The Hong Kong Special Administrative Region (HKSAR) government on Monday released a policy statement on the responsible use of artificial intelligence (AI) in the financial market to promote the development of financial technology while managing risks.
As an international financial centre, Hong Kong is open and inclusive in terms of the application of artificial intelligence in the financial market, the statement said.
It said the HKSAR government will pursue a two-pronged approach to promote the adoption of AI in the financial services sector while addressing potential challenges such as cybersecurity, data privacy and intellectual property rights protection.
The HKSAR Government will work hand in hand with financial regulators and industry players to create a healthy and sustainable market environment, thereby enabling financial institutions to seize opportunities and responsibly deploy AI, said Christopher Hui, Secretary for Financial Services and Treasury of the HKSAR Government.
Hong Kong solidifies its position as an international fintech hub
The Hong Kong Monetary Authority (HKMA) on Monday promised to accelerate asset tokenization, promote cross-border digital payments and empower banks to promote fintech.
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The HKMA said it had established new cross-border partnerships with australia email address the Central Bank of Brazil and the Bank of Thailand, respectively, to explore cross-border use cases for tokenisation through the Ensemble project. The project supported the HKMA's tokenisation and central bank digital currency initiatives.
The HKMA is also set to trial a link between Hong Kong's fast payment system and the mainland's internet banking payment system.
Fintech Connect, Hong Kong's first cross-sector sourcing platform, was launched on Monday, which the HKMA said will connect financial institutions with fintech solution providers. The platform is expected to facilitate a better match between supply and demand for fintech services.
The China news “Hong Kong invests in AI and digital payments” was prepared by the PRC.TODAY Portal based on materials from the China Daily website.
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