HONG KONG, CHINA - Media OutReach - 23 July 2020 - Chinachem Group (the Group) and the Smart City Consortium (SCC) today signed a Memorandum of Understanding (MoU) to collaborate in propelling smart city development and helping elevate cybersecurity standards in Hong Kong. The move underlines not only the determination of both parties to foster the development of Internet of Things (IoT) property technology (PropTech) in Hong Kong, but also Chinachem's commitment to digital transformation and driving sustainable living solutions for Hong Kong people.

The Memorandum of Understanding to help propel Hong Kong's smart city development was signed by Damien Wu, Director of Digital Transformation of Chinachem Group (2nd right) and Gary Yeung, President of the Smart City Consortium (2nd left); witnessed by Donald Choi, Executive Director and Group CEO of Chinachem Group (1st right) and Dr Winnie Tang, Founder and Honorary President of the Smart City Consortium (2nd left).

Pursuant to the MoU, the SCC will develop a set of indexing standards, cybersecurity guidelines and best practices for deploying and maintaining IoT devices in smart buildings. The Group, in addition to offering monetary sponsorship, will serve as a pioneer in testing the resulting IoT PropTech standards to enhance cybersecurity in its smart buildings. Furthermore, the two parties will join hands in organising activities to promote Hong Kong's smart city vision, with a focus on smart buildings and the development of an IoT connectivity framework.

The MoU was signed by Damien Wu, Director of Digital Transformation of Chinachem Group, and Gary Yeung, President of the Smart City Consortium; witnessed by Donald Choi, Executive Director and Group CEO of Chinachem Group, and Dr Winnie Tang, Founder and Honorary President of the Smart City Consortium. The Group is the first property developer partner of the SCC.

"We at Chinachem have accelerated the digital transformation process and have the aspiration of becoming an industry pioneer in PropTech applications," explained Mr Choi. "We are collaborating with the SCC with the intention to raise the bar for the Group as well as the industry, and help make Hong Kong a more liveable smart city. It is also our vision to position the city as a leader within the Greater Bay Area in terms of IoT standards development, assessment and education for the property sector." 

Thanking Chinachem Group for its support and sponsorship, Mr Yeung said the adoption of communications technology and IoT were major opportunities that empowered the SCC's operations to promote smart building management, allowing swifter actions and improved security. "The connected network of sensors and smart devices also delivers a safer and more sustainable environment which is key to maximising property value," he noted. "We hope to develop a set of indicators and a rating standard index for the property management industry and the IoT industry."

While IoT-powered solutions in smart buildings will help increase cost-efficiency and operational effectiveness, they will also be subject to higher cybersecurity risks if no related standards, guidelines and best practices exist -- hence the importance of this collaboration for Hong Kong's future PropTech development.