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China Fund News reporter Guo Wenjun

On August 16, Hong Kong SAR Government Financial Secretary Paul Chan said at the Digital Entertainment Leaders Forum hosted by Hong Kong Cyberport Management Company Limited (hereinafter referred to as Cyberport) that Hong Kong is building an artificial intelligence supercomputing center, with the goal of opening the first phase of facilities this year. At the second FiNETech event held a few days ago, the Hong Kong Monetary Authority (hereinafter referred to as the HKMA) and Cyberport announced thatLaunch of new Generative Artificial Intelligence (GenA.I.) Sandbox。

As a world-leading international financial center, Hong Kong is promoting artificial intelligence to empower the financial industry and promote the development of smart cities and digital governments with an open and inclusive attitude.

Promoted by regulatory sandbox

Artificial intelligence and the financial industry empower each other

HKMA Chief Executive Eddie Yue"The new GenA.I. Sandbox is a groundbreaking initiative to promote responsible innovation in GenA.I. in the banking industry," said the bank. "The Sandbox will assist banks in testing various innovative use cases of GenA.I. within a risk-controlled framework and provide the necessary technical support and targeted supervisory advice. We encourage banks to make full use of the Sandbox to realize the potential of GenA.I. in improving risk management, anti-fraud and customer experience."

To cope with future changes, the HKMA is committed to promoting talent training and responsible innovation of GenA.I., including a recent training course focusing on practical strategies for applying AI in the financial industry, which attracted more than 120 financial professionals to participate. The HKMA is also studying the latest international development cases of AI (including GenA.I.) and will share good practices to encourage its application.

Cyberport Chairman Chan Sai MingHe said: "Generative AI is developing rapidly and has brought breakthroughs to many fields. As the flagship of Hong Kong's digital technology, many of the 2,000 community enterprises in Cyberport have integrated generative AI into their solutions, many of which include financial technology. Cyberport's cooperation with the HKMA to launch the GenA.I. Sandbox will further promote the application of AI in the local financial sector, accelerate the implementation of technology, improve the efficiency and security of financial services, consolidate Hong Kong's leading position as an international financial center, and further promote the popularization of AI technology to tap its potential to enhance financial business functions more broadly."

According to professionals, in the sandbox, many regulatory regulations will be more flexible, and regulators will give financial institutions and their suppliers more room to break through the rules and regulations of the existing regulatory framework in order to explore products and services that are both compliant with regulatory requirements and more innovative.

It can be seen from this that promoting the rational application of artificial intelligence through the regulatory sandbox method can not only help financial institutions improve their service capabilities, but also contribute to the development of artificial intelligence itself, while also helping regulatory regulations to innovate with the times.

Increasing the use of artificial intelligence

Helping financial institutions reduce costs and increase efficiency

according toMr. Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary AuthorityAccording to the report, since the advent of ChatGPT, a frequently discussed topic in recent meetings with the banking industry has been how to apply generative artificial intelligence technology to the services and operations of banks. Artificial intelligence has had a transformative impact on all industries around the world, and the banking industry is no exception.

Ruan Guoheng said that the pace of digital transformation of banks has accelerated significantly in the past 10 years, especially after the introduction of artificial intelligence technology. Banks can provide more personalized services to customers and process and analyze large amounts of data more effectively, such as detecting suspicious transactions or fraudulent activities, which greatly improves the bank's business operation efficiency and customer experience.

The reporter learned from Standard Chartered Bank that Lianyirong Technology, a Hong Kong-listed company headquartered in Qianhai, Shenzhen, has launched a one-stop artificial intelligence platform called "Fengyu AI Review Platform" to help Standard Chartered Bank and other financial institutions reduce time costs in the key steps of review operations in trade finance, payment management and other businesses, and improve operational flexibility and business resilience. At the same time, the large model technology on the platform can be deeply applied to supply chain finance business, realize intelligent risk assessment, and help Standard Chartered Bank reduce costs and increase efficiency in daily work such as operation delivery.

according toInvestHK Global Head of Financial Services, Technology and Sustainability, Dr. David LeungAccording to the introduction, in 2023, the research team of the School of Business and Management of the Hong Kong University of Science and Technology successfully developed Hong Kong’s first open source big language model dedicated to financial investment and applied to generative artificial intelligence - "InvestLM", and has made the model parameters public to support the industry and researchers in applying big language model related technologies.

Actively and prudently cultivate

Healthy AI Ecosystem

Liang Hanjing said that Hong Kong has been committed to building a healthy and sustainable market environment, encouraging the financial industry to seize the opportunities brought by artificial intelligence, while maintaining overall financial security and using artificial intelligence responsibly.

As early as April 2024, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, Paul Chan, pointed out that, first, finance is a data-based industry and is suitable for embracing artificial intelligence to significantly improve efficiency and competitiveness; second, artificial intelligence is a "double-edged sword" and improper use will bring huge risks; third, the popularity of artificial intelligence will continue to increase, and the amount of investment attracted in the future will continue to rise, creating new companies that will innovate the industry ecosystem.

Liang Hanjing said that the Hong Kong SAR Government has been exploring the application of artificial intelligence in all aspects, and has been reviewing and optimizing it from time to time. In terms of policies, guidelines and regulations, the Hong Kong SAR Government has formulated the "Artificial Intelligence Ethics Framework" and updated it last year to provide clearer guidance for government departments when developing artificial intelligence technology and application solutions.

In addition, he revealed that in order to cope with the increasing number of industries applying artificial intelligence technology, the government has been committed to strengthening the talent pool for innovation and technology, such as through the "Research Talent Pool", "Technology Talent Admission Scheme" and talent lists, cultivating local and absorbing technology talents from home and abroad, including artificial intelligence experts. Invest Hong Kong has been actively cooperating with various talent import programs to enhance Hong Kong's understanding and mastery of artificial intelligence technology to meet the latest manpower needs.

Liang Hanjing said: "The Office for the Introduction of Key Enterprises under the Hong Kong SAR Government announced in March 2023 that a total of 25 key enterprises would be introduced to participate in the signing, including UBTECH Robotics, which is engaged in artificial intelligence robots. They will become key corporate partners of the SAR Government. We are confident that these efforts will be transformed into advantages to promote greater progress in Hong Kong's research and application in the field of artificial intelligence."

Editor: Captain

Review: Xu Wen

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