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HONG KONG SAR - Media OutReach - 18 January 2022 - SOCAM Development Limited (HKEX 983)"SOCAM") and viAct are pleased to announce the signing of the Memorandum of Understanding (MOU) to formalise the collaboration in adapting construction technologies to improve site safety, while promoting 'Construction 2.0' among Hong Kong construction industry.
SOCAM Head of Corporate Development Mr. Adrian Lo (left) and viAct CEO Mr. Gary Ng (right) signed an MOU to jointly develop innovative construction technologies for site safety and to promote Construction 2.0.
In the recent years, the HKSAR Government has extensively promoted digitalisation in the construction industry and encouraged developers and contractors to adopt construction technologies from architectural planning to site management, in order to strengthen construction monitoring and improve safety. The recent initiative 'Construction 2.0' announced by the HKSAR Government set the directions on construction transformation in achieving innovation, professionalisation and revitalisation. Meanwhile, the 'Construction Innovation and Technology Fund' (CITF), established by the HKSAR Development Bureau (DEVB) and the Construction Industry Council (CIC) in 2018, has provided support and subsidy to the industry to adopt technologies in different construction areas.
In response to the construction industry blueprint led by the HKSAR Government, SOCAM and viAct will collaborate and adopt Artificial Intelligence in construction site monitoring and actively apply construction digitalisation to improve productivity, construction safety and develop green construction projects. Key collaboration areas include implementing environmental, social and governance (ESG) strategies and tactics by integrating and adopting technologies to build a human-and-social oriented strategic investment framework - bringing ESG considerations into the corporate decision-making model.
The holistic collaboration will combine the rich construction experience from SOCAM and construction-based and computer-vision cloud technology from viAct to utilise the application of construction data, which has been overlooked by the whole industry. The new-built system converts the raw data to insightful information, providing strategic directions on productivity, construction safety and environmental protection for all management levels to enhance the effectiveness and efficiency of the decision-making process. In addition, the close collaboration demonstrates the potential of in-depth industrial transformation to the whole construction industry.
"As a traditional industry, the construction industry needs to keep up with evolving business trends and technology. The adoption of innovative technologies not only improves the way we work, but also provides an opportunity to attract young and energetic talent to the workforce. Letting them solve the problems with new technology is a way to revitalise the industry and accomplish the ESG visions. We believe it is a valuable investment to the whole industry and even the society" said Mr. Adrian Lo, Head of Corporate Development of SOCAM.
"It is our pleasure to collaborate with SOCAM and contribute to the digitalisation of the construction industry by integrating the experience from SOCAM and the construction-based AI technology competence from viAct. This MOU shows our commitment to promote construction digitalisation and workplace safety" said Mr. Gary Ng, viAct Chief Executive Officer.
Under the all-round cooperative partnership, SOCAM and viAct will strive to build an in-depth relationship , explore and develop construction technologies by extensively applying various technologies, including but not limited to automating construction monitoring systems across different sites, and improve safety and productivity.
About SOCAM Development Limited
Listed on the Hong Kong Stock Exchange in 1997, SOCAM Development Limited (HKSE Stock Code : 00983) is a member of the Shui On Group, and is principally engaged in construction and property businesses, with operations spanning Mainland China, Hong Kong and Macau.
viAct focus on AI R&D since 2016, with our proprietary vision technologies and extensive domain experience, we can detect and anticipate the potential risks in construction sites and trigger real-time warning signals and instant alerts to save worker lives. Recognized by CEMEX Ventures as Top50 ConTech Startups 2020 and selected as the Sector winner in Smart Cities by SLINGSHOT 2021 held by Enterprise Singapore.
viAct is committed to visual intelligence technology development and believes that more advanced technology achievements can solve the existing problems in the construction industry. viAct's mature visual intelligence technology has been widely adopted in the whole industry, which makes viAct the leading AI monitoring solution for the construction industry in Asia.