Hong Kong financial regulators have selected 36 projects for a new generative AI testing program involving 30 financial institutions and 27 technology partners.
Key facts
- •The program is overseen by the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority, and the Mandatory Provident Fund Schemes Authority.
- •A total of 36 use cases were selected for the initial cohort of the expanded GenAI Sandbox++ program.
- •Technical trials will be conducted on a platform managed by Cyberport’s Artificial Intelligence Supercomputing Centre.
- •The initiative aims to test AI capabilities in areas ranging from customer onboarding to insurance claims processing.
Hong Kong financial regulators have launched the GenAI Sandbox++ program to test autonomous artificial intelligence in the financial sector. The initiative, announced Thursday by a coalition of four regulatory bodies, includes 36 projects spanning banking, securities, insurance, and pensions. These trials will involve 30 financial institutions and 27 technology partners, with technical testing scheduled to begin later this year at Cyberport’s Artificial Intelligence Supercomputing Centre.
By the numbers
Focus on Autonomous AI Agents
The first cohort of the program will prioritize 'agentic AI,' which refers to systems designed to perform tasks and make decisions with increased autonomy. The trials are set to cover end-to-end financial processes, including customer onboarding, payment systems, insurance claims, and general customer interactions.
Industry Participation
Participants in the program include entities such as Ant Bank (Hong Kong), WeChat Pay Hong Kong, and HSBC Life (International). According to Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, the program is intended to foster collaboration between financial institutions and technology firms to bolster the city's status as an international financial and innovation hub.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by SCMP Business, SCMP Business.
