Hong Kong Academy of Finance (AoF)’s Post

Transcript

In our latest research report, we found that financial institutions in Hong Kong have been making solid steps towards greater adoption of Gennai. This has important implications for the risk management frameworks and talent strategies to facilitate responsible adoption. Let's hear from a few market experts on the latest developments. The trajectory of adoption and use of Gen. AI in Hong Kong is exciting, and I foresee that the financial services industry will help lead the way. Over the next decade, Gen. AI will expand upon existing AI and fintech adoption, driving new innovations, improving back office efficiency and enhancing financial inclusion in the wholesale markets. Gen. I can bring significant improvements in overall service and efficiency, helping Asia's economy and fundraising and facilitating the move. What's more, global markets that can be operational 24/7 and of course, deep SEA and other Asian and Chinese generic firms are demonstrating the global innovation and cost effectiveness of AI, which can assist with more widespread AI adoption. Smaller firms, those who recognize that Jenna I can provide a competitive advantage, are well placed to use government support and regulatory sandboxes to transform their business. I'd like to finish by calling out the talent trajectory as well. We are at an inflection points as the HK Mr. survey showed within the next three to five years. We can expect increasing levels of adoption. As a society we need to ensure that we provide the youth of today with the skills to harness and supervise gene AI and AI agents so they can help to lead financial services into an agentic AI driven future. At Fintech Association Hong Kong, as an industry body that has membership covering all walks of the fintech ecosystem in Hong Kong, we strongly believe in the importance of open dialogues. In Hong Kong, we are fortunate to have financial regulators who are not just open to, but are proactive in seeking for underground feedback. And regulations play a very important role in how the industry will adopt A new technology. This report highlighted the industry survey results that put the need for clear regulatory guidelines as #1 ask from the participants because to facilitate innovation effectively in a highly regulated industry, it's important for the innovators to know their dues and don'ts clearly. Earlier this year, we introduced the 14 member strong Strategic Advisory Council on Jen AI comprising of industry experts from varied backgrounds to bring the bring power of the industry. Together and we look forward to continuing our strong engagement with our financial regulators, bringing our members voices into the dialogues that will shape the development and adoption of financial technologies, JNI being one important pillar in the Hong Kong financial services industry. Hong Kong is a leading global financial centre. As Cyberport, Hong Kong's digital tech hub and AI Celerator, we are committed to maintain this leadership by driving AI innovation. We have gathered over 350 AI and big data R&D startups and over 440 fintech companies pioneering solution ranging from AI driven wealth management to intelligent fraud detection center to this ribbon ecosystem is our AI supercomputing center. This powerful resources backed by the government's 3 billion AI subsidy scheme delivering the crucial computing power needed to fill local innovation. However, if you have such transformative power, comes significant responsibility. Building on highly supportive regulatory landscape, it is crucial that financial institution in Hong Kong collaborate closely with regulators and technology developers to ensure the responsible adoption of generative AI. To facilitate these, Cyber Port has partnered with the Hong Kong MA to launch the Generative AI Sandbox, a safe controlled environment for financial institution to explore innovative AI applications. We've also partnered with international organization to host forums on AI safety, trust and responsibility. Our commitment extend to foster sustainability in finance through digital innovation, integrating green finance initiative with AI technology to create a. Is Cilium financial ecosystem looking ahead, Let's continue to work together to build a robust AI ecosystem that Dr. innovation and prioritize ethical practices, ensuring that Hong Kong remains a global leaders in the financial landscape powered by responsible and impactful AI. Our research report highlights the significance of close collaboration amongst regulators, financial institutions, academia, and technology developers in addressing the opportunities and challenges presented by Jen AI. We hope that the reports findings will provide the industry with valuable insights as we navigate the era of Gen. AI.