Hong Kong to Introduce AI Guidelines for Finance Sector at FinTech Week

Hong Kong’s government will unveil policies for the ethical use of AI in finance by the end of October, focusing on promoting AI in traditional trading, investment banking, and cryptocurrency markets. The guidelines aim to ensure governance, transparency, and data protection in AI applications, with a special focus on consumer-facing technologies like chatbots and robo-advisors.

Hong Kong’s government is taking significant steps to regulate the use of artificial intelligence (AI) in the finance sector by issuing new policies during the upcoming Hong Kong FinTech Week, scheduled for October 28 to November 1. These policies aim to guide the responsible use of AI across the financial landscape, including traditional trading, investment banking, and cryptocurrency markets.

The Financial Services and the Treasury Bureau (FSTB) is actively drafting a framework that will promote the ethical use of AI within Hong Kong’s financial industry. A spokesperson from the FSTB has stated that the government is carefully reviewing global trends and feedback from industry stakeholders to create effective policies.

The forthcoming guidelines are expected to promote transparency, data protection, and strong governance in AI applications, particularly in consumer-facing services. According to the Hong Kong Monetary Authority (HKMA), such services include customer chatbots, customized financial products, and robo-advisors for wealth management and insurance.

Global AI Impact Considered:

The FSTB aims to stay competitive by learning from international AI advancements. The new policy is being shaped in the wake of a tech conflict between the US and China, which limits access to AI tools like OpenAI’s ChatGPT in Hong Kong. This has prompted the city to focus on grassroots-level AI development.

The guidelines being created by the HKMA emphasize consumer protection, urging financial institutions to safeguard customer data and ensure accountability in their AI operations. Hong Kong aims to be a leader in the responsible use of AI, ensuring that the technology is employed in a way that benefits the broader financial ecosystem.

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