Tech provider OneDegree Global has stepped up to support the Hong Kong Monetary Authority’s (HKMA) new Generative AI Sandbox, contributing its AI Red Team solutions.

Launched in collaboration with Cyberport, the sandbox aims to facilitate the safe and responsible development of AI applications in the financial sector.

OneDegree’s cybersecurity arm, Cymetrics, plays a crucial role in this effort.

According to Alex Leung, co-founder of OneDegree Global, their AI Red Team solutions are designed to identify vulnerabilities and risks related to security, privacy, and bias, which are becoming increasingly significant as AI technologies advance.

Through Cymetrics’ automated testing platform, Cymetrics Vulcan, OneDegree offers scalable AI risk assessments that help financial institutions navigate the complexities of generative AI risks.

This enhances their risk management and reinforces security measures in an evolving digital landscape.

The sandbox, first introduced at the FiNETech2 event on 13 August, provides a controlled environment for banks to pilot new AI applications with technical support and supervisory feedback from the HKMA and Cyberport.

The HKMA also plans to share global AI developments and insights from the sandbox to encourage wider adoption across the financial sector.

Leung concluded,

“Alongside the exciting use cases around Generative AI including Large Language Model (LLM) applications bring new types of vulnerabilities and uncertainties to businesses who are eager to become early adopters.

By providing scalable AI risk assessments through our automated testing platform, Cymetrics Vulcan, we help financial institutions navigate the complexities of Generative AI risks, enhancing risk management and reinforcing security measures that are essential in this new environment.”

This article was updated on 15 August at 4.38pm to reflect that OneDegree Global is providing technology solutions to the sandbox participants rather than joining the programme itself.