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HKMA Launches GenA.I. Sandbox at FiNETech2 Event

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HKMA Launches GenA.I. Sandbox at FiNETech2 Event
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HKMA Launches GenA.I. Sandbox at FiNETech2 Event

2024-08-13 20:18 Last Updated At:20:28

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:

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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

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

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

DH releases latest Health Behaviour Survey Report

The Department of Health (DH) today (January 23) released the Report of Health Behaviour Survey (HBS) 2023, a survey report on major health-related behaviours and lifestyle practices of the general population in Hong Kong, and reminded the public to adopt a healthy lifestyle and practices to reduce the risk of developing major non-communicable diseases (NCDs). The Government will help the public to formulate a life-course approach health promotion strategy and draw up health management plans. Members of the public may visit the website of the Centre for Health Protection to access the Report.

The survey was conducted between July and November 2023. More than 4800 land-based non-institutional population of Hong Kong aged 15 or above were interviewed. The report revealed that the prevalence of unhealthy but modifiable lifestyle practices are common among the Hong Kong population. They are important risk factors for developing common NCDs. Specifically:

  • Regarding physical activity participation, 14.8 per cent of the adult population aged 18 or above performed an insufficient level of physical activity (i.e did not meet the World Health Organization (WHO) recommendation of doing at least 150 to 300 minutes of moderate-intensity aerobic physical activity, or at least 75 to 150 minutes of vigorous-intensity aerobic physical activity, or any equivalent combination of moderate- and vigorous-intensity physical activity per week). A significant improvement in the prevalence of physical inactivity is observed when compared to the findings of the Population Health Survey (PHS) conducted in 2020-22 (24.8 per cent), which was possibly partly related to the resumption of normalcy from the COVID-19 pandemic.
  • Regarding fruit and vegetables intake, the vast majority of persons (97.0 per cent) had an inadequate intake (i.e. consumed less than 400 grams or five servings of fruit and vegetables per day as recommended by the WHO), similar to the findings of the PHS 2020-22 (97.9 per cent).
  • Regarding alcohol consumption, the proportion of the population aged 15 or above who had engaged in binge drinking (i.e. consumed at least five cans of beer, five glasses of wine or five glasses of spirits on a single occasion) at least monthly increased from 2 per cent in PHS 2020-22 to 2.7 per cent in HBS 2023.
  • Regarding preventive health practices, the proportion of persons aged 50 to 75 who were screened for colorectal cancer increased from 42.6 per cent in PHS 2020-22 to 46.2 per cent in HBS 2023, but the uptake of cervical screening among women aged 25 to 64 was 49.8 per cent, which was lower than that in PHS 2020-22 (52.1 per cent).
  • The Government is committed to tackling non-communicable diseases and protecting the public’s health. "The Chief Executive's 2024 Policy Address" announced that the Government will formulate a life-course approach health promotion strategy having regard to Hong Kong's demographic structure and the health needs of different social groups to improve public health, and draw up health management plans according to different age groups and health statuses. Meanwhile, the DH has been adopting a variety of strategies to promote a healthy lifestyle, including a balanced diet and regular exercise, in schools, workplaces and the community. Regarding alcohol consumption, drinkers can use the DH's electronic alcohol screening and brief intervention (e-SBI) tool to assess their own drinking risk and obtain brief health advice. The DH has also launched the Pilot Alcohol Cessation Counselling Service, which provides free counselling to people identified as having a probable alcohol dependence, through a subvented non-government organisation.

    The Primary Healthcare Commission is promoting the "life course preventive care plan" in District Health Centre (DHC)/DHC Express across the 18 districts. Through health risk assessment and pairing of family doctors, a personalised life course preventive care plan will be formulated. The DHC healthcare team and family doctors will collaborate to provide health education, advice and services on disease prevention according to personal risk factors such as age, gender and family history. As of November 2024, the DHC has over 330 000 members (provisional figures) who have received various services according to their individual needs.

    "To prevent NCDs, members of the public should lead a healthy lifestyle, such as maintaining sufficient physical activity, having a balanced diet, keeping a healthy body weight, not smoking and avoiding alcohol consumption. Eligible persons are also urged to join government-subsidised cancer screening programmes as soon as possible (including the Colorectal Cancer Screening Programme (CRCSP) and the Cervical Screening Programme (CSP). For more information, the public may visit the websites of the CRCSP and the CSP). One can also consult a doctor about the latest recommendations on cancer screenings and regular health assessments," a spokesman for the DH said.

    For more information on a healthy lifestyle and cancer prevention, please visit the Change4Health website.

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