ItalianCham Vol. 18

The Beginning of a New Era: Fostering Prosperity and Creativity with AI

PRESIDENT ITALIAN CHAMBER OF COMMERCE IN HONG KONG & MACAO

Dear Members, affiliates and friends,

Heading towards the end of a term it is always a time for reflection and this is no exception.

As we consider the Executive Committee’s starting point for this mandate, we can observe the implementations and innovations that have been brought forth during this period: including an entirely new staff, a new office location, new event formats, our magazine’s new look, a revamped website as well as a fresh outlook and updated By-Laws.

During the last two years the Chamber has grown, while exceeding all expectations despite the strenuous uphill battle brought on by the Covid Era. The many restrictions that the people of Hong Kong bravely and patiently accepted in the spirit of community also deeply affected our businesses as well as many of ICC’s projects and initiatives. Hong Kong has certainly undergone many changes, however this period has been but a moment in its long history as we look positively to the bright future within the GBA.

One of the most important goals set forth in this term, has undoubtedly been for the ICC to gain more relevance and prominence in the local and international communities. We

were required to look outward while moving out of our comfort zone and towards a wider and more varied audience. We hope that our Chamber will continue to grow and embrace this direction in future terms as a way of reaching beyond our horizon while maximizing the opportunities for our members.

As we reach the end of our term we must naturally give thanks to the many who have supported our efforts. First and foremost, we would like to thank all our members, our patrons and sponsors who aided and assisted us along this journey. We would definitely not be here without your support, your flair and your endless enthusiasm. Naturally, we cannot forget to thank our hardworking and tireless office “dream team” led by an outstandingly passionate General Manager.

Last but not least, a special thanks to each of the Executive Committee members and officers, who carved time from their busy schedules and professional obligations to support the Chamber, while always demonstrating teamwork, inclusiveness and positive spirit.

Yours sincerely,

Ivano Poma

OUR SERVICES

The Italian Chamber of Commerce in Hong Kong and Macao is committed to fostering closer bilateral ties between Italy, Hong Kong and Macao.

The Chamber provides event management, translations and interpretation, market report and business matching services.

● Industry and sectoral analysis

● Consumer insights

● Economic reports on selected countries

● Company business information reports

MARKETS AND CREDIT ANALYSIS TRANSLATIONS AND INTERPRETATION

● Translation services of documents and certificates are available for Italian, English and Chinese

● Assists with certification of translations by the Home Affairs Department

● Interpretation service by Chamber’s staff or external professionals for business meetings, and fairs in Hong Kong and Macao

● Ad-hoc event organisation according to budget

● Venue booking, catering services, promotion, invitations, registrations and photo-taking during the event

● Collaboration with other members and F&B contacts

EVENT MANAGEMENT BUSINESS MATCHING

● Research and selection service for commercial partners (B2B and B2C), that includes:

○ Feasibility study by product category

○ One-to-one meetings organisation

○ Feedback collection and follow-up

We connect people and promote business exchanges between Italy, Hong Kong and Macao since 1997.

What do you love most about your industry?

One of the things we love the most is the product itself in terms of artisanship (made in Italy) innovation, heritage, aesthetic. The mix of these components intrigues us the most. New materials colors, applications, finishings… It’s magical. Also, the fact that it’s a very volatile and competitive industry is a factor; to succeed you must constantly challenge and push yourself to the limit, this usually leads to self-improvement. Every day as an executive you are forced to look at the

world surrounding you and evaluate if the choices and strategies that have been put in place are still actual and appropriate. Another thing we like is the variety of people you meet. Being such an international and diverse industry, every day is a discovery and the level/quality of people you meet and interact with is extremely high. It’s an open and fluid industry where dogmas and stereotypes are constantly challenged and broken.

As a brand, Moschino has always been fashion forward and in some ways provocative. Its shows, since the time of Franco Moschino, always attracted lots of curiosity from the public and media. Nobody really knew what was going to happen because with Moschino anything is possible. Even nowadays we retain this peculiarity and our shows are always an event you must attend during fashion week. In Moschino APAC we try to keep this spirit in everything we do to transmit the same values to our colleagues spread around Asia, especially after 3 years of limited traveling where physical distances have been exacerbated. We are a simple, human and agile reality and even though we might not have the same size and strength of other Fashion groups, our out of the box attitude allows us to fill the gap and still play a role in this fun game that is fashion.

What are the special relationships between Moschino and Hong Kong?

Moschino has been present in Hong Kong for decades and Hong Kong people have always been very receptive, attached, and supportive of the brand. Hong Kong has been one of the key milestones of Moschino presence in Asia and particularly in China. Starting from this city the brand was able to nourish, to build solid roots that eventually led to an exponential growth in the region. Without Hong Kong, Moschino wouldn’t be the Moschino of Today, this city played absolutely an instrumental role in the history and development of the Maison. As we speak, we have 4 stores in Hong Kong operated by our long-term partner Bluebell. The city is still going through a moment of readjustment following the COVID crisis. We believe it is necessary to deeply rethink the way retail was done in Hong Kong, the parameters have changed and business KPI should adjust accordingly; in order to succeed Retailers and Hong Kong landlords will have to sit down and discuss face to face how to make the Hong Kong retail landscape great again. It’s a matter of teamwork now more than ever before.

How would you describe your company in 3 words and why?

How would you describe your company in 3 words and why?

There are many concepts that define such unique and bespoke brand as Sanlorenzo but if we were to select three, they could be:

Sanlorenzo yachts are elegant and represent timeless design that does not go out of fashion. Their profile is simple, clean, streamlined, and easy to recognize throughout entire range of Yachts and Superyacht across all sizes starting from 76 ft all the way up to 70m+

INNOVATIVE

The brand has a world-class R&D (Research and Design) department that introduces unique solutions on board. It is worth to mention their cross-over range of SX yachts with an extended aft platform for water toys and more active life at sea, a reversed windshield solution for the helm station that allows for more interior space and reduces sun glare and heating, an enclosed flybridge that can be air-conditioned, the asymmetric layout on SL yachts, an iconic floodable beach club on the 52 Steel with a translucent roof created by the pool on the main deck, as well as many sustainable solutions in terms of propulsion and fuel consumption with an ambitious goal to build a net zero emission superyacht powered by methanol fuel cell only by 2027.

ELEGANT BESPOKE

As a boutique brand, Sanlorenzo builds only 50-60 yachts per year, for discerning connoisseurs. Each yacht is unique and represents the taste and lifestyle of its owner. And while Sanlorenzo has an in-house team of experienced yacht designers, the shipyard maintains close relationships with world renown interior designs for specific projects and should the customer wish to take their yacht design to another level. Collaborations that are worth mentioning include Piero Lissoni, Christian Liaigre, Patricia Urquiola, Laura Sessa, John Pawson, Antonio Citterio, Patricia Viel, Dordoni Architetti and in Asia, Steve Leung Designers.

Sanlorenzo 62Steel, Aerial view

Sanlorenzo SD90 Upper Deck, Patricia Urquiola Design

Sanlorenzo SP110, new design 2022. First Asia slot coming soon

Tell us about a successful project that Sanlorenzo runs

Sanlorenzo is an Innovation driven yacht builder and has introduced a significant number of successful projects. One of them that deserves attention is the Asymmetric line of yachts, the SL range.

Developed upon an idea by car designer Chris Bangle, the Asymmetric line models (SL90A to SL120A) are all designed by Bernardo Zuccon of Zuccon International Project. Each yacht features just a single side deck starboard of the saloon and a widebody design to port where the bulwark can slide down to expand the view from inside. This significant evolution of yacht design enabled it to increase internal living space by 20% and increase luminosity in the saloon. With Sanlorenzo’s smart exterior design, the asymmetric solution is barely noticeable and keeps the overall yacht profile as elegant as usual.

What are the special relationships between Sanlorenzo and Hong Kong?

Lounge at all Art Basel events including Hong Kong, Miami and Basel. Sanlorenzo Arts division curates this project with local artists who create bespoke projects for each edition. In 2023 Sanlorenzo will present an art work by Chinese artist Li Qing at their Collectors Lounge at Art Basel Hong Kong.

In parallel with the ABHK, Sanlorenzo Asia division will run Asia’s first Sanlorenzo Captains Academy for captains and crew of Sanlorenzo yachts who subsequently will improve their technical knowledge of these highly advanced yachts and offer best service to yacht owners at sea.

Sanlorenzo is exclusively represented in Asia by Simpson Marine, Asia’s biggest yacht sales and services company with headquarters in Hong Kong. In 2015 Simpson Marine opened a distinctive division, Sanlorenzo Asia, that provides assistance and service to Sanlorenzo buyers and owners in Asia, and is based in Aberdeen Marina Club, Aberdeen.

As the biggest and most active yacht market in Asia, Hong Kong has already welcomed many beautiful Sanlorenzo yachts that call the city their home. Among these, we can name few special models such as entire SX range with the SX76, SX88 and SX112 in multiple units, the Asymmetric yachts including SL90A, SL96A, SL102A, a stunning new model SD96 with superb Patricia Urquiola design and a few steel superyachts 46Steel.

Sanlorenzo’s ties with Hong Kong are further reinforced by the exclusive partnership of the brand with Art Basel shows and a dedicated Collectors

Finally, it is worth mentioning that Sanlorenzo Asia hosted its first Owners Rendezvous in Hong Kong in November 2022 welcoming 15+ Sanlorenzo yachts for a day of bespoke experiences and community building at sea.

