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Banking Technology Information Technology

Staff Reporter

, Hong Kong

Published:

3 months ago

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Photo by Minghong via Wikimedia Commons. Apart from cropping the photo, no other edits were made. License: https://creativecommons.org/licenses/by-sa/4.0/deed.en

Hong Kong central bank launches gen AI sandbox

Banks are encouraged to make full use of the sandbox.

The Hong Kong Monetary Authority (HKMA) has collaborated with the Hong Kong Cyberport Management Company to launch a generative AI sandbox.

HKMA expects to draw insights from gen AI and share good practices during the sandbox.

The sandbox was launched at FiNETech2, an event co-hosted by the HKMA, Cyberport, and the FinTech Association of Hong Kong that highlights AI use in the financial industry. Over 300 professionals from the banking, securities, insurance, and technology sectors attended the event.

The GenAI sandbox will promote responsible innovation in gen AI across the banking industry, said HKMA chief executive Eddie Yue.

“It will empower banks to pilot their novel Gen AI use cases within a risk-managed framework, supported by essential technical assistance and targeted supervisory feedback,” Yue said.

Yue encouraged banks 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.”

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