Hong Kong Monetary Authority and Cyberport launched the GenA.I. Sandbox to promote the application of AI in the financial industry.
On August 13, according to the website of Hong Kong Radio, the Hong Kong Monetary Authority (HKMA) and Cyberport announced the launch of a new Generative AI (GenA.I.) sandbox. Through exchange and collaboration with the industry, they will reference the experience of the GenA.I. sandbox, share best practices, and ensure relevant and appropriate regulatory guidelines to keep up with the latest developments.
HKMA Chief Executive Eddie Yue stated that the new GenA.I. sandbox is a groundbreaking initiative aimed at promoting the responsible innovation of GenA.I. in the banking industry. The sandbox will assist banks in testing various GenA.I. use cases within a risk-controlled framework, and provide the necessary technical support and targeted regulatory advice.
The HKMA encourages banks to fully utilize the sandbox to unleash the potential of GenA.I. in enhancing risk management, fraud detection, and customer experience.
