Hong Kong has introduced its first set of guidelines for the responsible use of artificial intelligence (AI) within the financial sector during the annual FinTech Week. The new guidance calls for banks, brokers, asset managers, and other financial institutions to establish AI governance strategies to ensure that their systems are implemented thoughtfully and ethically. This approach will include advisory services and training for on-premise deployment to navigate the fast-evolving AI landscape.
Financial Secretary Paul Chan Mo-po underscored Hong Kong’s readiness to harness AI’s potential while carefully monitoring regulatory developments locally and globally. Chan emphasized the city’s unique position as a bridge between China, the world’s second-largest AI market, and international business. He noted that the Hong Kong government aims to leverage its role as a connector to support an efficient flow of data and information to fuel AI-driven financial advancements.
FinTech Week, now in its ninth year and organized by InvestHK and Finoverse, brings together around 700 companies, including prominent names such as SenseTime, Tencent, and ByteDance. This year’s event runs from October 28 to November 1, with AI taking center stage, underscoring Hong Kong’s vision of becoming a digital innovation hub for the financial sector.
Hong Kong University of Science and Technology (HKUST) will be a key player in these efforts, providing its AI models and computing resources to support the financial industry’s adoption of AI applications. HKUST, globally recognized in data science, also offers training to equip professionals in the sector with a better understanding of AI’s capabilities.
The guidelines reflect a commitment to collaboration between the government, financial regulators, and industry players to foster a stable and sustainable AI market. Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, urged financial institutions to capitalize on AI advancements, which can strengthen Hong Kong’s position as an international financial hub. Hui demonstrated the potential of AI technology by introducing an AI avatar developed locally, encouraging financial services to utilize these resources for innovation.
Alongside regulatory efforts, the Investor and Financial Education Council plans to increase public awareness of both the benefits and risks of AI in financial services, particularly for retail investors. Luanne Lim, HSBC Hong Kong’s CEO, highlighted generative AI (Gen AI) as a significant opportunity for productivity and customer interaction, citing over 100 cases at HSBC where GenAI enhances customer-facing roles and coding efficiency. She stressed that responsible AI adoption would require a collaborative ecosystem, aligning with Hong Kong’s ambition to be a leader in digital innovation.
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