The Hong Kong government is expected to unveil new policies related to artificial intelligence in the finance sector by the end of October. These initiatives are designed to enhance the integration of AI within Hong Kong’s traditional trading, investment banking, and cryptocurrency arenas.
The Financial Services and the Treasury Bureau (FSTB), which is responsible for formulating financial policies, is preparing to release a framework that outlines the ethical utilization of AI in financial markets. According to a Bloomberg report citing anonymous sources, officials are in the process of drafting the policy document and are currently seeking input from industry stakeholders.
The finalized AI guidelines are slated to be announced during the Hong Kong FinTech Week, which will occur from October 28 to November 1.
In its efforts to establish effective policies, Hong Kong is examining global trends in AI adoption. An unnamed spokesperson from the FSTB noted that the ongoing tech conflict between the US and China limits access to major AI tools like OpenAI’s ChatGPT and Google’s Gemini within Hong Kong. Consequently, the region is focusing on grassroots development and the adoption of AI services.
In related news, the Hong Kong Monetary Authority (HKMA) released guiding principles in August for the use of generative AI in consumer-facing applications to protect end-users. These principles stress the importance of governance, transparency, and data protection in such applications. Alan Au, the executive director of the HKMA’s banking conduct department, emphasized the growing prevalence of generative AI applications.
The HKMA has also indicated that it will hold boards and senior management accountable for decisions related to generative AI, particularly those that impact consumers. Moreover, authorized institutions have been urged to prioritize the safeguarding of customer data.
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