HKMA Launches GenA.I. Sandbox at FiNETech2 Event

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:

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

SCST commences visit to Beijing

The Secretary for Culture, Sports and Tourism, Miss Rosanna Law, commenced her visit to Beijing today (April 2). She called on the Hong Kong and Macao Affairs Office of the State Council (HKMAO) and the General Administration of Sport of China (GASC).

Miss Law briefed the Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the HKMAO, Mr Xia Baolong, on the major work in the last four months and future plans of the Culture, Sports and Tourism Bureau (CSTB). She expressed sincere gratitude to Mr Xia and the HKMAO for their guidance and unwavering support. Mr Xia encouraged the Secretary to lead the CSTB in taking forward its duties by staying principled and innovative, to utilise the rich local resources in tourism in particular and pursue innovation, with a view to telling the good stories of Hong Kong.

Also joining the visit to Beijing are the Permanent Secretary for Culture, Sports and Tourism, Ms Vivian Sum; the Commissioner for Tourism, Mrs Angelina Cheung; the Head of the National Games Coordination Office (Hong Kong), Mr Yeung Tak-keung; the Director of Leisure and Cultural Services, Ms Manda Chan; the Deputy Secretary for Culture, Sports and Tourism, Miss Winnie Tse; the Commissioner for Sports, Mr George Tsoi; and the Commissioner for Cultural and Creative Industries, Mr Victor Tsang.

Accompanied by the delegation, Miss Law called on the Minister of the GASC, Mr Gao Zhidan, and briefed him on the preparatory work of the 15th National Games and the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games in Hong Kong. Asserting that the Government of the Hong Kong Special Administrative Region attaches great importance to the mega sports event co-hosted by Guangdong, Hong Kong and Macao for the first time, Miss Law said not only does it demonstrate Hong Kong’s ability in hosting major sports events, but it also deepens collaboration between the three places and promotes development of the Greater Bay Area, laying the foundation for hosting more mega events in future.

In the afternoon, Miss Law and the delegation visited the Museum of the Communist Party of China (CPC) and met with the Director of the Museum, Mr Li Zongyuan. Miss Law said it was the second time she visited the Museum and she had a stronger impression this time. Noting that Hong Kong is planning for the construction of a museum to showcase the development and achievements of the country, Miss Law said the content of the Museum of the CPC’s permanent exhibition matches with one of the themes about the CPC’s history and development in the museum-in-planning. She hoped that support and professional guidance from the Museum of the CPC could be given in future exhibitions and collaborations.

At night, Miss Law and some members of the delegation watched a performance by Wiener Symphoniker at the National Centre for the Performing Arts to experience high-level arts and cultural exchanges.

Miss Law and the delegation will continue their visit to Beijing tomorrow (April 3).

SCST commences visit to Beijing Source: HKSAR Government Press Releases

SCST commences visit to Beijing Source: HKSAR Government Press Releases

SCST commences visit to Beijing Source: HKSAR Government Press Releases