Hong Kong issues policy statement and takes steps to foster fintech
On Monday, the government of the Hong Kong Special Administrative Region (HKSAR) released a policy statement focused on the responsible use of artificial intelligence (AI) in the financial sector. This initiative aims to promote the advancement of financial technology while ensuring effective risk management.
TroibNews 
On Monday, the government of the Hong Kong Special Administrative Region introduced a policy statement aimed at the responsible use of artificial intelligence in the financial market. This initiative is designed to foster the growth of financial technology while effectively managing associated risks.
As a prominent international financial hub, Hong Kong is committed to an open and inclusive approach regarding the application of AI in its financial markets, according to the statement.
The HKSAR government plans to implement a dual-track strategy to encourage AI adoption in the financial services sector while simultaneously addressing challenges related to cybersecurity, data privacy, and the safeguarding of intellectual property rights.
Christopher Hui, secretary for financial services and the treasury of the HKSAR government, emphasized the commitment to collaborating with financial regulators and industry participants to create a healthy and sustainable market environment. This approach aims to enable financial institutions to responsibly embrace the opportunities offered by AI.
In a related development, the Hong Kong Monetary Authority (HKMA) announced its intention to speed up the process of asset tokenization, enhance cross-border digital payments, and empower banks to integrate fintech solutions.
The HKMA shared that it has formed new cross-border partnerships with the Central Bank of Brazil and the Bank of Thailand to explore use cases for tokenization under Project Ensemble. This project has already supported initiatives related to tokenization and central bank digital currencies within the HKMA.
Additionally, the HKMA is seeking to pilot a connection between Hong Kong's Faster Payment System and the mainland's Internet Banking Payment System.
To further support these initiatives, Fintech Connect, Hong Kong's inaugural cross-sectoral sourcing platform, was launched on Monday to connect financial institutions with fintech solution providers. The HKMA expects this platform to facilitate effective matching of supply and demand for fintech services.
Frederick R Cook contributed to this report for TROIB News
As a prominent international financial hub, Hong Kong is committed to an open and inclusive approach regarding the application of AI in its financial markets, according to the statement.
The HKSAR government plans to implement a dual-track strategy to encourage AI adoption in the financial services sector while simultaneously addressing challenges related to cybersecurity, data privacy, and the safeguarding of intellectual property rights.
Christopher Hui, secretary for financial services and the treasury of the HKSAR government, emphasized the commitment to collaborating with financial regulators and industry participants to create a healthy and sustainable market environment. This approach aims to enable financial institutions to responsibly embrace the opportunities offered by AI.
In a related development, the Hong Kong Monetary Authority (HKMA) announced its intention to speed up the process of asset tokenization, enhance cross-border digital payments, and empower banks to integrate fintech solutions.
The HKMA shared that it has formed new cross-border partnerships with the Central Bank of Brazil and the Bank of Thailand to explore use cases for tokenization under Project Ensemble. This project has already supported initiatives related to tokenization and central bank digital currencies within the HKMA.
Additionally, the HKMA is seeking to pilot a connection between Hong Kong's Faster Payment System and the mainland's Internet Banking Payment System.
To further support these initiatives, Fintech Connect, Hong Kong's inaugural cross-sectoral sourcing platform, was launched on Monday to connect financial institutions with fintech solution providers. The HKMA expects this platform to facilitate effective matching of supply and demand for fintech services.
Frederick R Cook contributed to this report for TROIB News
