The Insurance Authority (IA) announced the publication of the Whitepaper on Federated Learning: Unlocking Innovation in the Insurance Sector on 3 November during Hong Kong Fintech Week.

Clement Cheung, Chief Executive Officer of the IA, remarked that

“Given the rapidly evolving market landscape, financial regulators must navigate in a balanced and enlightened manner to promote inclusive and responsible innovation. Seen in this context, Federated Learning plays a useful role in enabling cross-sector data collaboration without compromising personal privacy.”

In his keynote address, Cheung outlined several initiatives led by the IA to enhance operational resilience and support the adoption of advanced technologies.

These include the Open API Framework, the Cyber Resilience Assessment Framework, the AI Cohort Programme, and the new Whitepaper on Federated Learning.

Additionally, the Insurtech Forum, co-hosted by the IA and InvestHK, featured panel discussions on how innovation is transforming marketing strategies, corporate culture, and customer experience within the insurance industry.

Featured image credit: Insurance Authority