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Ted Hisokawa Aug 13, 2024 17:58
GenA.I. is launched by the HKMA and Cyberport. Sandbox for responsible A.I. Innovation in the financial sector.
In collaboration with Hong Kong Cyberport Management Company Limited, the Hong Kong Monetary Authority has launched Generative Artificial Intelligence. Sandbox. According to the Hong Kong Monetary Authority, this initiative announced at FiNETech2 aims to speed up the adoption of artificial intelligent in the financial industry.
FiNETech2, a co-hosted event by the HKMA and Cyberport in collaboration with the FinTech Association of Hong Kong gathered more than 300 professionals from different sectors including banking, securities and insurance. The event showcased the potential for A.I. to transform industries. The financial industry. The event, which was supported by industry associations and financial regulators, showcased A.I. technologies. The event explored the applications of A.I. technologies in areas such as risk management, fraud prevention, customer service and process reengineering.
Eddie Yue was one of the speakers at the event. He stressed the importance of responsible innovations in GenA.I. "The new GenA.I. Sandbox is an innovative initiative that promotes responsible Innovation in GenA.I. The banking industry will benefit from this initiative. It will enable banks to test their GenA.I. Use cases will be supported within a risk managed framework, with essential technical assistance and focused supervisory feedback.
GenA.I. The GenA.I. The HKMA hopes to gain valuable insights from this initiative and share best practice, ensuring its guidance is relevant and current with the latest developments of A.I.
The sandbox provides banks with all the resources needed to experiment with GenA.I. Applications, especially in areas like risk management and fraud prevention measures. The HKMA plans to also conduct case studies of international A.I. These findings will be shared to encourage wider adoption in the industry.
The HKMA is committed to ongoing capacity building and responsible innovation. The HKMA has a commitment to capacity building, responsible innovation and ongoing capacity development. A recent training event attended by more than 120 financial professionals was centered on practical A.I. adoption strategies. FiNETech will continue to be organized by the HKMA in future editions, with upcoming events focusing primarily on Greentech and Distributed Ledger Technology.
The HKMA is part of a broader initiative to encourage tangible progress on fintech adoption by banks and other institutions in Hong Kong. Fostering partnerships between financial institutions, A.I. The HKMA aims at improving the efficiency and effectiveness of financial institutions by fostering partnerships between financial institutions and A.I.
Visit the Hong Kong Monetary Authority for more information on the GenA.I. Sandbox initiative and its launch. Visit the Hong Kong Monetary Authority to learn more about their Sandbox Initiative.
Image Source: Shutterstock
