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HK Regulators Launch GenA.I. Sandbox++ to Foster AI Innovation in Financial Services
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The Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), the Insurance Authority (IA), and the Mandatory Provident Fund Schemes Authority (MPFA), in collaboration with the Hong Kong Cyberport Management Company Limited (Cyberport), announced the launch of the Generative Artificial Intelligence (GenA.I.) Sandbox++ initiative to cover multiple financial sectors including banking, securities and capital markets, asset and wealth management, insurance, mandatory provident fund (MPF) and stored value facilities. The initiative maintains its focus on three high-impact areas: risk management, anti-fraud, and customer experience. Participating financial institutions will receive targeted supervisory guidance, technical support, and complimentary access to graphics processing unit computing resources at Cyberport's AI Supercomputing Centre, enabling them to develop, pilot, and refine their use cases in a risk-controlled environment, thereby accelerating responsible AI adoption across Hong Kong's financial ecosystem. The Chief Executive Officer of the SFC, Julia Leung, said that expanding the GenA.I. Sandbox to broader capital market participants is a true testament to its collective resolve to drive responsible market innovation and a tech-enabled and future-proof financial market. SFC encourages licensed corporations to actively participate in this Sandbox to harness the boundless potential of AI in enhancing operational efficiency, bolstering resilience and unlocking growth. AASTOCKS Financial News Website: www.aastocks.com |
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