Hong Kong Monetary Authority and Cyberport jointly organized GenA.I. seminar. Norman Chan: Hoping A.I. will bring more innovative use cases to banks.

On October 31, the Hong Kong Monetary Authority (HKMA) and Hong Kong Cyberport jointly organized the "Generative Artifical Intelligence (GenA.I.) Workshop". The HKMA released the "First Phase GenA.I. Sandbox Report" at the workshop, indicating that GenA.I. technology has great potential in enhancing risk management, fraud prevention, and customer experience, with broad application prospects. HKMA Chief Executive Eddie Yue expressed his anticipation for the second phase of the sandbox program to further promote the responsible application of GenA.I. and lay a solid foundation for the future development of banking services. It is reported that the workshop allowed the first group of banks participating in the GenA.I. Sandbox to share insights and showcase innovative use cases through interactive exhibitions to promote industry exchange and cooperation. The workshop attracted over 500 industry professionals from banks, insurance companies, and the technology sector, featuring multiple thematic discussions. Representatives from regulatory agencies, industry associations, financial institutions, consulting firms, and technology companies delved into the development trends of GenA.I. and the application prospects in the financial industry. There was also a dialogue session with A.I. virtual characters to explore the future "human-A.I. collaboration" model for bank employees. The HKMA released the "First Phase GenA.I. Sandbox Report" at the workshop, summarizing the successful experiences of the sandbox and highlighting the significant potential of GenA.I. technology in enhancing risk management, fraud prevention, and customer experience. The report also integrated the technical testing results conducted by banks at the Cyberport Artificial Intelligence Supercomputing Center, providing practical guidance on model fine-tuning, security protection settings, and other key technical aspects to assist the industry in constructing safer and more tailored GenA.I. solutions. The HKMA also showcased its experimental GenA.I. chatbot, Siasun Robot & Automation, to the industry to allow users to interactively obtain insights and practical guidance from the sandbox, as well as discuss how to utilize GenA.I. systems with knowledge boundaries to address common issues such as content illusions and misinformation. HKMA Chief Executive Eddie Yue stated, "The first phase of the GenA.I. Sandbox successfully explored multiple innovative use cases, providing important references on how artificial intelligence can bring tangible value to banks and clients. The exploration results have also led to collaborations between the HKMA and the Bank for International Settlements Innovation Hub, as well as other like-minded regulatory agencies, to initiate the Noor project for the development of an explainable A.I. tool. We look forward to the second phase of the sandbox program to further promote the responsible application of GenA.I. and lay a solid foundation for the future development of banking services."