HKMA and Cyberport launch second cohort of GenA.I. Sandbox to accelerate A.I. innovation in the financial sector. The initiative includes a Collaboratory for early engagements and a dedicated workshop on combatting deepfake attacks.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
SFC Regulation of Virtual Asset Trading Platforms: The Emerging Hong Kong Framework
SFC proposes new regulation of virtual assets through licensing of operators of cryptocurrency and other digital asset trading platforms
Market Misconduct Tribunal: A Guide to Penalties and Other Consequences for Misuse of Insider Information
Market Misconduct Tribunal proceedings for mishandling of insider information can result in fines and disgorgement orders
SPOTLIGHT ON
FAMILY OFFICES
The Hong Kong Monetary Authority ("HKMA"), in collaboration with the Hong Kong Cyberport Management Company Limited (Cyberport), announced on 28 April the launch of the second cohort of the Generative Artificial Intelligence (GenA.I.) Sandbox initiative. The GenA.I. Sandbox aims to provide a secure environment for banks to develop and test innovative AI solutions, thereby accelerating the adoption of AI in the financial sector.
Following the positive feedback from the initial cohort, which commenced in January, the second cohort will focus on enhancing risk management, anti-fraud measures, and customer experiences. Additionally, the second cohort introduces the GenA.I. Sandbox Collaboratory, a platform featuring workshops designed to bridge the gap between banks and technology providers by converting problem statements into practical use cases.
These workshops aim to explore real-world applications, such as combating deepfake scams with AI. An upcoming workshop, for example, will gather experts from tech firms, digital banks, and small and medium-sized banks to share innovative detection tools. The Collaboratory will facilitate early engagements and drive problem-solving initiatives.
Mr. Arthur Yuen, Deputy Chief Executive of the HKMA, emphasized that the launch of the second cohort demonstrates the HKMA's commitment to advancing responsible innovation in GenA.I. across the banking industry. The cohort aims to integrate AI into banks' risk management frameworks and explore 'AI versus AI' possibilities.
The announcement was made during the fifth FiNETech series (FiNETech5), which convened over 150 AI practitioners from the banking and technology sectors. The event featured insights from the first cohort and expert perspectives on GenA.I. developments, inspiring interested parties to participate in the second cohort of the GenA.I. Sandbox.
View the full article:Source
