HONG KONG — The Hong Kong Special Administrative Region (HKSAR) government on Monday unveiled a policy statement on the responsible application of artificial intelligence (AI) in the financial market to boost the development of financial technology while managing risks.
As an international financial center, Hong Kong is open and inclusive towards the application of AI in the financial market, the statement said.
He indicated that the HKSAR government would adopt a dual approach to promote the development of AI adoption by the financial services sector, while addressing potential challenges, such as cybersecurity, data privacy and security. protection of intellectual property rights.
The HKSAR government will work hand in hand with financial regulators and industry stakeholders to foster a healthy and sustainable market environment, thereby enabling financial institutions to seize opportunities and adopt AI responsibly, a said Christopher Hui, Secretary of Financial Services and Treasury of the HKSAR Government.
The Hong Kong Monetary Authority (HKMA) on Monday pledged to accelerate asset tokenization, promote cross-border digital payments and enable banks to move into fintech.
The HKMA said it has established new cross-border partnerships with the Central Bank of Brazil and the Bank of Thailand, respectively, to explore cross-border tokenization use cases under the Ensemble project. The project had supported the central bank’s tokenization and digital currency initiatives within the HKMA.
The HKMA is also seeking to test a link between Hong Kong’s faster payments system and the mainland’s internet banking payment system.
Fintech Connect, Hong Kong’s first cross-industry sourcing platform, was launched on Monday to connect financial institutions with fintech solution providers, according to the HKMA. This platform should help promote a precise match between supply and demand for fintech services.