The Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), the Insurance Authority (IA), and the Mandatory Provident Fund Schemes Authority (MPFA), with the Hong Kong Cyberport Management Company Limited (Cyberport), announced the first cohort of the Generative Artificial Intelligence (GenAI) Sandbox++.

36 use cases have been selected for the first cohort of the GenAI Sandbox++, involving 30 financial institutions and 27 technology partners.

All the proposals were prioritised based on innovation, technical complexity and potential value to the financial industry, including advice by a selection committee consisting of academic experts.

The testing will cover end-to-end processes, like customer onboarding, payments, insurance claims and customer interactions. The latest pilots will also further examine how AI can provide dynamic oversight on actions taken by other AI applications.

Eddie Yue, Chief Executive of the HKMA, said,

“We are delighted to foster more innovative partnerships between a wide range of financial institutions, in addition to banks, and technology companies. These partnerships are unlocking the potential of Agentic A.I. to create new opportunities.”

Julia Leung, Chief Executive Officer of the SFC, added,

“The GenA.I. Sandbox++ initiative gives firms opportunities to test their use cases in a controlled environment, with direct supervisory engagement from an early stage. We look forward to leveraging the profound insights from these trials to empower the broader market transformation.”

Participants will be onboarded to a specific platform managed by Cyberport’s AI Supercomputing Centre, with technical trials kicking off later this year.

Featured image edited by Fintech News Hong Kong based on images by Graphicwindow06 on  Magnific and HKMA