The Hong Kong Monetary Authority has announced the first group of banks and tech firms that will participate in its generative artificial intelligence sandbox.
The Hong Kong Monetary Authority (HKMA) has announced the inaugural cohort of its generative artificial intelligence (genAI) sandbox, according to a statement, which involves 10 banks and four tech firms.
The 10 banks are HSBC, Bank of China (Hong Kong), Standard Chartered, China Citic Bank International, China Construction Bank (Asia), Citibank (Hong Kong), Dah Sing Bank, Hang Seng Bank, Livi Bank and Societe Generale. The four tech firms are Aereve, Alibaba Cloud, Baidu and FORMS HK.
15 Use Cases
Based on 40 proposals received, 15 use cases have been selected with a focus on enhancing risk management, anti-fraud measures and customer experience.
The sandbox will explore genAI's capabilities in «processing vast amounts of documents and unstructured data, as well as its ability to handle cross-media inputs and outputs, such as text, audio and graphics».
«Notable examples include augmenting credit assessment and fraud detection by automated processing of unstructured data, and enhancing customer service to handle more personalized and complex inquiries, as an improvement over typical pre-defined chatbots,» the HKMA added.
Technical Trials
In collaboration with digital business park Cyberport, the sandbox will run technical trials starting next year through to mid-2025. Insights and best practices will subsequently be shared with the industry. At the end of the first quarter, the application process for the second cohort will be announced.
«We are pleased to see a keen interest from the banking industry in the exploration of GenA.I., reflecting the eagerness and openness of banks of all sizes to utilize novel technologies in their operations and services. As the market continues to develop more innovative ideas, the GenA.I. Sandbox remains ready to provide a risk-controlled testing ground for the industry,» said HKMA deputy chief executive Arthur Yuen.
