Hong Kong will lay out a new policy on the responsible use of artificial intelligence (AI) in the financial services sector at the upcoming Hong Kong FinTech Week 2024, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said on Tuesday.
Hui made the statement during a press conference about this year’s FinTech Week, which has the theme "Illuminating New Pathways in Fintech", according to a Hong Kong Special Administrative Region government statement.
“We are set to announce a policy statement for responsible use of artificial intelligence in our financial services sector. This will be another important announcement from us elaborating our policy stance on this topic of global importance and interest,” Hui said.
FinTech Week, which will take place from Oct 28 to Nov 1, is expected to draw over 30,000 top tech leaders, policymakers, and investors from more than 100 economies for insightful discussions on the global fintech landscape.
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The ninth edition of the flagship event will highlight cutting-edge technologies such as artificial intelligence, Web3, and tokenization.
Recent surveys showed that 38 percent of finance executives in Hong Kong have started incorporating generative AI, marking the highest rate among all surveyed markets and notably surpassing the global average of 26 percent.
Hui said that, over the past few months, the HKSAR government has also introduced various initiatives to further cultivate a vibrant ecosystem for fintech innovation.
These include expanding the cross-boundary e-CNY pilot in Hong Kong, launching the new Generative AI Sandbox, and commencing phase 2 of the e-HKD Pilot Programme, he said.
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“With its strategic location and robust financial infrastructure, Hong Kong emerges as a ‘super connector’ and ‘super value-adder’ for fintech. Hong Kong is primed to lead this transformative journey to uncover the pathways to opportunities,” Hui added.
GBA tour
The flagship event includes a Greater Bay Area day visit, an exclusive tour for international financial leaders, investors, and tech founders to explore the innovation ecosystems across Guangzhou, Shenzhen, and Hong Kong.
FinTech Week will also feature an unprecedented number of Chinese mainland big tech companies showcasing their latest innovations and delegates from the Association of Southeast Asian Nations and the Middle East.
Hui said the latest mainland innovations underscored how Chinese technology is shaping global finance's future through cross-border collaborations and cutting-edge technology integration.
“The mainland aside, Southeast Asia's rising stars will be present to showcase their tailored solutions for the region's unique markets, sharing success stories of fintech solutions crafted to meet the region's distinctive market needs,” Hui said.
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“These vibrant discussions will highlight Southeast Asia's growing influence in the global fintech arena. The Middle East will also bring a wealth of strategic insights to the table, fostering innovation collaborations between Hong Kong and the region,” he added.
Fintech Week is organized by the Financial Services and the Treasury Bureau and InvestHK, in collaboration with the Hong Kong Monetary Authority, the Securities and Futures Commission, and the Insurance Authority.
