At the “FiNETech2 – Enter the Artificial Intelligence Universe” event, the Hong Kong Monetary Authority and Hong Kong Cyberport announced the launch of a new generative artificial intelligence (GenA.I.) sandbox.
Hong Kong Monetary Authority Chief Executive Eddie Yue said that the new GenA.I. sandbox is a groundbreaking initiative to promote responsible innovation and development of GenA.I. in the banking industry. The sandbox will assist banks in testing various GenA.I. innovation cases within a risk-controlled framework and provide the necessary technical support and targeted regulatory advice, thereby enhancing the financial industry’s potential in risk management, anti-fraud and customer experience.
During the event, the Hong Kong Monetary Authority exchanged and cooperated with the industry at home and abroad, referred to the GenA.I. sandbox experience, shared good practices, and ensured that there were relevant and appropriate regulatory guidelines to match the latest developments.
In addition, the Hong Kong Monetary Authority will hold more FiNETech series events to continue to promote banks and other financial institutions to make concrete progress in the application of financial technology.