The Hong Kong Monetary Authority (HKMA) has picked the second batch of use cases for testing of generative artificial intelligence (GenAI), as it looks to further promote responsible technological innovation in the financial-services sector.
Advertisement
A total of 20 banks and 14 technology partners would participate in the GenAI sandbox initiative, a project jointly conducted by the HKMA and Hong Kong Cyberport Management, according to a statement by the city’s de facto central bank.
“The second cohort represents a major leap forward in making AI adoption safer and more robust,” said Arthur Yuen Kwok-hang, the authority’s deputy chief executive, in the statement. “The diverse representation of banks in this cohort highlights the industry-wide consensus on AI’s transformative potential.”
He added that combined efforts made by the banks, technology firms and academic institutions represented a testament to the HKMA’s commitment to fostering the local fintech ecosystem.
A defining theme of the 27 use cases in the second cohort was a proactive approach to AI governance, aimed at improving accuracy and consistency at a scalable level, according to the statement.
Advertisement
“In a response to the emerging risk of deepfake-related fraud, the sandbox will also serve as a testing ground for advanced defence mechanisms,” the HKMA said in the statement. “Several participants will conduct adversarial simulations, using AI to stress-test and fortify their systems against sophisticated digital fraud.”