a 16.9% drop in value, and Broadcom, which was down 17.4%. Other tech giants, including Microsoft and Alphabet, also faced declines.
Developed at a fraction of the cost of its competitors, DeepSeek is powered by the open-source DeepSeek-V3 model, rumored to be trained for approximately $6 million. This stark contrast to the billions spent by rivals has raised questions about the future of AI dominance in the US, especially as American firms plan to invest $500 billion in AI infrastructure, as indicated by President Trump.
According to industry experts, DeepSeek's emergence could prove to be revolutionary for the tech industry, although analysts believe that despite DeepSeek’s potential upper hand over American companies, Chinese firms face their own challenges, such as access to advanced chip technology.
Recently, DeepSeek announced it would temporarily limit registrations due to cyberattacks, adding another layer of complexity to its rapid rise. Founded in 2023 by Liang Wenfeng, the company’s innovative approach could disrupt the AI landscape, prompting serious considerations for investors and competitors alike.
Source: BBC
China's AI Challenges U.S. Reign: DeepSeek's Advances & the Emerging Chinese Models Challenge U.S. Dominance in AI
The US suppression policy appears to have dwindling effects on the rapid advancement in China’s artificial intelligence (AI) sector, especially in large-scale language models, according to industry experts.​ Showcased at the World Economic Forum (WEF) 2025, a significant breaththough achieved by Chinese startup, DeepSeek, was its its latest open-source model, DeepSeek-R1, which is equipped with the AI ability to develop reasoning skills via deep learning.
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Max Tegmark, a prominent MIT AI expert, noted that China has made remarkable strides in AI over the past year, catching up to the U.S., which he criticized for hindering scientific collaboration due to geopolitical tensions.​ Alibaba's Tongyi Qianwen team recently introduced its own model, QwQ-32B-Preview, which demonstrated reasoning capabilities that rivaled those of OpenAI’s o1 model. Additionally, DeepSeek's hybrid model, DeepSeek-V3, has outperformed other open-source models and is competitive with top closed-source systems in evaluation scores.
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Sources like The Economist and The New York Times reported how U.S. efforts to limit China’s progress in AI have backfired, with Chinese companies developing more affordable and efficient models. Furthermore, the integration of digital AI with physical products presents China with unique advantages in manufacturing and supply chain management, suggesting a transformative impact on the global AI landscape.
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Source: China Technology News
Singaporeans Embrace AI in Government Services: A New Era of Engagement
A recent Salesforce report indicates that Singaporeans are among the most willing globally about utilizing AI agents for government interaction. An impressive 98% of respondents expressed their willingness to engage with public services through AI technology.
From eighteen countries included in a survey, Singapore ranked second in readiness to adopt AI agents for public sector communication. Key improvements desired by citizens range from simplifying procedures and boosting response times to improving data security. Additionally, preferences highlighted by participants emphasize the need for round-the-clock service availability (57%), efficient access to government resources (52%), and a reduction in unnecessary steps (50%) to streamline their interactions.​
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Sujith Abraham, senior vice president and general manager of Salesforce in ASEAN, remarked how AI agents offer groundbreaking solutions and enable governments to connect with citizens more effectively, providing easier service access and enhanced operational efficiency.​
Source: Singapore Business Review
From Promises to Profits: The Trump Meme Coin Debate
When Donald Trump won the presidency, crypto enthusiasts celebrated his promises of deregulation, noting his selection of pro-crypto officials for key government positions. In the leadup to his inauguration, however, his spontaneous announcement of the TRUMP meme coin seemed to catch many by surprise, a move criticized by experts.
Since President Trump’s presidential victory, the price of bitcoin and other digital assets has significantly grown. Meme coins, like TRUMP and Melania Trump's MELANIA, lack inherent value and rely on market hype. CIC Digital, a Trump-affiliated organization, was in charge of the sale of the Trump coin. Overly-optimistic crypto enthusiasts praised the coin’s release, leading to its price being driven up to $70, followed by a staggering drop post the launch of Melania Trump’s very own meme coin. Despite attracting new investors, many in the crypto industry saw them as opportunistic cash grabs, with Trump-affiliated entities controlling 80% of TRUMP’s supply. This has raised concerns over possible market manipulation, since a decision to sell-off the coin could crash its value.
Since its launch, there has been a lot of commotion and speculation revolving around the coin, with high public demand for Trump’s meme coin leading to exchanges experiencing delays. Although the Trump’s team massively reaped benefits from trading fees, Trump has come under fire over undermining the principles of decentralization. This move poses many ethical and national security concerns, with worries about foreign adversaries potentially leveraging the tokens to influence Trump’s policies. A warning call is being raised by legal experts indicating that these financial interests could cause conflicts of interest and undermine regulatory oversight.
