HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector
The following is issued on behalf of the Hong Kong Monetary Authority:
Click to Gallery
HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector Source: HKSAR Government Press Releases
HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector Source: HKSAR Government Press Releases
HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector Source: HKSAR Government Press Releases
HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector Source: HKSAR Government Press Releases
HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector Source: HKSAR Government Press Releases
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.
HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector Source: HKSAR Government Press Releases
HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector Source: HKSAR Government Press Releases
HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector Source: HKSAR Government Press Releases
HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector Source: HKSAR Government Press Releases
HKMA and Cyberport launch GenA.I. Sandbox to bolster AI adoption in financial sector Source: HKSAR Government Press Releases
Results of monthly survey on business situation of small and medium-sized enterprises for March 2025
The Census and Statistics Department (C&SD) released today (April 10) the results of the Monthly Survey on Business Situation of Small and Medium-sized Enterprises (SMEs) for March 2025.
The current diffusion index (DI) on business receipts amongst SMEs increased from 42.1 in February 2025 in the contractionary zone to 43.5 in March 2025, whereas the one-month's ahead (i.e. April 2025) outlook DI on business receipts was 46.5. Analysed by sector, the current DIs on business receipts for all surveyed sectors rose in March 2025 as compared with previous month, particularly for the business services (from 45.1 to 48.4) and logistics (from 36.3 to 39.0).
The current DI on new orders for the import and export trades increased from 45.9 in February 2025 to 46.6 in March 2025, whereas the outlook DI on new orders in one month's time (i.e. April 2025) was 46.9.
Commentary
A Government spokesman said that overall business sentiment among SMEs and their expectations on the business situation in one month’s time improved in March compared with the preceding month. The overall employment situation also turned better.
Looking ahead, as the United States increased its import tariffs significantly on almost all its trading partners in April, the downside risk to the global economy and the degree of uncertainty in the external environment have risen notably. This is likely to pose pressure on business sentiment. The Government has been providing support to local enterprises (in particular the SMEs) through various measures, and will continue to monitor the situation closely.
Further information
The Monthly Survey on Business Situation of Small and Medium-sized Enterprises aims to provide a quick reference, with minimum time lag, for assessing the short-term business situation faced by SMEs. SMEs covered in this survey refer to establishments with fewer than 50 persons engaged. Respondents were asked to exclude seasonal fluctuations in reporting their views. Based on the views collected from the survey, a set of diffusion indices (including current and outlook diffusion indices) is compiled. A reading above 50 indicates that the business condition is generally favourable, whereas that below 50 indicates otherwise. As for statistics on the business prospects of prominent establishments in Hong Kong, users may refer to the publication entitled "Report on Quarterly Business Tendency Survey" released by the C&SD.
The results of the survey should be interpreted with care. The survey solicits feedback from a panel sample of about 600 SMEs each month and the survey findings are thus subject to sample size constraint. Views collected from the survey refer only to those of respondents on their own establishments rather than those on the respective sectors they are engaged in. Besides, in this type of opinion survey on expected business situation, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents' perception of the business situation accords with the underlying trends. For this survey, main bulk of the data were collected around the last week of the reference month.
More detailed statistics are given in the "Report on Monthly Survey on the Business Situation of Small and Medium-sized Enterprises". Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080015&scode=300).
Users who have enquiries about the survey results may contact Industrial Production Statistics Section of the C&SD (Tel: 3903 7246; email: sme-survey@censtatd.gov.hk).