Sanlorenzo Asia office in Hong Kong

Sanlorenzo Owners RDV in Hong Kong

Sanlorenzo SX112

Get Up to Speed with the Hong Kong Art Scene

This year, Hong Kong is poised to re-emerge as an energetic centre of activity and creativity. The recent lifting of all travel restrictions, the reopening of borders with mainland China, the surge of airline recruitment and the influx of global financial leaders underscore the city’s current level of resiliency and excitement.

Despite the pandemic-related difficulties of the past few years, Hong Kong’s art galleries not only remained open but also continued to expand and flourish, demonstrating the city’s remarkable strength and adaptability. Of note, since January 2021,

In 2021, the much-anticipated museum M+, which was designed by Herzog & de Meuron, opened in the West Kowloon Cultural District with critically acclaimed exhibitions. Amongst them there was a presentation of Chinese contemporary art from the Sigg Collection, as well as the monumental work Asian Field (2003) by the British sculptor Sir Antony Gormley and several new commissions. The museum also recently unveiled Yayoi Kusama: 1945 to Now, the renowned Japanese artist’s most comprehensive retrospective to date. This year, M+’s neighbour, the longawaited Hong Kong Palace Museum, which showcases historical Chinese treasures from Beijing and beyond, opened in the district, too. Its presence has enabled a powerful cultural dialogue between the ancient and the contemporary.

Along with the burgeoning gallery scene, Hong Kong’s overall art community is likewise on the cusp of reintegrating into the global scene. In addition to enjoying financial market liquidity and a duty-free policy, the city has recently begun to accommodate new worldclass museums alongside its existing influential auction houses and wide-ranging galleries. At the same time, it has managed to nurture the continued growth of non-profit cultural organisations and independent art spaces. Below are some highlights from the past few years and a peek at what’s on the horizon.

Another sizeable institution, the long-standing Hong Kong Museum of Art, reopened in late 2019, after years of expansion and renovation. In its reworked spaces, the museum continues to showcase diverse programmes and exhibitions whose subjects range from local contemporary art to Chinese and Western historical masterpieces. And in the coming months, the Hong Kong government will launch the East Kowloon Cultural Centre, an experimental arts and digital technology complex.

In terms of more moderately sized, but equally significant art spaces, Tai Kwun Contemporary presented a solo exhibition of Swiss visual artist Pipilotti Rist in 2022, whilst Para Site launched several memorable exhibitions as well as a series of Paid Studio Visits designed to support local emerging artists. Independent art spaces, such as Current Plans, Feyerabend, RNH Space and more, also continued to bloom in different corners of the city, connecting local talent and curators through vanguard programmes in various formats.

This shows the confidence that the art industry has in Hong Kong and its environment as the pre-eminent place in Asia to be located and do business.

Rasheed Araeen, Going East Again, 2020

Looking ahead, in March, two major art fairs will be held once again at the Hong Kong Convention and Exhibition Centre (HKCEC). Art Basel Hong Kong will stage its largest edition since 2019, with the participation of more than 170 of the world’s leading galleries, and bring back all special projects, such as Encounters, Film, Kabinett and Conversations. Art Central, on the other hand, will continue to attract innovative galleries across Asia and focus on the next generation of young talent from the immediate area and beyond. Several international collectors, curators and directors of museums have already confirmed their attendance.

On a personal note, Rossi & Rossi will showcase a solo presentation of renowned artist Rasheed Araeen (b. 1935) at Art Basel Hong Kong. Widely recognised as the father of minimalistic sculpture in 1960s Britain, Araeen has profoundly challenged Eurocentrism within the British art establishment. He has also championed the philosophy of egality, both in his artworks and the various activist roles he has assumed since the 1970s.

Also in March, we are excited to be presenting the first survey of Indian-born Singaporean artist Shubigi Rao (b. 1975) at our gallery in Wong Chuk Hang. Selected to represent her country at the 59th Venice Biennale in 2022, Rao is known for her long-term, multidisciplinary projects. With a keen interest in investigating different forms and disciplines of knowledge – both human and nonhuman in origin – she created installations, films, drawings and publications that encompass and archive the broad spectrum of such knowledge, including its evolution and conservatorship.

In May, the gallery will host the second solo exhibition of Italian artist Elisa Sighicelli (b. 1968), who is best known for her experimental approach to the medium of photography. The artist probes into the materiality of photos and their effect on our way of seeing. Merging with materials that have different tactile properties and textures, her photographs analyse the ways in which reality reflects itself and, oftentimes, appears to be made from the very substance it represents. In a world saturated with virtual images, Sighicelli sets out to restore the palpable, tangible existence of pictures in a physical space.

The entire Hong Kong art community is closely collaborating to create a spectacular calendar of events in response to the growing momentum for March and beyond. Join

Elisa Sighicelli, Installation, 2020

The Italian Cultural Institute in Hong Kong is delighted to present a solo showing of Katsumi Nakai’s works in collaboration with Novalis Art Design during Art Central 2023. An exhibition of the Japanese artist Katsumi Nakai, who had spent more than 30 years of his life between the 1960s and the 1990s in Milan, was one of Stefano Fossati’s first projects upon his arrival in Osaka in 2014 when he was the

Nakai’s multicoloured wooden “openings” reflect what was the open-mindedness, curiosity and sensitivity of this artist who had chosen Milan to pursue his artistic research, in close contact with Italian artistic circles, but without forgetting his own origins.

The Italian Cultural Institute in Hong Kong is pleased, now, to be able to inaugurate his exhibition in Hong Kong to remember this artist who represents a relevant moment of the cultural bridge between Italy and Japan. Apart from the presentation at Novalis Art Design’s booth at Art Central (22 – 25 March 2023 at Hong Kong Convention and Exhibition Centre), there will be a solo exhibition at Novalis Art Design gallery on Hollywood Road starting 31 March 2023 for one month.

Changes of shape, new forms, are the theme which my spirit impels me now to recite.”

Katsumi Nakai

Katsumi Nakai, Hiraku, 81-, 2008, acrylic oil on plywood, 183 x 92 cm 366 x 183 cm

Fully opened

Fully closed

Director of the Osaka Italian Cultural Institute.

The Origin

‘Changes of shape, new forms, are the theme which my spirit impels me now to recite.’ These are the opening words to Ovid’s Metamorphoses, an epic poem celebrating form as a symptom of change. Nothing remains the same in this narrative where animate and inanimate beings are all subject to interrogation and subversion. The compulsion to change shape, look for new forms and engender a process of transformation which Ovid explores in his Metamorphoses, can be usefully applied to the work of Japanese artist Katsumi Nakai. Metamorphoses represents a formal strategy for Nakai, whose multi-faceted compositions give rise to striking changes in appearance and make it possible for a monochrome painting to exist side-byside with a shaped canvas. In their composite form, Nakai’s works speak to diverging discourses, calling to mind, both Eastern and Western art historical traditions.

In 1964, Nakai left his native Japan to embark on a modernday Grand Tour of sorts. From London to Paris passing through Italy, Nakai longed to see and study first hand the art he had come to know through reproductions. Once he arrived in Milan, however, things took an unexpected turn and instead of catching a passing glimpse of the local art scene, Nakai made it his permanent home for the next thirty years.

The Progression

Nakai expanded the parameters of painting, from a flat surface to a multi-dimensional one. Like a treasure chest, this body of work opened to reveal a hidden core. Undermining the perceived purity of monochromatic painting, Nakai was also wresting form from the narrow confines of wall-based works. Nakai yearned for a state of perennial flux with this body of work, which was subject to constant change. Relying on a set of tensions, including repetition and variation, process and reduction, multiplicity and expansion, Nakai pursued the progression from painting to sculpture.

The hinge as a metaphor and a structural component is central to Nakai’s work. The verb hinge means to hang or more colloquially it hints at a decision-making moment. As such the hinge has a power to support, resolve and unite. It is precisely within this framework that Nakai turns to the

In the early 1960s, Italy had overcome the destructive force of World War II, and was experiencing a period of accelerated industrial development, commonly known as the ‘economic miracle.’ The general enthusiasm for the improved living and working conditions engendered by the economic miracle was matched by a thirst for experimentation in the fields of art and design with Milan acting as one of its main hubs. Lured by this dynamic landscape, Nakai developed a lexicon of forms and colours which spoke to recent developments in Italian art while also starkly departing from them. His work was, in fact, moved by the propulsion to extend beyond the flat canvas as envisioned by Lucio Fontana with his Concetti Spaziali (Spatial Concepts), while also nodding to the tradition of Japanese origami.

hinge, which becomes the most recurrent motif in his work. Off the shelf of the local hardware store, Nakai’s hinges were meant to hold and support the disparate elements of his wooden constructions; they concealed and revealed the works inner and outer forms. The hinge turned what from the outside looked like a monochromatic work into an expandable and multi-formed construction.

Nakai never sought to tease out the contemporary commodification of colour, and yet he awarded it a primary place in his work, by recognizing its contemporaneity and urbanity. Colour, for Nakai, represented the literal and metaphorical hinge between the flat expanse of a monochrome canvas, and the multi-faceted planes of a ‘shaped canvas.’ From pink to bright yellow, colour could not be tamed. However, by closing the shutters on the works, multi-coloured and irregularly shaped compositions could be turned into flat, self-contained and monochromatic paintings, engendering the first of many metamorphosis.