Moreover, critics highlighted the risk of Trump using his presidential influence to protect his financial stake in crypto. Some argued that the Emoluments Clause could prevent such conflicts, but Trump’s team claimed the tokens were launched before he took office. There is a lot of controversy around the integrity of the crypto industry and the potential exploitation of digital assets for personal gain. As of Monday, the coin’s value was around $54 billion, reported by CoinMarketCap, of which the 80% linked to Trump is valued on paper at $43 billion.
Source: Time Magazine
Microsoft Shifts Gears: Loses Exclusive Cloud Status with OpenAI Amid Major AI Infrastructure Initiative
Microsoft is no longer the exclusive cloud provider for OpenAI, Instead, it will have the "right of first refusal" when OpenAI seeks additional computing capacity. This shift comes in conjunction with President Donald Trump's unveiling of the Stargate Project, a joint venture involving OpenAI, Oracle, and SoftBank, aimed at investing billions in AI infrastructure in the U.S. The companies have committed up to $500 billion over the next four years, with Oracle serving as a key technology partner.
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Larry Ellison, Oracle's Chairman, revealed that construction is underway for data centers in Texas, with plans to expand significantly. While Microsoft remains OpenAI's largest investor and cloud partner, the dynamics of their relationship are evolving. Microsoft has signed contracts with third-party providers, including CoreWeave and Oracle, to support OpenAI's growing demands.
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Despite these changes, OpenAI will continue to utilize Azure, having made a recent large commitment for products and model training. Microsoft retains rights to OpenAI’s intellectual property, which can be integrated into products like Copilot, and still has exclusivity regarding computing requests for OpenAI’s API.
Source: CNBC
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Huawei VS NVIDIA: Challenging NVIDIA's Reign in China's Chip Market
Huawei is ramping up efforts to capture a larger share of China’s AI chip market and challenge NVIDIA, the current leader. Following U.S. export restrictions on NVIDIA’s advanced chips to China, Huawei sees an opportunity, particularly in inference tasks, which involve real-time data processing using trained AI models.
While NVIDIA maintains a strong position with its powerful GPUs and established CUDA software, persuading Chinese businesses to switch to Huawei’s proprietary tools presents a significant challenge. The integration of NVIDIA’s software into the AI ecosystem makes transitions difficult.
Huawei is developing both hardware and software to support its Ascend chips, and it has the backing of the Chinese government, which encourages local firms to prefer Huawei over NVIDIA.
However, Huawei faces technical hurdles with its Ascend chips, especially in efficiently connecting multiple chips for training large AI models.
Despite these challenges, Huawei is working on improvements, including the new Ascend 910C processor. As competition heats up in China’s AI market, Huawei’s strategic initiatives indicate a strong commitment to reshaping the landscape, although its success in dethroning NVIDIA remains to be seen.
Source: Firstpost
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Navigating the New Cyber Frontier: Reinventing Browser Security Against AI Threats
A new approach to browser security is essential to combat the rising threats of AI-led attacks, Ransomware-as-a-Service (RaaS), and zero-day vulnerabilities, particularly in the Asia Pacific region. With the rapid growth of e-commerce and digital banking, phishing campaigns and ransomware have surged, especially targeting smaller organizations. Traditional security measures are inadequate against increasingly sophisticated tactics used by cybercriminals, who leverage Generative AI to create convincing phishing attempts. In 2024, the average ransomware extortion demand exceeded $5.2 million, with significant impacts on sectors like healthcare and government. Zero-day vulnerabilities in browsers, notably Chrome and Edge, further exacerbate risks, leading to operational downtime and data breaches.
As attacks shift to browsers, advanced security solutions and browser isolation technologies are becoming critical. However, these solutions often compromise performance and user experience. Looking ahead to 2025, AI-powered threats and deepfake technology will complicate detection efforts. A layered security strategy, encompassing advanced threat detection, intelligence sharing, and employee education, is vital to mitigate these risks and ensure compliance with evolving regulations. A strategic, collaborative approach to cybersecurity is necessary to address the tactics employed by today’s cybercriminals effectively.
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Source: IT News Asia
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Hedge Funds Incoming to Hong Kong: New Wave of Hedge Funds Set to Revitalize Hong Kong’s Investment Landscape
Three prominent hedge funds—Hudson Bay Capital Management LP from the US, Sona Asset Management from the UK, and Centiva Capital from New York—are establishing operations in Hong Kong to enhance the city's status as a financial hub. Hudson Bay, which manages around $20 billion, registered a Hong Kong entity in early October, hiring key talent including former Segantii Capital team members. Sona, focusing on European credit and managing $10.1 billion, set up its Hong Kong unit in August, aiming to fill it with relocated and new staff.
