The government is preparing to release its first policy statement on the application of artificial intelligence (AI) in the financial sector, with plans to announce it during Hong Kong FinTech Week from late October to early November. The policy statement aims to promote the use of AI in areas such as trading, investment banking, and cryptocurrency, while providing ethical and practical guidelines for financial institutions using AI.
According to sources, the Financial Services and the Treasury Bureau is drafting a framework that includes broad guidelines on the ethical use and general principles for AI in the financial sector. Government officials are actively seeking feedback from the industry to ensure that the framework meets the practical needs of the financial industry and reflects global best practices.
A spokesperson for the Financial Services and the Treasury Bureau said that the government and financial regulators are closely monitoring market developments and global experiences, with a commitment to promoting the responsible use of AI technology in the financial sector. The framework is expected to consolidate guidance from banking and securities regulators, offering broad directions rather than specific rules to be immediately implemented.