HKMA and Cyberport launch second cohort of GenA.I. Sandbox to accelerate AI innovation in financial sector
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Cyberport Management Company Limited (Cyberport), announced today (April 28) the launch of the second cohort of the Generative Artificial Intelligence (GenA.I.) Sandbox initiative. The GenA.I. Sandbox aims to provide a risk-controlled environment for banks to develop and test innovative solutions using artificial intelligence (AI), further advancing the adoption of AI technology in the financial sector.
Following the positive responses received in the inaugural cohort started in January this year, the second cohort will continue to focus on use cases that further enhance risk management, anti-fraud measures and customer experience.
As a step forward, a key addition to the second cohort is the introduction of the GenA.I. Sandbox Collaboratory (Collaboratory), a platform comprising a series of practical workshops that facilitates early engagements between banks and technology providers. These workshops are designed to drive the conversion of problem statements into practical use cases, which can then be trialled in the GenA.I. Sandbox. Specifically, in response to the growing threat of deepfake scams, a dedicated Collaboratory workshop on combatting deepfake attacks withAI will be held in the coming weeks, convening subject matter experts from tech firms, digital banks as well as small and medium-sized banks, to share actionable solutions and innovative detection tools.
Deputy Chief Executive of the HKMA Mr Arthur Yuen said, "The launch of the second cohort of the GenA.I. Sandbox underscores our commitment to advancing responsible innovation in GenA.I. across the banking industry. Moving beyond validating use cases, this cohort also aims to examine the possibilities of 'AI versus AI'. Banks are encouraged to explore integrating AI into their second and third lines of defence for risk management, addressing the risks and challenges emerging from AI advancements while reaping the benefits."
The launch was announced during the fifth edition of the FiNETech series (FiNETech5), which convened over 150AI practitioners from the banking and technology sectors. The FiNETech event provided a platform for sharing initial insights from first cohort participants and expert perspectives on the latest GenA.I. developments, and inspired interested banks and technology providers about potential exploration of responsible innovation by participating in the second cohort of the GenA.I. Sandbox.
HKMA and Cyberport launch second cohort of GenA.I. Sandbox to accelerate AI innovation in financial sector Source: HKSAR Government Press Releases
HKMA and Cyberport launch second cohort of GenA.I. Sandbox to accelerate AI innovation in financial sector Source: HKSAR Government Press Releases
HKMA and Cyberport launch second cohort of GenA.I. Sandbox to accelerate AI innovation in financial sector Source: HKSAR Government Press Releases
HKMA and Cyberport launch second cohort of GenA.I. Sandbox to accelerate AI innovation in financial sector Source: HKSAR Government Press Releases
HKSAR Government strongly condemns US senators' despicable attempt to intimidate HKSAR personnel safeguarding national security
The Hong Kong Special Administrative Region (HKSAR) Government today (May 17) strongly condemned those United States (US) senators who requested a review, through a so-called "bill", of including a number of judges, and prosecutors of the Department of Justice (DoJ), in a so-called list of "sanctions" in an attempt to intimidate the HKSAR personnel concerned who safeguard national security.
A spokesman for the HKSAR Government said, "It is clear that safeguarding national security falls within the internal affairs of a sovereign jurisdiction, so the implementation of the Hong Kong National Security Law (HKNSL) is free from any intervention. However, those US politicians insist on turning a blind eye to all these facts, and even clamour for so-called 'sanctions' against the HKSAR personnel and judges who dutifully safeguard national security. The HKSAR despises any so-called 'sanctions' and shall never be intimidated. It shall continue to resolutely discharge the responsibility of safeguarding national security. The HKSAR Government strongly urges the US politicians concerned to discern facts from fallacies, and immediately stop acting against the international law and basic norms of international relations and interfering in Hong Kong matters, which are purely China's internal affairs."
The spokesman pointed out, "Nearly five years having passed since the implementation of the HKNSL, the HKSAR law enforcement agencies have been taking law enforcement actions based on evidence and strictly in accordance with the law in respect of the acts of the persons or entities concerned, which have nothing to do with their political stance, background or occupation. The DoJ of the HKSAR is in charge of criminal prosecutions under Article 63 of the Basic Law, with all its prosecutorial decisions made on an objective analysis of all admissible evidence and applicable laws."
"The Judiciary of the HKSAR exercises judicial power independently in accordance with the law, and everyone charged with a criminal offence has the right to a fair hearing. The courts decide cases strictly in accordance with the evidence and all applicable laws. Cases will never be handled any differently owing to the professions, political beliefs or backgrounds of the persons involved. The prosecution has the burden to prove beyond reasonable doubt the commission of an offence before a defendant may be convicted by the court."
"The judicial system of the HKSAR has always been highly regarded by international communities. Any attempt by any country, organisation, or individual to interfere with the judicial proceedings in the HKSAR by means of political power is a reprehensible act undermining the rule of law of the HKSAR. Making any statement with the intent to interfere with or obstruct the course of justice, or engaging in conduct with the same intent, is very likely to constitute the offence of criminal contempt of court or the offence of perverting the course of justice."
The spokesman reiterated, "The HKSAR steadfastly safeguards national sovereignty, security and development interests, and fully and faithfully lives up to this top priority of the 'one country, two systems' principle. The HKSAR Government will, as always, resolutely, fully and faithfully implement the HKNSL, the Safeguarding National Security Ordinance and other relevant laws safeguarding national security in the HKSAR, to effectively prevent, suppress and impose punishment for acts and activities endangering national security in accordance with the law, whilst upholding the rights and freedoms of Hong Kong people in accordance with the law, so as to ensure the steadfast and successful implementation of the principle of 'one country, two systems'."
