The Hong Kong government is set to unveil new policies governing the use of artificial intelligence (AI) in the financial sector. This move aims to promote the adoption of AI technologies in traditional trading, investment banking, and cryptocurrency markets.
The Financial Services and the Treasury Bureau (FSTB) is leading the development of the AI framework. Officials are currently drafting the policy document while gathering feedback from industry stakeholders. The finalized guidelines are expected to be released at the Hong Kong FinTech Week event in October.
The FSTB is closely monitoring global developments in AI adoption to ensure that Hong Kong’s policies are effective and responsible. By studying the experiences of other jurisdictions, the government aims to create a framework that promotes innovation while mitigating risks.
The US-China tech conflict has limited the availability of advanced AI tools like ChatGPT and Gemini in Hong Kong. This has created an opportunity for grassroots development and adoption of AI services within the jurisdiction.
The Hong Kong Monetary Authority (HKMA) has already issued guiding principles for the use of generative AI in consumer-facing applications. These principles emphasize the importance of governance, transparency, and data protection.
The HKMA has also stressed the need for accountability, requiring authorized institutions to hold their boards and senior management responsible for any AI-related decisions. Additionally, the HKMA has urged institutions to prioritize the protection of customer data.
Hong Kong’s initiative to introduce AI guidelines for the finance sector demonstrates its commitment to embracing technological advancements. By promoting responsible AI adoption, the government aims to enhance the competitiveness of the financial industry and foster innovation.
As the cryptocurrency market continues to evolve, AI technologies are likely to play an increasingly important role. Hong Kong’s proactive approach can position the jurisdiction as a leader in AI-driven financial services.
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Author: Sb