Katsumi Nakai, Untitled, 2004, acrylic/oil on plywood, 41 x 46 cm 16 1/8 x 18 1/8 in

Example of an origami

Courtesy of the artist and MASSIMODECARLO

Photographer: Winnie Yeung@Visual Voices

Hong Kong Art Industry at a Glance

By Claudia Albertini, Senior Director at MASSIMODECARLO

2022 has been a rollercoaster of a year, especially for us here in Greater China. If the pandemic has tested our personal limits, art has instead proven a great undisputable guidance.

The emergence of new artistic voices has enriched and provided variety in the art market; there’s been a resurgence in the interest in figuration, while abstraction has kept its solid position. The NFT world seems to have set foot into the visual culture scene, whether that is now considered a form of art or a visual language is still to be discussed.

The Chinese and, at large, the Asian art market are overall very active. Collecting art is more than a pleasure, it is art itself. Seemingly, it is also seen as a safe form of investment. By following rules and trends very different from the Western art market, the Greater China art market helps to differentiate risks in a solid and relevant way. A younger generation of art collectors is emerging, they are eager to learn and welltrained in appreciation, all that is needed now is to jump into a new year with optimism and goodwill.

Hong Kong is ready to reconfirm its solid position as the centre of Asia. Local and Western art galleries are gearing up towards March when a full edition of Art Basel HK is due to happen. There’s a strong expectation from the audience throughout Asia; although Hong Kong has been difficult to pay a visit to in the past three years, it has now opened its doors and the art audience is confident in the city’s energy and possibilities.

New Asian art capitals are emerging, Singapore and Seoul to name a few, however, Hong Kong has strongly held its pioneering position and with the opening of the M+ Museum, the Palace Museum, the new headquarters of major auction houses across the cities, and many more art events, it is difficult to be replaced.

Claudia Albertini and the guests at the opening reception of Jenna Gribbon, The Domestic Cast, 2023, MASSIMODECARLO Hong Kong

Art in 2023, seizing the opportunity of Art Basel and Art Central Hong Kong 2023

Hong Kong has already been at the forefront of the most important cities dominating the world art market for some years. As in New York and London, the market value of many artists, both contemporary and from the past century, is decided in Hong Kong.

Hong Kong, though, has its own peculiarity. It is a city that has grown dramatically over the past thirty to forty years. Unfortunately, this growth, both in structural and economic/ financial terms, did not come together with cultural growth — able to provide a solid foundation for the knowledge and dissemination of both Chinese and Western art.

And it is perhaps because of its natural financial predisposition that the market trends, which developed and continue to develop in Hong Kong, have followed different paths compared to the activities and trends occurring overseas.

Over time, but mainly over the past twenty-five to thirty years, the distribution of the artistic content proposed by local and international artists has been left mainly to commercial galleries, which have flourished numerous and very quickly, taking advantage of an economic growth that seemed to never stop.

Hong Kong lacked world-class museums (MoMA, Metropolitan, Guggenheim, British Museum, National Gallery, Tate, etc.) that could have stimulated and sharpened Hongkongers’ curiosity and knowledge about the vast world of ancient, modern, and contemporary art. The city’s art world has been driven mostly by commercial offerings, along with an excellent standard. Therefore, what took shape among art lovers were rather peculiar knowledge and critical consciousness, very much subject to market speculation.

Fortunately, in recent years, art proposals offered by auction houses and galleries in the city have been joined by major art fairs. “ART HK: Hong Kong International Art Fair” was launched in 2007. This was an exceptional, somewhat innovative, 5-year event that was one of the first international stages for promoting Asian and Chinese contemporary art, held in May at the Hong Kong Convention and Exhibition Centre. This fair was joined by smaller satellite fairs that were mostly held in large hotels.

The popularity of the fair grew very quickly, appealing to collectors from all over the world so much that it even attracted the attention of the organisers of the very prestigious Art Basel, which already had, on its calendar, a fair in Basel in June, and one in Miami in December.

And so, in 2013, Art HK was acquired, and there was the first edition of Art Basel Hong Kong. Art Basel immediately had a great impact not only on the Hong Kong art scene but on the entire Chinese and Southeast Asian region. Works of exceptional quality, offered by the world’s greatest galleries, were presented in large numbers, further fuelling Hong Kong’s prestige among the most important international art hubs.

In the years immediately following, another fair also grew and evolved, not in opposition to Art Basel, but rather as complementary to it. It was Art Central. At Art Basel, many of the most renowned International galleries are selected each year to offer to the general public and collectors important works not only by great modern and contemporary masters but also by emerging international artists. Art Central, instead, specialises in selecting galleries that offer a variety of excellent works by young artists, and it is probably more suitable for those who want to start their own collection without the need to have budgets that sometimes seem exorbitant.

This year too, between March 21 and 25, the two fairs –Art Basel and Art Central – will take place at the Hong Kong Convention and Exhibition Centre.

Art Basel will provide an opportunity for 177 galleries from 32 countries to offer works to an audience increasingly interested in discovering current and upcoming international art trends. It will also provide an opportunity to acquire museum-level works for Asia’s leading collectors.

Art Central, instead, with its 70 selected galleries, will once again serve as a springboard for talented young artists and will feature several galleries focusing on offering works by 20th-century masters.

It should be mentioned that Hong Kong is also home to other important fairs, including the Fine Art Asia, which has been held for seventeen years in October at the Hong Kong Convention and Exhibition Centre too.

I would like to end with a few notes regarding a shared forecast of the art market in 2023.

As we all know, the horizon is not clear of clouds. The problems of the conflict in Ukraine; the unresolved European issues involving inflation and uncertain economic growth; the U.S. monetary squeeze; Covid-19; the bursting of the housing bubble in China; the unstable cryptocurrency market and the collapse of inflated NFT values – all this means that the abundant flows of money we had seen so far are now within reach of a few people only.

But despite everything, the art market has been extremely resilient worldwide. Art lovers and collectors have begun to carefully select the works they wish to purchase, finally allowing the artwork’s historical value and quality to slowly gain the upper hand over the mere financial speculation that had heavily taken hold of the very last few years. This had nervously affected prices and made the market for contemporary artists extremely volatile.

I firmly believe that this year again, the art market will remain stable (even for those who invest in works of art) and then continue to grow as soon as a few ‘rays of sunshine’ come out again.

Buying a work of art means having an affinity with the artist. The uniqueness of the artwork makes the

relationship we have with it very special. Oftentimes, it is not necessary to understand what one buys. Surrendering to it and feeling the energy and message that this purchase conveys to us would be quite enough. Art is life!

I will be glad to meet friends, art lovers and collectors at Art Central 2023, Booth B07.

Alberto Annesi Managing Director ART PERSPECTIVE

Phone/WhatsApp +852 5490 0020

e-mail: alberto@artperspective.com.hk

Update on the current Digital Assets ecosystem and trends in Hong Kong

Global Overlook

What will happen starting from 2023 for crypto, nonfungible tokens better known as NFTs and digital assets as a whole? Because of the turbulence that has impacted the markets and the scandals that have hit once well-perceived companies, it’s more critical than ever for business leaders and investors to have insights into what the year ahead will hold.

The important aspect to take into consideration is that we observed such trend before. Disruptive new technologies often pass through a cycle of speculative excess but after the turbulence settles, businesses will likely transform and functioning regulations will emerge.

Analysts, overall, believe the crypto market will recover in 2023 and by the end of the year, the bulk of the bear market will be behind us; however, a full bull market, going by bitcoin price history, is not guaranteed.

It remains clear that the institutional adoption of digital assets, the convergence of traditional and decentralized finance, as well as the technology and governance controls will continue to be focus areas for this sector’s ecosystem.

We will see an exponential rise of regulation and regulatory systems, as now more than ever countries realized that are critical to supervise and avoid major crashes. This will bring a positive new breeze of businesses that will be focused on regulated and less risky activities which hopefully will re-establish the assurance in the investors.

Main Trend

An ongoing trend which most people believe will be the focus for 2023 is Tokenization – with a strong link to art and design.

The high fluctuation that NFTs have recently been affected to had the same root cause: too much focus on the asset value, which led to unsupervised and highly impulsive speculation. Unfortunately there was too little focus on the actual tokens, which can securely represent unique physical or digital objects and have the potential to provide real business utility.

The slow but steady re-bounce of NFTs will be most likely linked to the growth of Web3. Web3 is about ownership of one’s assets, facilitated by the blockchain, which can ensure that digital items are authentic and easily transferable. Web3 also introduces ways to compensate individuals for their time, data and input while permitting them to keep control of their data and assets.

Further to this link, a strong focus on the token themselves to be exchanged on the Web3 and blockchain in relation to physical assets will further develop the concept of Tokenization.

The concept of tokenization or managing traditional assets through wallet and blockchain infrastructure stands to promote both growth and inclusion in the financial markets. Towards the end of 2022, we saw major banks and institutions around the world launching or preparing to launch tokenized assets such as bonds, carbon credits and private equity funds.

So why is tokenization gaining the interest of financial institutions?

It mainly comes down to the numerous benefits that tokenization brings, including greater efficiency, thanks to automation and disintermediation, more transparency, increased liquidity, and faster clearing and settlement times.

In Hong Kong

Good news for Hong Kong.

The city in fact is strongly positioning itself as a main player for the industry around other jurisdictions. The Legislative Council of Hong Kong passed legislation that will soon open up virtual assets to retail investors, and local financial services are lining up for licensing approval. As said above, Tokenization can represent physical actual assets such as art pieces, painting, design sculpture, installation and buildings. In this way you can reach a stage where you can have tradable percentage of the value of an actual physical object with all the benefits of the new technology.

