Hong Kong has released a policy on responsible application of artificial intelligence in the financial services industry to alleviate cybersecurity risk.
The government will adopt a dual-track approach that promotes AI adoption by sector while addressing potential challenges such as cybersecurity, data privacy and protection of intellectual property.
Financial institutions will be required to formulate a governance strategy to provide direction on how AI should be implemented and used.
“A risk-based approach should be adopted in the procurement, use and management of AI systems and human oversight will be crucial to mitigating the potential risks,” the government says in a statement on October 28.
According to Christopher Hui, Hong Kong’s secretary for financial services and the treasury, the government will work with financial regulators and industry players to foster a healthy and sustainable market environment.
“There are plenty of AI models and infrastructures available to financial institutions, accounting firms and solution providers. We encourage the financial services industry to make full use of these resources in the market,” he says in the statement.
The Hong Kong University of Science and Technology will make its self-developed AI model and computing resources available to the financial services industry and offer advisory and training services.