Centiva Capital secured a regulatory license for its Hong Kong office in late November, expanding from its previous base in Singapore. Key employees have moved to Hong Kong after pandemic-related restrictions kept them in Singapore. As the city rolls out initiatives to attract new talent following years of Covid restrictions, it faces stiff competition from Singapore and Middle Eastern cities, which have become popular for hedge funds due to lower taxes and favorable time zones. Despite these challenges, the efforts by these firms indicate a renewed interest in Hong Kong's financial sector, traditionally regarded as the largest hedge fund hub in Asia outside of China.
Source: Bloomberg
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Trust in Taiwan Tech: Exempt from US AI Export Quota, Taiwan Showcases Robust Regulatory Framework
Taiwan's government announced that its exclusion from the latest U.S. restrictions on artificial intelligence (AI) chip and technology exports should bolster confidence in its regulatory practices and legal compliance. The U.S. recently implemented tighter controls on AI exports to safeguard advanced computing capabilities, particularly limiting shipments to countries like China, Russia, Iran, and North Korea. However, Taiwan has been designated a "tier one" partner, granting it unrestricted access to U.S. AI technology.
The Economy Ministry emphasized that this status reflects the government's commitment to effective oversight and adherence to legal standards. Furthermore, it has been actively inviting U.S. officials and industry experts to Taiwan to help local companies navigate the evolving regulatory environment in light of ongoing U.S. restrictions since 2022.
As the home of TSMC, the world’s largest contract chipmaker and a key supplier for Nvidia, Taiwan is vigilant against pressure from Beijing, which claims the island as its territory. The Taiwanese government maintains strict export rules to China and has assured that it will enforce U.S. restrictions. Last year, TSMC halted shipments to a Chinese firm after one of its chips was improperly used in a Huawei AI processor, which is on a U.S. export blacklist.
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Source: Reuters
Tech Synergy: Alibaba Cloud & Apple Join UALink Consortium to Establish Open Standards for GPU Interconnectivity
Alibaba Cloud, Apple, and Synopsys have joined the Ultra Accelerator Link (UALink) Consortium, an industry group focused on creating open standards for GPU interconnectivity. Formed last summer, the consortium includes major players in semiconductors and data centers, aiming to develop standards that enhance the connection of multiple GPUs. These companies will join the consortium’s Board of Directors and contribute to the upcoming Version 1.0 of the UALink standard, expected to launch in the first quarter of 2025.
Becky Loop, director of platform architecture at Apple, expressed anticipation about addressing connectivity challenges and expanding AI capabilities through UALink. The standard is designed to connect multiple GPUs, facilitating the creation of powerful compute clusters for AI training. The forthcoming UALink standard will allow speeds of up to 200 gigabytes per second per lane, supporting scalability for up to 1,024 accelerators in a single cluster.
Other notable members include AMD, AWS, Cisco, Google, Intel, Meta, and Microsoft, while Nvidia has opted out due to potential competition with its NVLink technology. Qiang Liu from Alibaba Cloud highlighted the consortium's role in defining an interconnect protocol tailored for AI accelerators, fostering innovation in AI infrastructure, and promoting an open industry ecosystem.
Source: Capacity Media
Tech Jobs 2025: A Bright Horizon for Singapore & Hong Kong
Jobseekers in Singapore and Hong Kong can expect a more optimistic tech job market in 2025, as firms gradually recover from recent downturns. Recruitment expert Vince Natteri predicts a turnaround driven by potential economic stimuli and political changes. Companies are looking to refresh legacy systems and expand operations, particularly in Hong Kong’s Greater Bay Area, with a strong demand for local talent.
Danny Kwan, Director at Pinpoint Asia, notes that firms are eager to resume pre-pandemic plans, aiming to build a competitive edge and prepare for shifts in technology preferences. In Singapore, stricter labor regulations are prompting businesses to source tech talent from lower-cost regions like Malaysia and Vietnam, focusing on senior roles.
The explosive hiring of the pandemic era is unlikely to return, but demand is set to improve, particularly in AI and data analytics. New roles like chief AI officer are emerging, driven by the need for advanced data solutions. The cryptocurrency sector is also poised for growth, fueled by potential policy shifts.
While buy-side firms are actively hiring, sell-side firms remain cautious. Jobseekers are advised to tailor their resumes and leverage networking to navigate this evolving landscape effectively.