While we are still in the nascent stages of tokenization and there is still much more progress to be made, financial institutions acknowledge that tokenization’s potential is enormous and this is likely an area where we will see huge strides being made next year.

Many think that regulations will drive away businesses but on the contrary a strong regulatory regime will actually attract investors and major industry’s players as will provide a better security and more controlled risks – something we recently saw being an important factor.

As such, the Hong Kong Monetary Authority plans to put in place an agile and risk-based regime for regulating certain financial activities that are related to stablecoins.

The HKMA in fact released a Conclusion of Discussion Paper on Crypto-assets and Stablecoins at the end of January 2023.

*(See link below)

The Hong Kong’s body proposes to start with stablecoins, that can reference to one or more fiat currencies. Also, due to the rapid market and international developments, and taking an approach similar to some other jurisdictions, the HKMA considers them important for the regime to have appropriate flexibility to enable the authority to scope in other stablecoin structures and stablecoin-related financial activities into the regulatory regime as necessary in the future. We will conduct further consultation to seek market and public feedback as we develop more granular proposed regulatory parameters and arrangements.

This will also mean that trading in virtual assets will be restricted to highly liquid products for retail investors when a new licencing regime comes into effect in June, according to the Security and Future Commission - SFC.

*https://www.hkma.gov.hk/media/eng/doc/key-information/ press-release/2023/20230131e9a1.pdf

Physical assets like properties can become tradable on the blockchain when tokenized.

Take coffee Break a

As we are done eating all the Chinese New Year rice cakes and the sea of red has faded away from the streets of Hong Kong, the time for Easter is coming! While preparing for the Easter celebration, you might notice a common theme this year: the rabbit is featured in both Chinese New Year as the Year of the Rabbit and Easter as the Easter bunny. In this issue’s Take a Coffee Break, we explore the different significance of the rabbit between the two biggest holidays in the world.

Easter bunny VS Chinese New Year of the Rabbit

In Chinese Astrology, 2023 is the Year of the Water Rabbit, also known as the Year of the Black Rabbit. In addition to the 12�year cycle of animals in the Chinese Zodiac, each animal is associated with one of five elements (wood, fire, earth, metal, and water), which are associated with their own "life force" or "chi," and corresponding luck and fortune.

The rabbit is the symbol of

longevity, peace, and prosperity

in Chinese Culture, thus 2023 is predicted to be a year of hope.

Easter bunny seen as a symbol of a goddess A sign of new life

The origin of the celebration — and the Easter bunny — can be traced back to the 13th century, pre-Christian Germany, when people worshipped several gods and goddesses. The Teutonic deity Eostra was the goddess of spring and fertility, and feasts were held in her honour on the Vernal Equinox. Her symbol was the rabbit because of the animal’s high reproduction rate. (University of Florida's Center)

patience and luck.

According to Chinese Astrology, the rabbit symbolises 2023 will bring qualities that may have been lacking in the previous year, such as peace and success. We expect this year to be less dramatic or tumultuous than the last Year of the Tiger.

Spring symbolised new life and rebirth; eggs were an ancient symbol of fertility. According to History.com, Easter eggs represent Jesus' resurrection. However, this association came much later when Roman Catholicism became the dominant religion in Germany in the 15th century and merged with already ingrained pagan beliefs.

The first Easter bunny legends were documented in the 1500s. By 1680, the first story about a rabbit laying eggs and hiding them in a garden was published. These legends were brought to the United States in the 1700s when German immigrants settled in Pennsylvania Dutch country.

For several years now, IWA had the opportunity to partner with Hanuman Charity, providing food supplies and clothing donations, and only a few months ago, in November 2022, some of our members were able to participate in its Charity Walk. We were all really impressed by the tremendous work behind this daily activity, but mainly by the humanity and kindness shown by the organizers of these walks, so we have decided to share with the readers of the ItalianCham Magazine the lovely experience we all had.

Founded by Naveen Sadhwani along with his two daughters Samiha and Bianca in the midst of the pandemic, Hanuman Charity organises deliveries of freshly cooked vegetarian food and supplies to Hong Kong’s vulnerable population. Named after the Hindu deity whose mission is to protect and serve others, Hanuman Charity reaches those experiencing homelessness, as well as isolated elderly.

We asked its founder, Naveen Sadhwani, to tell us more about this activity.

Why did you start Hanuman Charity?

I have always been part of several charities since my younger age and growing up I felt it was my duty to help others in need where I could. When the pandemic struck Hong Kong, my thoughts immediately went to the many people living on the streets who were especially vulnerable. Along with my two daughters, I decided to establish Hanuman Charity, with the aim of helping to feed the city’s homeless and underprivileged during this difficult time.

How does it work?

Six times a week, we hold Charity Walks in various city districts, distributing freshly prepared food bags to those in need. We also arrange visits to elderly homes twice a month, delivering necessities such as snacks and other activities.

What do volunteers do? How can people get involved?

Volunteers are able to help us in several ways. We need help preparing and packing up meals and distributing the prepared food bags. We also welcome food donations, as well as monetary contributions.

Volunteers can reach us through our social media pages or WhatsApp to get involved with the work we do.

Can you share a success story that you are particularly proud of?

I am honoured that during a period of such isolation, we were still able to build connections across the community. Not just with the homeless and underprivileged but also with our growing volunteer network. More specifically, for the last two winters we have arranged a winter clothing drive to help provide warm clothes and blankets to those in need living on the streets.

Despite the many waves of COVID-19 that Hong Kong has experienced, we as a charity have been going strong and will continue to help as many people as we can. We estimate that we have been able to provide more than 650 meals weekly, and that is something we plan to continue if we can.

Additionally, being brought up in Hong Kong and knowing the local language has made me build strong and meaningful connections between the needy and underprivileged community which helps us progress and improve our society to help them more!

Make a difference

If you would like to have more information, make a donation or join Hanuman Charity and its Walks, please contact:

The fast-changing fintech industry

Blockchain-based technologies continue their disruptive journey in the financial services industry. Some jurisdictions more than others are taking the stage as fintech powerhouses with transformative initiatives and a particular focus on digital assets. Technology, favourable regulation, and ecosystems attract investors and drive the market to innovative solutions. Regulators are addressing the risks while looking at the potential benefits of digital assets and their underlying technologies. The aim is the protection of consumers, investors, and businesses, as well as maintaining the safety and soundness of the financial markets.

The regulatory framework is evolving rapidly, some jurisdictions have imposed outright bans while others are staunch advocates. Complete restrictions are rare and

Developments in Hong Kong

Hong Kong can be considered the jurisdiction that recently evolved the most. In fact, the Hong Kong FinTech Week in November 2022 gathered thousands of industry leaders, policymakers, and fintech innovators to discuss some of the biggest opportunities in the fintech industry as well as the challenges faced by the sector.

The main conference saw government officials, regulators, and industry leaders announce new initiatives and share updates on their ongoing fintech projects.

The Financial Services and the Treasury Bureau (FSTB) took the opportunity to issue a policy statement, sharing the government’s stance and approach toward developing a vibrant sector and ecosystem for virtual assets.

difficult to enforce, but regulators are struggling to set clear rules for a fast-changing industry.

Monetary and financial authorities around the world are willing to develop consistent compliance and tax frameworks, prevent scams and money laundering schemes, monitor risks, and ultimately regulate the industry. Adding to the challenge is the ambiguous nature of digital assets themselves and the lack of standardized definitions.

In this perspective of regulatory evolution, Fidinam has drafted a White Paper to summarize general guidelines on the most relevant jurisdictions involved in the development of the fintech industry with a particular reference to compliance, taxation, reporting, and corporate requirement.

Furthermore, Hong Kong’s legislative council has passed a new amendment to its Anti-Money Laundering (AML) and terrorist financing system to include virtual asset service providers, review property rights for tokenized assets and the legality of smart contracts, as well as undertake pilots on virtual assets including non-fungible token (NFT) issuance, green bond tokenization, and e-HKD, a digital currency project launched in 2021.

The latest legislation will establish a new licensing regime for virtual asset service providers (VASP) set to come into effect from June 1, 2023. The new amendment will subject crypto exchange service providers to the same legislation as followed by traditional financial institutions.

Example of an NFT art

FinTech White Paper by Fidinam, Dec 2022

What qualifies as a virtual asset exchange and how do I open one?

Under the new Hong Kong virtual asset licensing regime, any person operating a virtual asset exchange (VA Exchange) or actively marketing such service to the Hong Kong public will be regulated and required to apply for a VASP license from the Securities and Futures Commission (SFC).

VA Exchange means providing services through means of electronic facilities

a.

whereby

offers to sell or purchase virtual assets are regularly made or accepted in a way that forms or results in a binding transaction, or

persons are regularly introduced, or identified to other persons in order that they may negotiate or conclude, or with the reasonable expectation that they will negotiate or conclude sales or purchases of virtual assets in a way that forms or results in a binding transaction; and

b.

where client money or client virtual assets come into direct or indirect possession of the person providing such service.

Virtual exchanges looking to open a business in Hong Kong will have to go through rigorous AML guidelines and investor protection laws before being granted a license of operation.

For a successful application and business operation, it is advisable to work with experienced service providers, like Fidinam. License applications involve several forms and supporting documents. One should be mindful not to submit paperwork that will lead to adverse effects.

Furthermore, it is vital to have a sound AML/CTF compliance framework and stay on top of ongoing compliance requirements, to avoid the risk of fines or even losing the license.

Sara Silenzi Head of Desk Fidinam (Hong Kong) Limited

How was Code-Create born and launched?

