On 28 Apr 2025, the HKMA launched the second cohort of its GenAI Sandbox initiative, introducing the Collaboratory to enhance AI-fintech collaboration and mandating robust AI safety validation and governance frameworks for all use cases. Applications close on 31 August 2025, with selected projects expected to be announced in Q4 2025, building on the success of the inaugural cohort.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction
On 28 Apr 2025, the Hong Kong Monetary Authority (HKMA) announced the launch of the second cohort of its Generative Artificial Intelligence (GenAI) Sandbox initiative, inviting Authorized Institutions (AIs) to apply for participation in a risk-controlled environment to develop and test innovative AI-based solutions, building upon the success of the inaugural cohort.
Key Program Features
The second cohort introduces the GenAI Sandbox Collaboratory to foster collaboration between AIs and fintech firms, featuring workshops focused on developing targeted banking use cases through ideation and prototyping. All use cases must incorporate robust AI safety validation into technical trials, and AIs are encouraged to develop use cases with AI-assisted second and third lines of defence to enhance AI governance. The HKMA also provides an updated catalogue of fintech firms specializing in AI risk management for partnership considerations.
Application Details
Applications for the second cohort are open until 31 August 2025, with prioritization based on criteria outlined in the Annex. Selected projects will be tentatively announced in the fourth quarter of 2025. The initiative follows the HKMA's earlier launch of the first cohort in December 2024, which generated strong sector interest, and aligns with the HKMA's ongoing emphasis on responsible AI adoption in the financial sector.
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