The Zhitong Finance App learned that on August 27, the Hong Kong Monetary Authority, the Hong Kong Securities Regulatory Commission, the Hong Kong Insurance Regulatory Authority and the Hong Kong Provident Fund Council, together with Cyberport, announced the list of participants in the first phase of the Generative Artificial Intelligence (GenA.i.) sandbox++. According to reports, a total of nearly 100 proposals were received this time, and 36 use cases were finally selected, covering 30 financial institutions and 27 technology partners. The selection criteria comprehensively considered the innovative nature of the plan, technical complexity, and potential value to the financial industry, and took into account the professional opinions of a selection committee composed of academic experts.
The first GenA.i. Sandbox++ will focus on exploring the application of proxy artificial intelligence. The selected use cases are not limited to content generation, but will also thoroughly test how to improve the autonomy of AI systems under the premise of responsibility. The test scenario covers the entire process of customer account opening, payment, insurance claims, and customer interaction. Furthermore, based on the previous sandbox theme of “Using AI to Fight AI”, the latest pilot project will further examine how AI can be used to dynamically monitor the autonomous operation of other AI applications.
HKMA Chief Executive Yu Weiwen said, “We are excited to promote more innovative partnerships between banks and various financial institutions and technology companies. These collaborations will unlock the potential of proxy AI and create new opportunities. Through GenA.i. Sandbox++, the HKMA will continue to promote cross-sector and ecosystem collaboration. Together, we will shape the future of financial services and strengthen Hong Kong's position as an international financial center and innovation hub.”
The Chief Executive of the Securities Regulatory Commission, Leung Fung-yee, said, “The financial industry's exploration of proxy artificial intelligence marks an important step in building a future-oriented market in Hong Kong, and a more autonomous system must be based on sound governance and clear accountability. Gena.i. Sandbox++ provides an opportunity for participating agencies to test their use cases in a risk-controlled environment and communicate directly with regulators from an early stage. We look forward to leveraging the deep insights gained from these tests to drive broader market transformation.”
Zhang Yunzheng, Executive Director of the Insurance Regulatory Authority, said, “I am impressed by the high quality and diverse ideas of the proposals submitted by the insurance industry. They fully reflect the industry's determination to use advanced technology to enhance the welfare of policyholders. GenA.i. Sandbox++ inspires fresh ideas, brings practical insights, and deepens cross-sector collaboration. The Insurance Regulatory Authority will strive to strengthen Hong Kong's position as an international innovation and technology center under the National 15th Five-Year Plan through the gradual expansion of the 'Artificial Intelligence Promotion Program'.”
The Chief Executive of the Provident Fund Council, Cheng Yan-chi, said, “We are happy to see GenA.i. Sandbox++ promote cross-sector collaboration, bring together participants from the financial industry and technology industry to explore the practical application of GenA.i. We are pleased to see MPF trustees and intermediaries participating in this project to test the use of GenA.i to improve operational efficiency and enhance communication with scheme members, while promoting the responsible application of GenA.i., to protect the interests of MPF scheme members.”
According to the arrangement, the selected participants will enter the exclusive platform of the Cyberport Artificial Intelligence Supercomputing Center and are expected to begin technical testing later this year.
