Hong Kong fintech association unveils AI advisory council

It will serve as the industry voice to share best practices, amongst others.

The Fintech Association of Hong Kong (FTAHK) has launched the FTAHK AI Strategic Advisory Council, a dedicated committee aimed at exploring and promoting responsible AI in Hong Kong’s financial sector.

The council will operate over a one-year period, composed of 10 founding members from various industries.

The council will advise the FTAHK Board to uncover the transformative potential of AI for the financial services sector to understand how to harness the technology, according to a press release.

It will also serve as the industry voice to share best practices.

The founding council members come from the industries of digital banking, business, academia, data science, operations, compliance and transformation from banks, professional services companies, academia, startups and technology companies in the financial industry.

Bi-monthly workshop sessions will facilitate in-depth discussions and collaborative efforts toward achieving the council's objectives, which include the exploration of AI’s role; use case demonstrations; advocacy for responsible innovation; and thought leadership enhancement.

The council will report its findings and recommendations directly to the FTAHK board and to respective regulators and members.

The FTAHK AI Strategic Advisory Council was launched as part of the Asia Financial Forum’s International Financial Week and opened by remarks from Raymond Chan, Hong Kong Monetary Authority (HKMA) Executive Director (AML and Enforcement) and Henry Tsang, Securities and Futures Commission (SFC) Director Intermediaries (Intermediaries Supervision).