HKMA picks 10 banks, 4 tech firms as Hong Kong evaluates commercial benefits of GenAI

The Hong Kong Monetary Authority has picked 10 banks and four technology partners to test more than a dozen use cases for generative artificial intelligence (GenAI) in the financial services sector.

HSBC, Bank of China (Hong Kong) and Standard Chartered will pilot several intelligent applications and systems in a sandbox as part of a plan first announced by the HKMA in August. The participants will be onboarded to a dedicated platform of an AI supercomputing centre operated by Cyberport, with technical trials expected to begin early next year, it added.

Other bank participants in the first group include 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.

“We are pleased to see keen interest from the banking industry in the exploration of GenAI, reflecting the eagerness and openness of banks of all sizes to utilise novel technologies in their operations and services,” HKMA deputy CEO Arthur Yuen Kwok-hang said.

A total of 15 use cases will be tested in a risk-controlled testing ground supported by technical assistance and supervisory feedback, according to the HKMA. The cohort was decided based on the innovation level, technical sophistication, expected contributions to the industry and adherence to fair-use principles in their proposals, it added.