MOU Signing: SOCAM and viAct join force to promote digitalisation and site safety via AI technology

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.

 

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