Hong Kong invests $125M in AI, expands Cyberport’s supercomputing power
Hong Kong’s Cyberport, a government-backed business hub focused on Web3, blockchain and artificial intelligence, is ramping up its investment in emerging technologies to position the city as a global tech leader.
On Feb. 27, Cyberport hosted the “AI Safety, Trust, and Responsibility” forum with international AI academic institutions to discuss AI governance, safety and responsible innovation initiatives.
The Cyberport hub hosts over 270 blockchain technology-related enterprises and more than 350 startups specializing in AI and big data research and development.
Hong Kong Cyberport hosts AI summit. Source: Cyberport
A day prior, on Feb. 26, the Hong Kong government’s 2025–26 budget paid special attention to emerging technologies, aiming to “seize the critical opportunities presented by technological reform and artificial intelligence development.”
Hong Kong invests heavily in Web3 and AI via the Cyberport hub
The Chinese Special Administrative Region allocated 1 billion Hong Kong dollars ($125.5 million) to establish the Hong Kong AI Research and Development Institute, Financial Secretary Paul Chan Mo-po announced during the Hing Kong budget speech.
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The institute is dedicated to “facilitating upstream R&D, transforming midstream and downstream R&D outcomes, and expanding application scenarios.”
To fuel the Web3, blockchain and AI innovation, Cyberport’s Artificial Intelligence Supercomputing Centre (AISC), which launched on Dec. 9, 2024, will grow to a computing power of 3,000 petaFLOPS and will be able to process 3,000 quadrillion floating-point operations per second.
Streamlining AI research and talent development
Additionally, one of the co-organizers of the AI forum, the World Digital Technology Academy (WDTA), also announced the establishment of the “WDTA Asia-Pacific Institute (preparatory)” at Cyberport.
Yale Li, the executive chairman of WDTA, highlighted the institute’s three core initiatives. These include building a “safety-native” technological framework, establishing a “human-oriented” value system and commitment to “responsible innovation.”
Cyberport has signed numerous Memorandums of Understanding (MoUs) with universities and institutions to help students with internship and employment opportunities. Lastly, the Hong Kong government allocated $3 billion Hong Kong dollars ($385.6 million) to Cyberport for the launch of a three-year AI Subsidy Scheme to support the innovations.
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Sir Keir Starmer is vowing to fight any challenge to his leadership rather than stand aside, amid claims of plotting by MPs being compared to TV’s The Traitors.
Number 10 is going on the attack ahead of a difficult budget this month, with fears it could prove so unpopular that Labour MPs may move against Sir Keir.
But Sky News political editor Beth Rigby reports the prime minister “has no intention of giving way”, with allies warning any challenge would lead to a “drawn-out leadership election, spook the markets, and create more chaos that further damages the Labour brand”.
One senior figure told Rigby any move against Sir Keir would be more likely to arrive after next May’s elections, rather than the budget.
They said many Labour MPs could probably get behind measures like tax rises for wealthier workers, pensioners and landlords, as well as scrapping the two-child benefit cap, if that’s what the chancellor announces on 26 November.
But there are a series of potentially damaging elections in May, including in London and for the Senedd in Wales, as Labour face a challenge from Reform UK on the right and parties like the Greens and Plaid Cymru on the left.
Rigby said there is a “settled view among some very senior figures in the party that Starmer lacks the charisma and communication skills to take on Nigel Farage and win over the public, particularly if or when he breaks a bunch of manifesto pledges”.
Sir Keir and Rachel Reeves have refused to rule out breaking their manifesto promises not to raise income tax, national insurance, or VAT at the budget.
The Number 10 operation to ward off a challenge comes after Sky News deputy political editor Sam Coates likened the febrile mood in the Labour high command to the TV hit The Traitors.
Speaking on the Politics At Sam And Anne’s podcast, he said: “A minister got in touch at the start of the weekend to say they believe that there’s some quite substantial plotting going on.
“They say there was at least one cabinet minister telling colleagues that Keir Starmer, and I quote, is finished.”
We’ve been here before…
When Boris Johnson was facing mutiny from Conservative MPs, his allies launched “Operation Save Big Dog”.
When Margaret Thatcher was about to be ousted by her rebellious MPs in 1990, she declared: “I fight on, I fight to win.”
And Harold Wilson, constantly paranoid about plots, famously quipped in 1969: “I know what’s going on. I’m going on.”
