HKMA and Cyberport announce first batch of Generative AI sandbox participants
On Dec. 19, the Hong Kong Monetary Authority (HKMA) and Cyberport announced the first batch of participants in their Generative AI (GenA.I.) sandbox. Out of over 40 proposed solutions, 15 use cases were selected, provided by 10 banks and 4 technology partners.
The proposed use cases primarily focus on enhancing risk management, anti-fraud measures, and customer experience. These include automating the processing of unstructured data to improve credit assessment and fraud detection, as well as refining traditional chatbots to handle more personalized and complex inquiries. The technical testing is expected to take place from early to mid-next year, with the HKMA and Cyberport offering regulatory guidance and technical support while sharing practical insights with the industry.
HKMA Vice President Yuen Kwok-hang expressed satisfaction with the banking sector's exploration of GenA.I., noting that it reflects a positive and open attitude among banks of various sizes towards applying innovative technologies in their operations and services. He emphasized that the sandbox provides a controlled environment for the industry to experiment with these technologies.
Looking ahead, the HKMA plans to announce the application process for the second batch of GenA.I. sandbox participants by the end of Q1 2025. Prior to the application deadline, they will share insights and experiences from the first batch participants to assist the newcomers in formulating their testing use cases.
Related News:
HKMA chief discusses interest rate cuts and market stability
Comment