Chinachem Group and the Smart City Consortium (SCC) have signed a memorandum of understanding (MoU) to collaborate in propelling smart city development and helping elevate cybersecurity standards in Hong Kong.
Based on the MoU, SCC will develop a set of indexing standards, cybersecurity guidelines and best practices for deploying and maintaining IoT devices in smart buildings. Chinagroup, in addition to offering monetary sponsorship, will serve as a pioneer in testing the resulting IoT PropTech standards to enhance cybersecurity in its smart buildings.
Also, the two parties will join hands in organising activities to promote Hong Kong’s smart city vision, with a focus on smart buildings and the development of an IoT connectivity framework.
“We are collaborating with the SCC with the intention to raise the bar for the Group as well as the industry, and help make Hong Kong a more liveable smart city,” said Donald Choi, executive director and group CEO of Chinachem. “It is also our vision to position the city as a leader within the Greater Bay Area in terms of IoT standards development, assessment and education for the property sector.”
SCC president Gary said the adoption of communications technology and IoT were major opportunities that empowered the SCC’s operations to promote smart building management, allowing swifter actions and improved security.
“The connected network of sensors and smart devices also delivers a safer and more sustainable environment which is key to maximising property value,” said Yeung. “We hope to develop a set of indicators and a rating standard index for the property management industry and the IoT industry.”
While IoT-powered solutions in smart buildings will help increase cost-efficiency and operational effectiveness, they will also be subject to higher cybersecurity risks if no related standards, guidelines and best practices exist — hence the importance of this collaboration for Hong Kong’s future PropTech development.