The Hong Kong Special Administrative Region (HKSAR) government has taken a significant step in advancing financial technology by unveiling a comprehensive policy statement on the responsible application of artificial intelligence (AI) in the financial market. This initiative aims to spur the development of fintech while effectively managing associated risks.
Recognizing Hong Kong's status as an international financial center, the HKSAR government emphasized its open and inclusive approach towards integrating AI into the financial sector. The policy outlines a dual-track strategy: promoting AI adoption by financial services and simultaneously addressing potential challenges such as cybersecurity, data privacy, and intellectual property rights protection.
Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR government, stated that the government would collaborate closely with financial regulators and industry players to foster a healthy and sustainable market environment. This collaboration is intended to empower financial institutions to seize opportunities and adopt AI responsibly.
In related developments, the Hong Kong Monetary Authority (HKMA) announced plans to accelerate asset tokenization, promote cross-border digital payments, and empower banks to embrace fintech innovations. The HKMA has established new partnerships with the Central Bank of Brazil and the Bank of Thailand under Project Ensemble, aiming to explore cross-border tokenization use cases and support central bank digital currency (CBDC) initiatives.
Additionally, the HKMA is piloting a linkage between Hong Kong's Faster Payment System and the mainland's Internet Banking Payment System to enhance digital payment infrastructures. To further support the fintech ecosystem, Hong Kong's first cross-sectoral sourcing platform, Fintech Connect, was launched to connect financial institutions with fintech solution providers, facilitating precise matching of supply and demand for fintech services.
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Hong Kong rolls out policy statement, moves to nurture fintech
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