HKMA Launches Generative AI Sandbox for Banks

MT Newswires Live16:58

The Hong Kong Monetary Authority rolled out its generative artificial intelligence sandbox for risk management, anti-fraud, and customer experience for banks, according to a Thursday press release by the city's de facto central bank.

Baidu (HKG:9888), Alibaba Group's (HKG:9988) cloud computing platform, and two other technology partners will offer the service to 10 banks for 15 use cases, the HKMA said.

Among the banks selected include BOC Hong Kong (HKG:2388), Citibank Hong Kong, Hang Seng Bank (HKG:0011), HSBC (HKG:0005) Hong Kong, and Standard Chartered (HKG:2888) in Hong Kong.

Technical trials are forecast to start in the first quarter of 2025, the HKMA said.

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