Source: Pinpoint Asia – efinancialcareers
Britain's Bold Bid: Crafting a Homegrown AI Powerhouse to Challenge OpenAI
The U.K. government, under Prime Minister Keir Starmer, is focusing on establishing a homegrown competitor to OpenAI and significantly enhancing the country’s computing infrastructure. The initiative aims to increase the public sector's computing capacity by twentyfold by 2030, promoting the development of powerful AI models relying on high-performance computing. Starmer plans to announce these pledges, which include opening access to the AI Research Resource and implementing AI growth zones to facilitate new data centers.
Last year, Starmer's government scrapped £1.3 billion in taxpayer-funded commitments for two major computing projects to focus on other fiscal priorities. To address funding challenges for startups, the government seeks to encourage pension funds to invest more in growth-oriented innovation. Despite facing hurdles in creating a viable alternative to OpenAI, the U.K.’s tech community has reacted positively to the government’s forward-thinking strategy, emphasizing transparency, safety, and collaboration in AI development.
Additionally, the government aims to differentiate its regulatory stance on AI from the EU's stringent rules following Brexit, with plans for consultations on copyright measures related to AI training. The overarching goal is for the U.K. to become a global leader in AI technology while leveraging its own resources and capabilities.
Source: CNBC
Tech Revival - Hong Kong’s Tech Sector Gains Traction Amid China’s Deflationary Concerns
China is currently grappling with economic challenges, as reflected in the declining CSI300 and Shanghai Composite Indices. Persistent deflation, despite government efforts to boost consumption through trade-in schemes, is undermining consumer confidence. The struggles in the property market have further tempered outlooks, prompting Chinese investors to increasingly seek opportunities outside the domestic market. However, there is a glimmer of hope in Hong Kong’s tech sector, particularly in chip-making and information security stocks, with companies like Tencent showing signs of recovery.
This situation highlights cautious optimism among investors as the Hang Seng Index shows a slight uptick, thanks to a rally in tech stocks. Geopolitical tensions are driving a focus on sectors that promote self-reliance, such as rare earth materials. As China continues to face economic headwinds, effective fiscal policy will be critical in fostering resilience and stability, which are essential not only for China’s economy but also for regional and global markets.
Source: Finimize
Unlocking Opportunities: Singapore & Malaysia Launch New Economic Zone with Unprecedented Tax Incentives
The Johor-Singapore Special Economic Zone (JSS) has been launched with a range of attractive tax incentives aimed at drawing significant foreign investment and stimulating economic growth in Malaysia.
Massive tax benefits are a part of the scheme, with a special corporate tax rate of 5% for 15 years for firms in manufacturing and services, as well as a 15% income tax rate for eligible knowledge workers for 10 years. The initiative is projected to generate an additional US$26 billion annually for Malaysia's economy by 2030, leveraging the strengths of both Johor and Singapore. The JSS region is nearly twice the size of Shenzhen, and Malaysian officials hope to replicate its successful economic model.
For businesses in Singapore, this development presents both opportunities and challenges. While tax revenues from businesses operating in the JSS will primarily go to Malaysia, the lower tax rates in JSS could incentivize companies to relocate or expand their operations in the economic zone, potentially leading to a shift in investment away from Singapore. Sovereignty over the JSS lies with Malaysia, although its proximity to Singapore suggests a collaborative approach.
Although Malaysia would primarily receive tax revenues from businesses operating in the zone, Singapore has its own interests in maintaining a strong economic relationship with Malaysia, as cross-border investments and collaborations can enhance its regional standing and attract businesses that may also benefit from Singapore's infrastructure and market access.
Source: South China Morning Post (SCMP)
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Transforming Tech: Trump’s $20 Billion Investment to Boost U.S. Data Center Landscape
President-elect Donald Trump announced a significant $20 billion foreign investment plan to establish new data centers across the United States. The investment comes from Emirati billionaire Hussain Sajwani, the founder of DAMAC Properties and a Trump associate, who pledged “at least” that amount during a gathering at Trump’s Mar-a-Lago estate in Florida. The United States government has been emphasizing on the strategic value of data centres that will not only power the new economy but also will bring significant foreign investment into the country.
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In addition, Japanese IT firm Softbank recently announced a US$100 billion investment in the U.S. over the next four years that will create 100,000 jobs focused on artificial intelligence and related infrastructure.
Robin Khuda, founder at AirTrunk, says it's a race, and only with countries with robust and favourable policies, and long-term strategic vision will attract this large data centre and AI investments that will future-proof their economies.
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Source: CNBC