Code-Create, an international fashion AI company based in Hong Kong, is co-founded by world renowned AI innovator Prof. Calvin Wong and fashion C-suite leader Ms. Kim Wong in May 2022.

Calvin is recognized as one of the Ten New Innovators by the Fashion for Good Global Initiative 2021. His inventions have received numerous accolades including two Grand Awards and a Gold Medal with the Congratulations at the 47th International Exhibition of Inventions in Geneva.

Kim is an accomplished business leader with extensive experience in the fashion and luxury industry, building business across China and APAC and leading operations for iconic global brands including DFS USA, Lane Crawford, Burberry Asia, Brunello Cucinelli, and Versace Asia Pacific.

Code-Create is the first spinoff company from the Laboratory for Artificial Intelligence in Design (AiDLab) to commercialize the state-of-the-art fashion AI solutions. AiDLab is the first research platform that focuses on Artificial Intelligence (AI) and design innovation, is a research operation jointly established by The Hong Kong Polytechnic University (PolyU) and The Royal College of Art (RCA) in the U.K.

How did the idea of combining AI and the Fashion industry come about?

We see a need in the industry because the existing AI solutions only give random output on single item without the designer’s identity and input. We believe that fashion collection needs to have the human input with the brand or designer’s DNA: the theme and creativity should be consistent throughout the new collection and after 2 years of hard work, therefore AiDA is already developed.

During the 2 years of the development, we worked closely with international designers from Hong Kong, Shanghai, Korea, Italy, and Australia for their industry inputs. Their collections using AiDA were featured in a spectacular FASHION x AI show at M+ Museum on Dec. 19th, 2022.

How does AiDA work and what are its aims?

AiDA, equipped with a variety of AI technologies, is the first in market INTERACTIVE AI design assistant for fashion. AiDA empowers designers to work with AI for speedy ideation while, at the same time, ensures designers’ DNA. AiDA facilitates designers’ inspiration and creative process through designers’ input including mood board, fabric prints, colour choices and sketches. With just a few click AiDA will generate eight options within 10 seconds for designer. Designers could select or refine their options to complete their collections, and the proposed options will also inspire designers for new shape and ideas. The conventional and intensive process is enhanced by AiDA with efficiency, flexibility and agility; and the possibilities are without limit. AiDA aims to develop an interactive relationship with designers, bouncing ideas together. The more users use AiDA, the more AiDA gets to know user’s style and preferences, and so it interacts with them accordingly. Currently we see great interest from both academic and commercial sectors, and I am happy to share that AiDA is accepted by the School of Fashion and Textile as the new curriculum for the bachelor’s degree program.

Who is currently showing more interest in your AI products (AiDA)?

AiDA is amazing due to the advance AI technology: it is so user friendly that users could learn to use it in a few minutes, and functions are practical for the actual design, adding value to the industry. Initially I expected China, US and UK would be the countries quickly responding to fashion AI, then, when we officially launched AiDA along with our website www.code-create. com.hk and Code-Create Facebook on Dec.19th 2022, we had interestingly received positive responses from all around the world, including South Africa, India, Korea, just to name few of them. This is exciting for Code-Create because AiDA is available globally through the web and the initial response proves that the business potential is phenomenal and we need to quickly penetrate the market.

From your experience, which countries are most likely to use AI products?

How did the partnership between Polytechnic University of Hong Kong and the Royal College of Art in the UK start? Was it difficult to combine London and Hong Kong?

The School of Fashion and Textiles at Poly U and RCA are two world leading universities in fashion research, and we have collaborated with them on many research projects in more ; therefore, the joint establishment

of AiDLab, funded under the InnoHK Research Clusters by the HKSAR Government, is a positive extension of our collaboration.

Do you think that AiDA, and AI in general, is making a positive impact in terms of sustainability?

AiDA assists designers in the creation of collections with less wastage throughout the inspiration and production process. Therefore, I believe AiDA will positively impact the fashion industry with more creativity, more sustainability, more possibility and more efficiency.

What are your plans and goals for the company?

revitalize the fashion ecosystem therefore AiDA is the first step to take to apply AI in the design inspiration process. We are working on a new development to apply AI in fabric print not only to enhance the creativities for fabric companies, but also to connect AiDA users with fabric suppliers for the prints they globally need. We would also like to collaborate with other AI partners in the future, in order to improve the fashion ecosystem,

and eventually Code-Create would like to develop a global AI showroom connecting and cultivating design talents all around the world. Code-Create is also passionate about education and building communities, therefore we will work towards the goals to establish scholarships, workshops, mentorship, regular chat and sharing in order to support the fashion communities and the next generation.

Do you believe that AI and technology will be the future in the fashion industry?

I believe that AI and technology will become an useful tool in the fashion industry, but, however, I do want to stress that humans should take the leadership because it is the human thinking, passion, emotion and even imperfection that breathes life into the design, which connects with the

consumers. Therefore, we should embrace AI and technology, use it wisely so we could have more time to spend on connecting and understanding our customers and market, and improving our society and communities. We can not get lazy with the convenience of AI.

Which suggestion would you give to the young entrepreneurs who would like to get closer to the AI Fashion world?

I believe that the young entrepreneurs are very familiar with the digital world and easily master AI technology. However, the fashion world is pretty complex with so many elements and change factors within the entire cycle, therefore there will not be one technology that applies to the entire cycle, you might need to integrate various technologies to meet

your business needs. A good understanding of the fashion cycle and operation process will be very helpful. I would also encourage young entrepreneurs to build an appreciation for the fashion history and the incredible workmanship and story that make the fashion piece so special, because this recognition will flavour your future growth and development.

The rise of Generative AI A

lthough it is a complex technology, the basic idea of Artificial Intelligence is very simple: to develop machines with autonomous learning and adaptation capabilities that are inspired by human learning models.

Definition in hand, Artificial Intelligence is the branch of computer science that studies the development of Hardware and Software systems endowed with specific capabilities typical of the human being (interaction with the environment, learning and adaptation, reasoning and planning), capable of autonomously pursue a defined purpose, making decisions that until then were usually entrusted to people.

So we have been living and working using AI-based applications for quite a while now: what is different now with the rise of Generative AI?

Generative AI is a subset of AI that specifically focuses on the creation of new data or content based on a set of inputs or parameters. In other words, while AI focuses on making computers intelligent and able to perform tasks, generative AI focuses on using that

In other words, Artificial Intelligence is a research field that studies the programming and design of systems aimed at providing machines with one or more characteristics considered typically human. Some applications of AI are already quite widespread, and include for example home automation systems capable of regulating the temperature, humidity or lighting based on our habits or the use of our voice as an input; chatbots that support customers with most frequent online requests; recommendations algorithms that guide our choices in many online platforms (Amazon, Netflix, Spotify and so on).

intelligence to create new things. The difference between AI and generative AI can be thought of as the difference between intelligence and creativity. AI provides the underlying intelligence that allows computers to perform tasks, while generative AI uses that intelligence to create new and original content.

The importance of generative AI lies in its ability to address various challenges and limitations faced by traditional

AI algorithms. For instance, generative AI can be used to create new data for training machine learning algorithms, which is particularly useful when dealing with small or limited datasets. Moreover, generative AI can also be used to generate creative or innovative content in fields such as art, music, and design, offering new opportunities for human-AI collaboration.

Examples of generative AI applications in the real world include:

Generating new images: Generative AI algorithms can be used to generate new images based on existing data. For instance, a generative AI algorithm can be trained on a dataset of images and then generate new, unique images that have never been seen before. This is useful in fields such as computer graphics, where new images can be generated without the need for manual input.

Generating new music: Generative AI algorithms can be used to generate new music based on existing data. For example, a generative AI algorithm can be trained on a dataset of music and then generate new, unique pieces of music. This is useful in the music industry, where new music can be generated without the need for manual input.

Generating new text: Generative AI algorithms can be used to generate new text based on existing data. For instance, a generative AI algorithm can be trained on a dataset of text and then generate new, unique pieces of text. This is useful in fields such as journalism, where new articles can be generated without the need for manual input.

Generating new 3D models: Generative AI algorithms can be used to generate new 3D models based on existing data. For instance, a generative AI algorithm can be trained on a dataset of 3D models and then generate new, unique models. This is useful in fields such as architecture and product design, where new models can be generated without the need for manual input.

Art and Design: AI-powered generative tools can assist in creating new designs and art that might not have been possible through traditional means.

Manufacturing: Generative AI algorithms can optimize the design of products and help find ways to make manufacturing processes more efficient.

Healthcare: Generative AI can be used to develop new drugs and personalized treatments, as well as generate imaging and data analysis to improve diagnosis and treatment.

Marketing and advertising: AI-generated content can be used to create personalized advertisements and marketing materials.

Architecture and construction: AI-powered design tools can assist in creating innovative and efficient building designs.

In terms of global traction, Generative AI is the hot topic of 2023, as we have seen with the launch ChatGPT and the integration of some of its functionalities within Microsoft’s tools and search engine.

Recent figures show that there are currently more than 300 companies globally with a specific focus on Generative AI, and their value has grown impressively: in 2022 Generative AI start-ups were worth 21 billion USD,

Finance: Generative AI can be used to analyze market trends and generate investment insights, as well as creating fraud detection systems.

