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Exclusive | HKMA in talks with SFC, Insurance Authority to promote fintech over next 5 years
The HKMA is expanding the city’s generative AI sandbox to include other industries, chief executive Eddie Yue Wai-man says
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The Hong Kong Monetary Authority (HKMA) expects to work with other financial regulators to promote artificial intelligence adoption in various sectors over the next five years and further advance fintech development, according to the head of the city’s de facto central bank.
Under the five-year plan called Fintech 2030 that starts this year, the HKMA would expand the scope of the city’s generative AI sandbox to include more industries as a step towards enhancing risk management, fraud detection and customer experience, chief executive Eddie Yue Wai-man told the Post in a written interview.
“Ongoing discussions are being held with financial regulators, including the Insurance Authority and the Securities and Futures Commission, to broaden the initiative’s reach and encourage wider industry adoption and knowledge exchange,” Yue said.
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“The diversity of perspectives from various sectors can lead to more creative and effective solutions, particularly in the rapidly evolving field of AI. Different sectors also have access to different types of data, which can be valuable for training and improving AI models.”
Fintech 2030 marked the third stage of the city’s fintech strategy for the financial sector, following earlier initiatives in 2021 and 2017.
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Citing an example of potential collaborations, Yue said a bank had partnered with a telecommunications service provider to explore cross-sectoral anti-fraud measures. He did not identify the two firms.
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