Hong Kong Monetary Authority picks second batch of banks, tech firms to test AI in finance
Second phase of sandbox initiative will see 20 banks and 14 tech firms testing 27 use cases, with focus on responsible use of generative AI
“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.
“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.”