HKMA and HKUST sign MoU to strengthen cybersecurity in financial sector

​The Hong Kong Monetary Authority has signed a Memorandum of Understanding to strengthen collaboration in applied cybersecurity research tailored to the needs of Hong Kong's financial sector with the Business School of the Hong Kong University of Science and Technology.

The MoU established a strategic framework for joint efforts to advance research and knowledge in the critical area of cybersecurity, according to a statement by the HKMA.

It aims to develop practical applications, raise awareness of emerging threats, and foster specialized talent to support the financial industry's continuous development.

Through the partnership, the two parties will jointly explore innovative supervisory technology (Suptech) and regulatory technology (Regtech) solutions, leveraging cutting-edge technologies such as the latest large language models, the statement said. 

Carmen Chu Lap-kiu, banking supervision executive director of the HKMA, said cybersecurity is a key aspect for the digitalization of banking services, and the partnership aims to address evolving cyber threats to the banking system, thereby safeguarding Hong Kong's financial stability and integrity.

The acting dean of the HKUST Business School, Hui Kai-lung, said both parties aim to co-develop impactful solutions that address real-world cybersecurity challenges and contribute to the resilience of Hong Kong's financial ecosystem by combining the school’s research capabilities with the HKMA's regulatory insights.

STAFF REPORTER