The Hong Kong Monetary Authority is teaming up with Cyberport to launch the second cohort of the Generative Artificial Intelligence Sandbox initiative, aiming to explore the possibilities of “AI versus AI.”
The second cohort will continue to focus on use cases that further enhance risk management, anti-fraud measures and customer experience, following the positive responses received in the previous batch that started in January, HKMA said.
The city’s de facto central bank also noted that a key addition is the introduction of the GenAI Sandbox Collaboratory, a platform comprising a series of practical workshops that facilitates early engagements between banks and technology providers.
Besides use cases, banks are encouraged to explore integrating AI into their second and third lines of defense for risk management, addressing the risks and challenges emerging from AI advancements while reaping the benefits, said HKMA deputy chief executive Arthur Yuen Kwok-hang in a statement which explained the concept of “AI versus AI.”
The launch was announced during the fifth edition of the FiNETech series, which convened over 150 AI practitioners from the banking and technology sectors.
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