Boris Johnson was ousted less than six months after “Operation Save Big Dog”, Margaret Thatcher resigned the following morning after saying “I fight on”, and Harold Wilson lost a general election to Edward Heath a year after vowing that he would go on.
Just saying.
Read more:
What tax rises will Reeves announce?
Coates said the cabinet minister “absolutely and totally denies they are up to anything nefarious whatsoever”.
“I actually do think that this is all in the style of The Traitors, because I’m not sure that there is hard and fast evidence of plotting – there might be some hints from some quarters,” he added.
“But what seems to be completely logical is that if you’re a bit worried in Number 10, you’re trying to pitch roll and ward off people who are maybe thinking about the need to position themselves by starting to get out rumours of plots and hoping that the political system turns against them for disloyalty.”
Who is plotting to unseat the PM? Pic: PA
Cloak-and-dagger
Reports emerged on Tuesday night in The Times, The Guardian, and from the BBC of a “bunker mode” in Number 10, “regime change”, and “plotting” to replace Sir Keir.
Responding to the reports, Health Secretary Wes Streeting denied he was seeking to oust the prime minister.
A spokesperson for Mr Streeting told Sky News: “These claims are categorically untrue.
“Wes’s focus has entirely been on cutting waiting lists for the first time in 15 years, recruiting 2,500 more GPs and rebuilding the NHS that saved his life.”
It’s not me, insists Wes Streeting. Pic: Reuters
However, there is clearly a co-coordinated campaign by allies of the increasingly unpopular Sir Keir to try to prevent a leadership challenge by a cabinet minister or stalking horse.
Sir Keir’s biographer Tom Baldwin questioned the logic of those briefing from within the corridors of power.
“I’m at a loss to understand why anyone would think this sort of briefing will help Keir Starmer, the government, or even their own cause,” he said on social media. “Some people just can’t resist, I guess, but it’s all a bit nuts.”
What next?
It comes ahead of Prime Minister’s Questions this lunchtime, handing Tory leader Kemi Badenoch the chance to make it an awkward afternoon for Sir Keir.
The health secretary will start his day on Sky News’ Morning With Ridge And Frost and will then speak at an NHS providers’ conference.
Watch and follow live coverage across Sky News – including in the Politics Hub.
Weaker stablecoin rules in the UK could risk financial stability and trigger a credit crunch, according to the Bank of England’s deputy governor, Sarah Breeden.
“We have a different set of risks to manage as we transition to bringing in this new form of money,” Breeden’s told Reuters on Tuesday. Last week, she said that the UK can keep pace with the US on stablecoin regulation.
Crypto industry leaders have criticized the BOE’s stablecoin consultation paper released on Monday, which proposed a relatively strict stance on stablecoin regulation in comparison to the US.
One of the biggest criticisms was the BOE’s decision to retain its controversial stablecoin proposal, which limits stablecoin holdings to 10,000 British pounds ($26,300) for individuals and 10 million British pounds ($13.1 million) for most companies.
Breeden said this would “halve the stress” on banks and credit creation caused by customers withdrawing bank deposits to buy stablecoins. She didn’t state when the measure could potentially be lifted.
Stablecoins have boomed into a $312 billion market in 2025, and nations around the world are looking to follow US President Donald Trump’s signing of the GENIUS Act earlier this year to craft similar legislation that balances industry innovation with consumer protection.
The UK built regulatory momentum from a meeting between UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent in September, when the two countries agreed to strengthen their coordination on crypto and stablecoin activities.
Breeden says Circle-SVB incident justifies 40% backing rule
The UK’s top bank also proposed measures on stablecoin issuers, requiring them to hold 40% of the assets backing their tokens with the BOE without earning interest.
Breeden said the proposal was grounded, pointing to Circle’s USDC (USDC) temporary depeg in March 2023 when around $3.3 billion of its reserves were held at the now-collapsed Silicon Valley Bank.
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The BOE stated that it is open to further feedback and plans to finalize its regime next year.
It intends to regulate stablecoins used for daily payments, while the Financial Conduct Authority would regulate stablecoins used in crypto trading.
Meanwhile, Coinbase and one of the UK’s most prominent stablecoin companies, BVNK, agreed to part ways on a $2 billion deal on Tuesday, which could have boosted stablecoin adoption in the UK.
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