HKMA, Cyberport launch GenA.I. Sandbox for financial sector

This aims to boost AI adoption.

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Cyberport Management Company Limited (Cyberport) have launched the Generative Artificial Intelligence (GenA.I.) Sandbox, a new initiative that aims to promote the adoption of artificial intelligence in the banking industry. 

Eddie Yue, chief executive of the HKMA, said the programme will promote responsible innovation by empowering banks to pilot their novel GenA.I. use cases within a risk-managed framework, supported by essential technical assistance and targeted supervisory feedback.  

“Through interactive engagement with the industry, the HKMA will draw insights from the GenA.I. Sandbox and share good practices, whilst keeping its guidance relevant and fit-for-purpose in the light of the latest development,” HKMA said in a statement.

Yue encouraged banks to make full use of this resource "to unlock the power of GenA.I. in enhancing effective risk management, anti-fraud efforts and customer experience."

HKMA said it has been rolling out initiatives to support the integration of the changes, including the recent training session that discussed practical A.I. adoption strategies in the financial industry. It is also conducting case studies on the latest international development of A.I., including GenA.I., and will share good practices to encourage adoption. 

GenA.I. Sandbox was launched at FiNETech2, the second edition of the FiNETech series. The event highlighted the transformative potential of A.I. in the financial industry.