The Hong Kong Monetary Authority ("HKMA") and the School of Business and Management of the Hong Kong University of Science and Technology (HKUST Business School) signed a Memorandum of Understanding ("MoU") on May 29, 2025, to advance cybersecurity innovation in Hong Kong's financial sector.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On May 29, 2025, the Hong Kong Monetary Authority ("HKMA") and the School of Business and Management of the Hong Kong University of Science and Technology (HKUST Business School) signed a Memorandum of Understanding ("MoU") to bolster collaboration in applied cybersecurity research, tailored to the needs of Hong Kong's financial sector.
The MoU outlines a strategic framework for joint research and knowledge development in cybersecurity, focusing on practical applications, threat awareness, and specialized talent cultivation to support the financial industry's continuous growth.
This partnership will explore innovative supervisory technology (Suptech) and regulatory technology (Regtech) solutions, leveraging advanced technologies such as large language models. These solutions aim to enhance the HKMA's supervisory capabilities and improve the cybersecurity resilience of Hong Kong's financial sector.
Ms. Carmen Chu, Executive Director (Banking Supervision) of the HKMA, expressed that cybersecurity is a critical element for the digitalization of banking services. The collaboration will combine the HKMA’s supervisory experience with the HKUST Business School’s academic expertise to tackle evolving cyber threats, ensuring the stability and integrity of Hong Kong’s financial system.
Professor Hui Kai-Lung, Acting Dean of the HKUST Business School, noted that the partnership is a forward-looking initiative. By uniting the school’s research capabilities with the HKMA’s regulatory insights, they aim to co-develop impactful solutions to real-world cybersecurity challenges, contributing to the resilience of Hong Kong’s financial ecosystem.
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