Hong Kong finance sector on the hook to deploy AI responsibly, says market watchdog’s CEO

Artificial intelligence is not a threat to asset managers’ jobs, but firms must still take care in deploying the technology, says SFC CEO Julia Leung

‘For any conduct breaches, the SFC would look to hold the licensed firm responsible – not the AI,’ she says

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A drone’s-eye view of Hong Kong’s Central district and Victoria Harbour at dawn. Photo: Shutterstock

Published: 1:36pm, 5 Jun 2023

Hong Kong’s asset managers should not fear losing their jobs to artificial intelligence (AI), but the finance sector must take care to deploy the technology responsibly while embracing the opportunities it presents, according to the CEO of the Securities and Futures Commission (SFC).

“We are on the cusp of another revolution that will change the way we live, work and play,” Julia Leung Fung-yee said at the Hong Kong Investment Funds Association conference on Monday. “As the AI competition heats up, technologists compare generative AI to the discovery of chips.”

Asset managers may adopt generative AI chatbots as tools, and need not fear being replaced because AI will “free up time and capacity for asset managers to better strategise and perform”, Leung said.

“I believe generative AI can be used responsibly to augment, rather than replace, asset managers in strategic decision making.”

Julie Leung Fung-yee meets the press at the Securities and Futures Commission office in Hong Kong’s Quarry Bay district on December 15, 2022 upon her appointment as the SFC’s CEO. Photo: May Tse

As the city’s regulator, the SFC aims to promote the “responsible deployment” of technology, as long as it enhances market efficacy and transparency, cost savings and investor experience, she added.

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