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Mike Chu

The Hong Kong Monetary Authority, in collaboration with the Hong Kong Cyberport Management Company, announced yesterday the first cohort of the Generative Artificial Intelligence Sandbox.

In collaboration with Baidu (9888), Alibaba Cloud and two other technology partners, the HKMA has offered the service to 10 different banks for 15 use cases from over 40 proposals received.

Banks selected include Bank of China Hong Kong (2388), Citibank Hong Kong, Hang Seng Bank (0011), the Hongkong and Shanghai Banking Corporation and Standard Chartered Bank Hong Kong, among five other selected banks.

The initiative highlights the use of GenAI to enhance risk management, anti-fraud measures and customer experience for banks, amid the increase in online scam cases and the amount of money lost to scammers.

The selected participants will be onboarded to a dedicated platform of the Artificial Intelligence Supercomputing center operated by Cyberport.

Technical trials are expected to start in early 2025 and through mid-2025.

Hang Seng Bank said it will dedicate the sandbox to anti-fraud uses to process large amounts of sophisticated data to find out new patterns of online scams and increase the speed and depth of anti-fraud investigations.

Investigative reports could also be automatically generated under the supervision of investigators to come up with anti-scam measures as soon as possible.

The project comes as online scams continue to prevail

Ten banks to test waters in GenAI sandbox