On 20 Sep 2024, the HKMA launched the Generative AI Sandbox initiative to enable Authorized Institutions to test AI-based banking solutions in a controlled environment with Cyberport's support, focusing on risk management, anti-fraud, and customer experience enhancements. Applications for the first cohort close on 15 November 2024, with trials expected to run for six months and require regular reporting to the HKMA.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Initiative Overview
On 20 Sep 2024, the Hong Kong Monetary Authority (HKMA) invites Authorized Institutions (AIs) to apply for participation in the Generative Artificial Intelligence (GenA.I.) Sandbox initiative, launched in collaboration with Cyberport to provide a risk-controlled environment for developing and testing AI-based banking solutions. The initiative aims to enable AIs to leverage Cyberport's computing resources and receive targeted supervisory feedback during trials, with the HKMA subsequently sharing good practices and considering further supervisory guidance based on trial outcomes.
Participation Details
The GenA.I. Sandbox encourages AIs to explore diverse AI implementations, including Retrieval-Augmented Generation, model adaptation, and fine-tuning, with specific focus on enhancing risk management, anti-fraud measures, and customer experience through GenA.I. models. Applications for the first cohort are open until 15 November 2024, with prioritisation based on predefined criteria outlined in the Annex; selected projects must commence by December 2024 and conclude within six months, requiring regular progress updates and a final report. AIs are encouraged to collaborate with Fintech firms and solution providers referenced in Cyberport's catalogue.
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