Media and Entertainment: AI-generated content such as music, videos, and writing can be used to create new forms of media and entertainment.

with a 64% increase compared to previous year and an expected growth in 2023 of 44% (source: Dealroom, Sifted, edited by Innovecos). To give an idea of the disruptive potential of Generative AI, Gartner predicts that by 2025:

generative AI will account for 10% of all data produced, up from less than 1% today

organizations that use AI across the marketing function will shift 75% of their staff’s operations from production to more strategic activities

30% of outbound messages from large organizations will be synthetically generated

more than 30% of new drugs and materials will be systematically discovered using generative AI techniques

“If generative AI was a song, it might be something like a symphonic piece that combines elements of classical music with futuristic electronic sounds. The piece would have complex arrangements and unexpected twists, reflecting the idea of AI generating new and original content.

The opening might feature a slow, haunting melody played on a synthesizer, gradually building in intensity as more and more instruments are added, such as strings and horns. The piece would then reach a climax, with all the instruments playing in harmony to create a powerful, emotional soundscape.

As the piece progresses, it would alternate between moments of tranquility and moments of chaos, reflecting the idea of AI’s ability to both automate and create. There might be moments of glitchy, repetitive patterns, symbolizing the idea of AI algorithms, followed by sweeping, emotional strings that represent the potential for creativity and expression.

Ultimately, the piece would be a celebration of the potential and power of generative AI, reflecting the idea that technology and creativity can work together to create something truly unique and amazing.”

*More than half of this article has been written by a generative AI (Chat GPT).

**2 of the featured pictures have been generated using a generative AI (Stable Diffusion)

***The article has been written with the support of Innovecos, CRIF global innovation and research hub

Generative AI has the potential to disrupt a wide range of industries, including:

To conclude, we have asked ChatGPT “if Generative AI was a song, what would it be?”

AI is the new answer to old questions in retail

More than 15 years ago the most used word in corporate strategies was Digital Transformation, a concept more than a word that was covering different aspects of the business model’s evolution, nowadays the most used words in the Big 4 managing consulting firms, when they predict the near future, is Artificial Intelligence or AI.

Every time we use a wayfinding app to get from point A to point B, use dictation to convert speech-to-text, or

unlock our phone using face ID…we’re using and relying on AI. And companies across industries are also relying on and investing in AI, to improve customer service, increase efficiency, empower employees and so much more.

From ChatGPT to autonomous vehicles, AI is one of the most exciting (and controversial) Tech trends happening in the 21st century.

But how big is the AI space? And how quickly is it growing?

A KPMG report has showed that Investments in AI, machine learning and robotic process automation (RPA) technology are set to reach $232 billion by 2025.

The study suggests that, although AI technologies currently account for $12.4 billion of global investment, this number will skyrocket in the next three years, with 40 percent of executives expected to increase their AI investments by 20 percent or more, and 32 percent of them increasing RPA investment by 20 percent or more

Artificial Intelligence is bringing a drastic change in technological fields, where it can be implemented to automate the system for more efficiency and performance. AI is now getting used in multiple fields from simply your mobile phone to diagnosing diseases providing a high-performance and accurate system work with efficiency.

AI is largely used in every industry with different levels of maturity. Tech industry is by definition the most mature industry in the adoption of AI and this gave to tech companies a competitive advantage.

We find a large use of AI with different levels of complexity also in the retail industry. A report from Fortune Business Insight reveals that AI services in the retail sector are predicted to increase from $5 Billion to above $31 billions by 2028.

Retail is by far the industry where the customer is the king in terms of data generation and demand. Everyday activity made on and offline generate trackable data, and nurturing AI based technologies.

The most common applications of the AI in Retail industry are: Deep Personalization

Whenever a customer is shopping, their only struggle is personalization. How can they get recommendations on better products at just a click away? Are the recommendations similar to what they prefer to wear or use?

AI-driven personalised shopping recommendations can very well gel in here. As this technology advances, those recommendations will be able to provide increasingly detailed, personally targeted recommendations based on the customer’s tastes, hobbies, and shopping budgets.

Netflix exploit AI to increase their customer services and generating $1 billion annually from automated personalised recommendations.

Retail Boots

Besides e-commerce sales growth, retail bots bridge the gap between online and offline interactions, improve customer satisfaction, and contribute to higher in-store sales.

An active interaction during the sales process suggesting complementary products or better services related to glocalization, verifying the availability of a product in a store near the customer are some of the possible applications of the Retail boots.

Responsive R&D

The most advanced are the Emotional Response Boots – By recognizing and interpreting facial, biometric, and audio cues, AI interfaces can identity shoppers’ in-the-moment emotions, reactions or mindset and deliver appropriate products, recommendations or support — ensuring that a retail engagement doesn’t miss its mark.

Gathering internal and market data to create and evaluate new trends and patterns can support the development of more accurate products or services.

Very near to the classic survey but with tons of more data and with a vast audience to interrogate. Machine learning application give the opportunity to experiment and evolve service to have a cuttingedge approach to the customers and create a strong competitive advantage versus a brand that does not invest in advanced R&D.

R&D is becoming one of the key aspects for retailers. Research and develop what clients really need, cut the time-to-market for new products, predict the customer behaviours, these are all success factors for retail brands.

AI and Machine learning are the best allies to support the competitiveness of a brand in a frenetic market.

A Korean cosmetics company created a new line based on interactive mirror technologies provided by a mobile App. People can try and buy products with augmented reality and through this experience the brand created a completely new line based on customer interaction and selection.

AIhas the potential to transform and benefit the future of retail. It presents an opportunity to create a more efficient and enjoyable experience for customers while also increasing profits for retailers, helping them to remain competitive in an ever-changing economy.

In conclusion, while it is true that AI has the potential to automate many tasks currently performed by human workers, it is unlikely

that it will completely replace humans in the workforce. AI is still limited in its abilities, and many jobs require a human touch that cannot be replicated by machines. Additionally, the growth of the AI industry is creating new job opportunities that offset any potential job losses. Therefore, it is unlikely that AI will replace human creativity and intuition in the near future.

Antonio Colaci Vintani CEO - Adiacent Asia Pacific

New Office for Attracting Strategic Enterprises

The Hong Kong Special Administrative Region (HKSAR) Government is adopting a new targeted approach to attract representative and high-potential strategic enterprises from around the globe to set up or expand their businesses in Hong Kong.

The Office for Attracting Strategic Enterprises (OASES) was established to:

reach out to strategic enterprises proactively and carry out negotiations

formulate attractive, bespoke measures and provide tailor-made plans to facilitate the operations of strategic enterprises in Hong Kong and

provide employees of these enterprises with a one-stop supporting service in areas such as visa applications and education arrangements for their children

We will target four major industries of strategic importance to Hong Kong:

We provide bespoke offerings to attract strategic enterprises from around the globe. These tailor-made plans can cover aspects such as land, financing, tax and investment. We have set up a

artificial intelligence and data science

life and health technology financial technology

advanced manufacturing and new-energy technology

The Dedicated Team for Attracting Businesses and Talents in Brussels is happy to support companies in Italy. Meanwhile, Invest Hong Kong continues to provide a one-stop service to assist all companies to set up or expand their businesses in Hong Kong.

Co-Investment Fund for jointly investing in the business of enterprises coming to Hong Kong.

Hong Kong is a leading international financial and trade centre, and regional innovation and technology hub, located right at the heart of Asia. Under “one country, two systems”, Hong Kong remains a free and open economy that provides businesses easy access to Mainland China and other key Asian markets, tapping into the vast opportunities offered by the affluent Guangdong-Hong Kong-Macao Greater Bay Area and far-reaching Belt and Road Initiative.

Our highly-developed free market economy, coupled with our low and simple tax system, robust legal framework and our traditional strengths in the financial, technology and services sectors, make Hong Kong one of the most ideal businessfriendly environments for strategic enterprises.

Why Hong Kong? Contact us

Relocation facilitation (e.g. bank account opening, housing, healthcare, education and networking, etc.)

Being the world’s largest centre for offshore Renminbi business and Asia’s largest biotech fundraising hub, Hong Kong is where enterprises could take advantage of the deep and liquid capital pool to meet their financing needs. They could also enjoy the HKSAR Government’s investment of over US$14 billion on a wide range of measures covering infrastructure, training and talent retention, research and development, as well as funding and other support, which are essential for their business development plans.

As a prime node of connectivity between Mainland China and the rest of the world, Hong Kong is offering global enterprises unique and incomparable opportunities and resources to bring your business to the next level in Asia.

We serve as a one-stop window to assist you throughout the whole set-up process from planning, setting up, launching, to further expansion. Our key services include:

OASES provides free and all-rounded support to assist overseas and Mainland strategic enterprises to set up or expand their businesses in Hong Kong. Please get in touch with OASES or our Dedicated Teams to explore further how we could assist with your business expansion plan.

Setting up and business support (e.g. licencing, visa, intellectual property protection, tax, government funding schemes, talent schemes, business regulations, marketing and public relations, etc.)

Aftercare services for continuous expansion of business

For further details, please visit our website at https://www.oases.gov.hk/ or contact our Dedicated Team head in Brussels below:

Kant

Arkad Foundation of Seravezza in Italy and Asia Society Hong Kong are proud to announce the Fusion 2 Exhibition at the Asia Society Hong Kong Gallery from 15 March to 25 June 2023.

On 29 September 1513, Pope Leo X (born Giovanni de’ Medici, the second son of Lorenzo the Magnificent) decreed through his Arbitration Ruling the passage of “Pietrasanta, Motrone and their adjoining territories” from the dominion of Lucca to that of Florence. With this decree, the pope created the socalled Versilia Medicea, a land stretching from the Tyrrhenian Sea up to the peaks of the Apuan Alps, which hosts plenty of natural, artistic, and historical treasures.

