Hong Kong expands AI sandbox with projects that include banks, securities and insurance

The Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), Insurance Authority, and Mandatory Provident Fund Schemes Authority have announced the first cohort of projects for the expanded generative artificial-intelligence (GenAI) Sandbox++ programme. The programme, which began in March 2024, aims to explore the use of more autonomous AI agents in financial services.

A total of 36 use cases have been selected for the first cohort, involving 30 financial institutions and 27 technology partners. The projects will focus on "agentic AI" systems capable of carrying out tasks and making decisions with greater autonomy, and technical trials are expected to begin later this year on a platform managed by Cyberport’s Artificial Intelligence Supercomputing Centre.

The trials will cover end-to-end processes including customer onboarding, payments, insurance claims, and customer interactions. HKMA chief executive Eddie Yue Wai-man stated that the programme will foster partnerships between financial institutions and technology companies, helping Hong Kong strengthen its position as an international financial centre and innovation hub.

Brief written by urgent.news from SCMP Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.