The Hong Kong Monetary Authority (HKMA) and digital community Cyberport launched the “Generative Artificial Intelligence Sandbox” (GenAI Sandbox) to promote financial industry digital transformation and risk management.
Cyberport claimed the “GenAI Sandbox” will allow AI technology suppliers and banks to collaborate on risk management, fraud detection and prevention, and consumer contact.
By detecting hazards, banks can safely and effectively explore GenAI technologies and obtain early feedback from financial regulation and compliance for practical recommendations and regulatory frameworks.
It is mentioned that in order to encourage Fintech development in Hong Kong, Cyberport and the HKMA have been collaborating.
Cyberport previously worked with the HKMA to launch the “AML Regtech Lab (AMLab)” and the “FinTech Supervisory Sandbox 3.1 Pilot” in order to strengthen the application of RegTech.
Cyberport also provided full support to the HKMA’s wholesale Central Bank Digital Currency (wCBDC) Project, which was unveiled in March and encouraged entrepreneurs to actively engage in the project’s sandbox to investigate fintech advancements and advance the development of digital currency settlement.
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Cyberport is the premier digital technology hub in Hong Kong, home to over 2,000 members, including over 900 start-ups and technology enterprises based on site and over 1,100 outside.
“The rapid development of GenAI has brought breakthroughs across multiple fields. As Hong Kong’s digital technology flagship, many of Cyberport’s 2,000 community companies have integrated GenAI into their solutions, including many in the Fintech sector,” said Simon Chan, Chairman of Cyberport. The establishment of GenAI Sandbox in collaboration with the HKMA will further facilitate AI applications in the local financial sector and accelerate the adoption of AI technologies, It will also enhance the efficiency and security of financial services which strengthen Hong Kong’s leading position as an international financial center, and further promote AI technology, unlocking its potential to boost financial business,” he added.
Managed by Hong Kong Cyberport Management Company Limited, which is fully owned by the government of the Hong Kong Special Administrative Region, it is dedicated to the goal of using innovation and technology to drive the growth of smart cities and the digital economy, as well as to link businesses with markets in Mainland China and abroad.
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By developing talent, encouraging youth entrepreneurship, supporting start-ups, encouraging technology industry development through strategic collaboration with local, Mainland Chinese, and international partners, and integrating new and traditional economies by speeding up digital transformation in the public and private sectors, Cyberport aims to foster a vibrant tech ecosystem.
“We’re supporting this AI revolution with our AI Red Team solutions at Cymetrics, the security assessment brand under OneDegree Global, that identify critical vulnerabilities and risks and ensure compliance in security, privacy, and bias,” said Alex Leung, Co-founder of OneDegree Global.“Alongside the exciting use cases around GenAI including large language model (LLM) applications bring new types of vulnerabilities and uncertainties to businesses who are eager to become early adopters, By providing scalable AI risk assessments through our automated testing platform, Cymetrics Vulcan, we help financial institutions navigate the complexities of GenAI risks, enhancing risk management and reinforcing security measures that are essential in this new environment,” he added.
OneDegree Global is a top technology firm that provides insurers and businesses with Cymetrics cybersecurity services and IXT modern insurance core solutions. The company was founded in Singapore and has offices around Asia.
About Cyberport
Cyberport aims to be Asia-Pacific’s tech hub. By creating an ecosystem for technological companies, they hope to inspire the next generation to innovate. They support bold entrepreneurs from birth to maturity in their creative process.
