Hong Kong is set to unveil its inaugural policy statement on the use of artificial intelligence (AI) within the financial industry.
This could accelerate AI adoption across sectors such as investment banking, trading, and cryptocurrencies, according to a report by Bloomberg.
The Financial Services and Treasury Bureau is currently drafting the guidelines, which are expected to cover ethical considerations and fundamental principles for AI’s application in finance.
Industry stakeholders have been consulted during the process, and feedback is still being gathered as the final details of the policy are yet to be determined.
Although specifics are still under review, the policy is anticipated to signal the government’s backing of AI technology, aligning with global regulatory efforts as countries grapple with the growing influence of AI in various sectors.
Moreover, the policy may provide clarity on how AI tools can be used locally, particularly in the context of the ongoing US-China tech dispute that has limited access to certain AI services like ChatGPT and Gemini in Hong Kong.
Scheduled to be released during the Hong Kong Fintech Week in October, the policy framework is likely to build on Hong Kong’s existing regulatory measures.
This includes the Securities and Futures Commission’s cloud services guidelines and the sandbox initiative introduced by the Hong Kong Monetary Authority and Cyberport to explore AI applications in banking.
A representative from the Treasury Bureau emphasized that the government is carefully observing international developments to ensure AI integration in financial services is handled responsibly and aligns with global best practices.
Featured image credit: Edited from Freepik