HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector (with photos)
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The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Cyberport Management Company Limited (Cyberport), announced the launch of the new Generative Artificial Intelligence (GenA.I.) Sandbox today (August 13) at FiNETech2, the second edition of the FiNETech series.
Building on the momentum of the first successful inaugural event in April (Note 1), the HKMA, the Cyberport and the FinTech Association of Hong Kong co-hosted "FiNETech2 – Into the AI verse", highlighting the transformative potential of artificial intelligence (AI) in the financial industry. Supported by financial regulators (Note 2), industry associations (Note 3) as well as technology communities (Note 4), and powered by market experts (Note 5), FiNETech2 brought together over 300 professionals from the banking, securities, insurance, and technology sectors. By nurturing partnerships between financial institutions and AI solution providers, FiNETech2 showcased innovative AI technologies and explored potential applications in risk management, anti-fraud, customer services and process re-engineering.
During the event, the HKMA announced the launch of the new GenA.I. Sandbox. Through interactive engagement with the industry, the HKMA will draw insights from the GenA.I. Sandbox (Note 6) and share good practices, while keeping its guidance relevant and fit-for-purpose in the light of the latest development.
The Chief Executive of the HKMA, Mr Eddie Yue, said, "The new GenA.I. Sandbox is a pioneering initiative that promotes responsible innovation in GenA.I. across the banking industry. It will empower banks to pilot their novel GenA.I. use cases within a risk-managed framework, supported by essential technical assistance and targeted supervisory feedback. Banks are encouraged to make full use of this resource to unlock the power of GenA.I. in enhancing effective risk management, anti-fraud efforts and customer experience."
To adapt to the forthcoming changes, the HKMA is committed to capacity building and promoting responsible innovation in GenA.I., including a recent training session which was attended by over 120 financial professionals, focusing on practical AI adoption strategies in the financial industry. The HKMA is also conducting case studies on the latest international development of AI, including GenA.I., and will share good practices to encourage adoption.
The HKMA will organise additional editions of FiNETech in the coming months, focusing on the areas of Greentech and Distributed Ledger Technology (DLT), and continue to drive tangible progress in Fintech adoption by banks and other financial institutions.
Note 1: www.hkma.gov.hk/eng/news-and-media/press-releases/2024/04/20240426-4/
Note 2: The HKMA, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority.
Note 3: The Hong Kong Association of Banks and the FinTech Association of Hong Kong.
Note 4: Cyberport and the Hong Kong Science and Technology Parks Corporation.
Note 5: KPMG and Quinlan & Associates.
Note 6: Details of the GenA.I. Sandbox, including eligibility criteria and application process, will be announced in due course.
Ends/Tuesday, August 13, 2024
Issued at HKT 20:18
Issued at HKT 20:18
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