The area is also renowned for the quarries of one of the finest marble in the world, which was used since the times of the Etruscans and the Romans. In more recent times, during the Late Renaissance, Giovanni de’ Medici asked Michelangelo to design a road to transport the marble from Seravezza’s quarries to Florence: a road known as “Via di Michelangelo.”

“Fusion”, the project we want to present here started from Arkad Foundation, a non-profit organization in Seravezza, founded by two sculptors: the Hong Kong-born Cynthia Sah and the French Nicolas Bertoux.

Cynthia and Nicolas share the same passion for art and a solid commitment to educate young generations and intercultural dialogue.

In 2021 they conceived the idea of gathering ten sculptors, five from the “western world” and five from Hong Kong, engaging them in a creative dialogue based on two different materials: marble and wood.

At that time, due to the pandemic, travel was not easy, for this reason, their dialogue started at a distance and developed a unique formula of cooperation. Each one of the two teams of five chose a colleague-partner and started working on his/ her work and on that of the colleague. Each artist in Seravezza created a sculpture in white marble; those in Hong Kong did the same, with wood. The works created in Italy were shipped to Hong Kong and completed with wooden elements by Chinese artists. In turn, each of the artists in Versilia received a wooden sculpture that he/she completed with marble elements. Ten sculptures were created, representing a fusion of different materials and distant cultures and sensibilities.

On December 8th 2021, two exhibitions were simultaneously inaugurated at the Visual Art Center in Hong Kong and at the Arkad Foundation in Seravezza, showcasing what we can call “the works in progress.”

Italian Cultural Institute Hong Kong is proud to support this project once again for the second edition, and to facilitate the cultural exchange between Hong Kong and Italy.

This year, from March 14th to June 11th, 2023, the ten sculptures will be exhibited together in the gallery of the Asia Society in Hong Kong, within the Fusion 2 Exhibition. In addition, 20 new smaller sculptures created using marble and wood by the same artists, will also be exhibited. This will be the first time the artists will meet their collaborative partners in Hong Kong.

This innovative project couldn’t have been possible without the visionary genius of the two artistic directors, Cynthia Sah and Nicolas Bertoux, the competence and tireless effort of Cristina Conti, the Italian coordinator, and, of course, the generous, passionate commitment of the ten artists:

The five international artists: Francesca Bernardini and Lorenzo Vignoli (Italy), Aurelien Boussin (France), Jacob Cartwright (Australia), Flavia Robalo (Argentina); and the five local artists: Danny Lee, Margaret Chu, Yuen Long Ho, Violet Shum, Yaman Chau

We are grateful for the sponsors and supporters of the Fusion project, in particular: Regione Toscana, Fondazione Cassa di Risparmio di Lucca, Comune di Seravezza and Susan Chen Foundation, for actualizing the vision, and bringing international and local artists together.

Stefano Fossati Director

Italian Cultural Institute

Hong Kong & Macau

Arkad Foundation (Italy)

Arkad is a non-profit Foundation, founded in 2002 by Cynthia Sah and Nicolas Bertoux. to create an intercultural center designed to promote artistic projects, help artists create works of art, promote and spread culture, especially sculptural artworks, organize professional training, and welcome artists. The Foundation is housed within the structures of the ARTCO Studio, in the historic marble cutting factory adjacent to the Medici

Palace of Seravezza, located between the Apuan Alps and the Versilia plain. The purpose of the Foundation is to organize exhibitions and events, assist artists, transmit technical knowledge, encourage the encounter of artistic experiences in the broad field of contemporary art and connect internal activities with the main local and international artistic events. Annual memberships support the maintenance of the structure and the promotion

Asia Society Hong Kong Center (ASHK)

ASHK is an independent nongovernmental educational organization established in 1990 by a group of Hong Kong community leaders led by Sir Quo-wei Lee, then Chairman of Hang Seng Bank. It is one of 14 centers of Asia Society’s diverse network across the globe, with the mission to navigate shared futures for Asia and the world in the fields of arts and culture, business and policy. Since 2012, ASHK is situated at the Former Explosives Magazine of the Victoria Barracks, a site steeped in history, cultural significance and natural

beauty. The 1.3 hectares site, housing four former British military buildings, was built by the British Army in the mid-19th century for explosives and ammunition production and storage. Through conservation, restoration and adaptive reuse, the heritage site has been transformed into a cultural and intellectual hub, combining heritage preservation with a distinct modern aesthetic complete with world-class performance and conference facilities that offer a broad range of arts and culture, business and policy programs, and exhibitions to the community.

https://www.arkad.it/en/fondazione-arkad

ASHK was established entirely with local funding and is supported through membership dues, fundraising events, and contributions from individuals, corporations, and foundations that support and advance its mission.

https://asiasociety.org/hong-kong

of the activities organized by the Foundation. Sponsors also support the development of the Arkad Foundation’s activities.

by Matteo Pillitteri Sciacca Academician

The health benefits of olive oil were first made public over 25 years ago, when the data from the Seven Countries Study (Keys, A. et al, Am J Epidemiol, 1986), gathered from 11,579 men aged between 40 and 59 years, monitored for 15 years, associated the Mediterranean Diet with decreased mortality, plausibly because of olive oil consumption. Extra-virgin olive oil is a healthy, minimally processed food; it is highly digestible, facilitates gastric and liver function, and regulates the intestines. It also reduces gastric acid secretion, preventing duodenal ulcer.

One or two tablespoonfuls on an empty stomach, before the first meal, can combat simple chronic constipation, also improving the motility and action of the gallbladder. It prevents and protects against various other health problems. It reduces

the risk of heart attacks, hypertension and atherosclerosis, because it keeps ‘bad cholesterol’ (LDL) low and its monounsaturated fatty acids protect levels of ‘good cholesterol’ (HDL), indispensable for cleaning arteries. It guards against diabetes by improving the blood’s glucose profile, regulating lipid metabolism and limiting the formation of harmful substances. It also has important anti-tumour abilities.

Extra-virgin olive oil is also noteworthy for its exceptional heat resistance, which makes it the only oil capable of limiting oxidation and cell ageing. Unlike other oils, extracted from seeds and rich in polyunsaturated fats, and butter, high in saturated fats (easily degraded by heat and badly tolerated by all the digestive organs), olive oil is uniquely capable of reducing the impact of hot condiments, contemporaneously ‘cleaning’ the blood. On one hand, monounsaturated oleic acid hinders intestinal absorption, thereby reducing total cholesterol and triglyceride levels; on the other, it facilitates disposal of the cholesterol responsible for ischemia and hypertension. Furthermore, by increasing blood fluidity, it reduces the risk of clots and thrombosis, playing a role half-way between food and medicine. Food seasoned with extra-

virgin olive oil not only favours the secretory stimuli which help digestion, but is also well tolerated by the stomach and intestines. It contains important elements (oleic acid, polyphenols and vitamins) with positive effects on metabolic processes, and the foremost experts now consider it a nutraceutical food, meaning that its properties can regulate bodily mechanisms in a healthful manner. The composition of extra-virgin olive oil has protective effects on the arteries, liver and stomach.

Its high unsaturated fat content ensures more balanced development in childhood, helping cells to absorb substances indispensable to growth. The classic olive oil drizzle over a child’s food is the healthiest and best-loved condiment. A diet rich in extra-virgin olive oil is also important for adolescents, as growing organisms need a supplement to their daily energy and calorie intake. As mentioned already, extra-virgin olive oil facilitates liver activity and regulates the intestines. Its consumption reduces

the risk of gastric and duodenal ulcers, has a laxative effect which is most efficacious on an empty stomach, and furthermore helps to prevent gallstones. Olive oil is not less digestible than other oils, as some would have uninformed consumers believe. On the contrary, it has been scientifically demonstrated that it is the only 100% digestible oil, against 85% for sunflower seed oil, 81% for peanut and 36% for maize. Compared with other fats, especially those of animal origin, it is the most digestible.

The pungency that we perceive in our throats from food seasoned with good extra-virgin olive oil represents a ‘pinch’ of additional health: it is caused by a recently discovered anti-inflammatory substance called oleocanthal (also found in sansa, the pomace left over from pressing olives). Its characteristics are similar to those of non-steroidal anti-inflammatory drugs, and thus its action is comparable to that of ibuprofen. Oleocanthal was discovered by chance during a molecular gastronomy meeting in Sicily, when the scientist Gary Beauchamp, tasting dishes containing newly pressed extra-virgin olive oil, recognised the same pungency that he had experienced when tasting ibuprofen. It is plausible that regular olive oil consumption benefits health because it constantly exposes us to the anti-inflammatory effects of oleocanthal.

The Accademia Italiana della Cucina has been present in Hong Kong since 2012. The Delegation is headed by Savio Pesavento and welcomes new members, individuals who are passionate about food and knowledgeable about Italian cuisine.

www.facebook.com/accademiaitalianadellacucinahongkong

1. You are having pizza with friends. What do you order to drink?

a. Cappuccino

b. Beer

c. A glass of red wine

Il Bel Paese is famous for its breathtaking landscapes, vibrant culture and, of course, its delicious food, all of which make it the perfect travel destination for tourists from all over the world. But as the saying goes “paese che vai, usanze che trovi” (lit. country you go to, customs you find), every place in the world and, by extension, every area of social life, has its specific rules and customs, which might be puzzling and strange to foreign visitors.

