According to Bloomberg, citing sourcesfactis preparing to make its first release about the work done inFinancial sectoruseAI(AI), a guiding framework for the ethical use of AI and general principles for its application in the financial sector to promote the use of AI in areas such as trade, investment banking and cryptocurrencies.
Still drafting and consulting the industry
Staff are still drafting the document while consulting the industry, and the framework is expected to consolidate various detailed guidelines from banking and securities regulators, as well as be announced at Hong Kong's FinTech Week, which will be held from Oct. 28 to Nov. 1, the report noted.
For its part, a spokesman for the Financial Services and the Treasury Bureau said in a statement that the government and financial regulators are closely monitoring market developments and global experience to promote the responsible use of AI in the financial sector, and that the government will announce a policy later this year to set out its policy stance and practices on the application of AI in the financial market.
The report also mentions that the policies will provide broad direction but will not be implemented immediately, but such statements have become a popular way for the Hong Kong government to follow up on announcements of its commitment to new policies such as Web3 and the Family Office, and that the announcements indicate that the regulator will take a favorable stance on AI applications.