The Hong Kong Monetary Authority (HKMA), in collaboration with Cyberport, hosted the GenAI Symposium on 31 October.

The event provided a platform for GenA.I. Sandbox participants to share insights and showcase their innovations through interactive exhibition booths.

Over 500 practitioners from banking, insurance and technology sectors attended, taking part in panel discussions with representatives from regulatory bodies, the Fintech Association of Hong Kong, banks, consultancy firms and technology companies.

Discussions focused on developments in genAI and their implications for the financial sector.

chats with virtual avatars explored potential future collaboration between banking professionals and AI.

The event also featured AI-powered live transcription, translation services and an interactive photo booth.

The HKMA presented the Report on the First Cohort of GenA.I. Sandbox, highlighting key findings from the initial cohort.

The report indicates genAI’s potential to enhance risk management, anti-fraud measures and customer experience, and offers technical guidance on model fine-tuning and guardrail implementation.

A pilot genAI chatbot was unveiled to provide interactive access to insights from the Sandbox, exploring knowledge-bound solutions that address concerns such as hallucinations and inaccuracies.

Eddie Yue, Chief Executive of the HKMA, said:

“The first cohort of the GenA.I. Sandbox has explored numerous innovative use cases, providing the banking industry with valuable insights into how AI can deliver tangible value for both banks and consumers. The insights have also guided the initiation of Project Noor, in collaboration with the Bank for International Settlements Innovation Hub (BISIH) and other like-minded regulators, with an aim to develop an explainable AI toolkit.”

Featured image credit: Edited by Fintech News Hong Kong, based on image by ilygraphic via Freepik