Italy is no exception. Past the touristy spots and picturesque views, there is another more worldly and mundane side waiting to be discovered. From crazy drivers on motorways to infinite queues at public offices, things can get rough sometimes.

No matter how much you say you love the country, do you actually have what it takes to be a real Italian and mix with the crowd? Let’s find out with this test to measure your “Italianness” and make sure you can not only survive, but also thrive in Italy!

2. At what age did you feel a strong need for independence and decided to go to live on your own?

a. Very soon, as soon as I could

b. When your mum stopped doing your laundry

c. You don’t understand the meaning of this question

3. What is your driving style on the motorway?

a. You love weaving through the traffic to reach the destination as fast as possible, honking the horn if necessary

b. You stay in the right-hand lane and only surpass trucks if necessary

c. You enjoy driving in the middle of the road, taking it slowly and safely

4. It’s your birthday and your relatives bought you a present. To thank them you:

a. Politely say “thank you”

b. Say “thank you” and give a big hug to everyone

c. You express your gratitude and go around the room kissing everyone on the cheeks

5. You are in a public office to get a document and at the counter you find a sign saying “temporarily closed, go to counter 8 on the upper floor”. What do you do?

a. You wonder what’s going on, you check if the sign is real, look around, ask the nearby counters and, only then, you go upstairs

b. You go upstairs

c. You start complaining and then you run away because you forgot your car parked outside

6. You are at the supermarket checkout. How do you behave?

a. You let the lady who only has two products pass in front of you

b. You ask the person in front of you to let you pass, since you only have a few things to pay for

c. You go to a closed counter and ask the cashier to open it

7. Someone asks you a question you can’t answer. How do you react?

a. You say: “I don’t know”

b. You say: “boh”, shrug your shoulders and open your arms

8. August is the best month for…

a. Taking care of all the paperwork you didn’t have time to do before. After all, holidays are also for this, right?

b. Enjoying the tranquility of the empty streets, shopping and visiting your relatives

c. Doing nothing because most of the people are on holiday

9. You are in the office and about to have a business appointment. You notice a stain on your shirt! What do you do?

a. You rush to the small shop under the office and buy a new one, rather than making a bad impression!

b. You clean it with some water and forget about it

c. You don’t pay too much attention to it, it’s not that big anyway

10. How do you end a phone call?

a. I hang up

b. I say “ciao, talk to you soon”

Answer key

Now it’s time to calculate your score and find out your profile.

Your answers

Score: 10 - 16: “A health hazard”

Independent and rational, efficient and rigorous in every situation, you live in a world made up of mathematical laws, logical order, rigor and certainties. You love silence, meditation and inner balance. You will be fine in Italy for a short vacation, but if you stay longer you may start developing signs of impatience due to the slow pace of life.

Score: 17 - 24: “Too much of a good thing”

You are a realistic and balanced person, you face life with enthusiasm and curiosity. Whether it’s for an extended holiday or for work, Italy represents for you the ideal place to live, but only for part of the year. You are fascinated by the culture and lifestyle, even if you really cannot explain some Italian congenital problems.

Score: 25 - 30: “A match made in heaven”

Romantic and passionate, an aesthete devoted to good taste. You seek the essence of life and often find it in the little things. You love company and adventure. The nostalgia for Italy started before you visited, it was love at first sight. The food, the monuments, the landscape are part of you and you cannot do without them. The things that don’t work are just stories to share with your friends and have a laugh. Living in Italy is your thing.

c. You say “boh”

c. I say “ ciao ciao ciao ciao ciao ciao” until the other hangs up

Art Basel 2023

The crown jewel of Hong Kong Art Month and the city’s art calendar, Art Basel is taking place from March 23 to 25 at the Hong Kong Convention Centre. Featuring masterpieces and contemporary artworks from numerous galleries around the world, as well as a series of programmes and talks for visitors to take part in, there’s never a dull moment at Art Basel.

Hong Kong Convention Centre

More info: https://www.timeout.com/hong-kong/ art/art-basel-hong-kong-2023

Art Central 2023

Art Central returns from March 22 to 25 with an extensive roster of participating galleries showcasing everything from paintings and sculptures to mixed media work, large-scale installations, as well as art talks, video presentations, art performances and more. Taking place alongside Art Basel Hong Kong, Art Central allows visitors to discover various creative talents from Hong Kong and around the world.

Hong Kong Convention Centre

More info: https://www.timeout.com/hong-kong/ art/art-central-2023

Music

22-25

The epic EDM music fest returns in a brand new venue.

The UK’s iconic electronic dance music festival, Creamfields, has announced their return to Hong Kong in 2023. Set to take place on April 1 and 2; the upcoming music fest will take place at the Central Harbourfront Event Space, so you’ll have plenty of space to rave and dance to your favourite tunes over the weekend.

The wait is over, as Creamfields has just announced their full lineup for the EDM concert. Notably, global acts like Calvin Harris, along with special guest MK, The Chainsmokers, and Tiesto, will be headlining the music festival. Additionally, Creamfields will also welcome Chicago-based DJ John Summit as he makes his first appearance in Hong Kong.

2023

Central Harbourfront Event Space

More info: https://www.timeout.com/hong-kong/ music/creamfields-2023

The Hong Kong Electronics Fair

Organised by the HKTDC, this is Asia’s largest Electronics Fair where innovative products are launched and where thousands of exhibitors and brands are represented.

It will take place from the 12 to the 15 of April at the Hong Kong Convention and Exhibition Centre. The exhibitions are spread out into zones for easy navigation i.e. Home Appliances, Electronic Gaming, Solar Technology, Personal Electronics, etc. There is also a “Small Order Zone” where hundreds of products and samples are available in small quantities. The Hall of Fame, is the fair’s premium section, showcasing over 500 of the world’s leading brands, including Motorola, AEG, Alcatel, Coby, Daewoo, Westinghouse, Honeywell, Hewlett Packard, Philips, etc. The Product Demo and Launch Pad is where new and innovative products are showcased.

Admission: HK100 but free if you pre-register at the HKTDC website. Open to trade visitors, must be over 18 years old.

Hong Kong Convention Centre

More info: https://www.hktdc.com/event/ hkelectronicsfairse/en

12-15

Affordable Art Fair Hong Kong 2023

Making art accessible to a broader audience, the Affordable Art Fair (AAF) returns to Hong Kong from May 18 to 21, 2023. Although AAF takes place on a smaller scale compared to Art Basel or Art Central, the event is highly popular among art lovers in town as the artworks on show usually range from $1,000 to $100,000, making it ideal for those on a budget or newbies to start their art collection without breaking the bank.

Sports

Hong Kong Convention Centre

More info: https://www.timeout.com/hong-kong/ art/affordable-art-fair-hong-kong-2023

Hong Kong Sevens 2023

Without a doubt, Hong Kong’s biggest, craziest, and booziest event on the annual social calendar is the Hong Kong Sevens. Whether you’re in it for the thrilling rugby action or the raucous party atmosphere, the Hong Kong Stadium is swarmed with avid rugby fans, tipsy patrons dressed up in full costume gear, and folks simply looking to have a good time.

Hong Kong

Stadium

More info: https://www.timeout.com/hong-kong/ things-to-do/hong-kong-sevens-2023

18-21 31 2

4 5 3 4 -

After numerous cancellations due to the pandemic, the Sevens finally returned after a three-year hiatus in November 2022. The 2023 event will take place from March 31 to April 2.

The Hong Kong International Film Festival

The Hong Kong International Film Festival (HKIFF) is one of the biggest and most respected film festivals in Asia, and a popular event in Hong Kong’s cultural calendar. Born out of a desire to promote Hong Kong and Asian films to the international community, the annual event is Hong Kong’s longest running film festival.

Every year the HKIFF secures an impressive lineup of new and noteworthy films, showing more than 200 titles from 60 countries, many of

Songkran HK

The biggest festival in Thailand is making its mark in Hong Kong with Songkran HK from April 5 to 10, at D2 Place ONE.

The event takes place over five days with a long line-up of festivities, including a Nang Songkran Parade, an amazing Thai food market, a fashion show, Muay Thai boxing, local products on sale, traditional performances, arts, dance and live music with free admissions.

You can also try your hand at learning a traditional Thai handicraft, with over 10 workshops open to the public.

And of course, you can expect things to get wet and wild in the streets during Songkran, as during this traditional water festival people soak each other

with water guns and have a great time in friendly water fights. Be sure to walk with a change of clothes, and don’t forget to put your smartphone or camera in a waterproof bag — you’ll need it!

This is definitely a family-friendly affair too, though it’s hard to tell who is having more fun — is it the kids, or the adults with water guns!

which have won acclaim both in their homeland and abroad.

Central Harbourfront Event Space

More info: https://hongkongcheapo.com/events/hkinternational-film-festival/

D2 Place, Lai Chi Kok

More info: https://hongkongcheapo.com/events/ songkran-hk/

Dragon Boat Festival

Various venues

More info: https://www.chinahighlights.com/festivals/ hongkong-dragon-boat-festival.htm

30 10 5-10 22

3 4 4 6

With the festival landing on June 22 this year, the Dragon Boat Festival sees dragon boat races taking place all over Hong Kong. The origins of the festival began with the suicide of beloved Chinese scholar Qu Yuan, who ended his life by drowning himself in a river. Locals attempted to save him by throwing steamed rice dumplings and paddling down into the river to keep fish from consuming his body – hence, eating steamed rice dumplings (aka ‘Zongzi’) and dragon boat racing became important customs every year. If you go all-in for the festival, join a competitive team start training for the races!