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Hong Kong Unveils AI Framework for Finance
Hong Kong is set to introduce its first-ever policy on artificial intelligence (AI) usage within the financial sector. According to a Bloomberg report, the move could significantly boost AI adoption across industries like investment banking, trading, and cryptocurrencies.
The Financial Services and Treasury Bureau is finalizing the guidelines, which will outline ethical considerations and fundamental principles for AI in finance. Industry experts have been involved in the process, providing feedback as the policy is developed.
The policy is expected to signal the government’s support for AI technology. This aligns with global regulatory efforts as countries navigate the growing influence of AI in various sectors. The policy may also clarify how AI tools can be used locally, especially amid the ongoing US-China tech dispute that has limited access to certain AI services in Hong Kong.
Scheduled for release during Hong Kong Fintech Week in October, the policy framework will likely build upon existing regulatory measures. This includes the Securities and Futures Commission’s cloud services guidelines and the sandbox initiative introduced by the Hong Kong Monetary Authority and Cyberport for exploring AI applications in banking.
A government representative noted that Hong Kong closely monitors international developments to ensure responsible AI integration in financial services, aligning with global best practices.
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