منشور ‏Google Hong Kong‏ ‏‏

Grant Thornton Hong Kong's Advisory Team recently launched “The FinTech Revolution: AI Applications and Innovation in Financial Services Report” and hosted a cocktail party on 9 January. We were delighted to have invited and gathered industry leaders to explore how artificial intelligence (AI) is transforming financial services in Hong Kong. The Report explores how AI is reshaping the financial industry, creating both exciting new possibilities and complex new challenges. Whilst it promises increased efficiency, improved customer experiences, and new revenue streams, AI also presents significant risks that must be addressed to ensure responsible and ethical implementation. We are encouraged to see Hong Kong’s financial industry actively adopting generative AI and driving innovation in financial services, cementing Hong Kong’s global fintech leadership. Hong Kong's robust AI ecosystem, supported by top-class financial infrastructure, a sophisticated capital market, supportive government policies, and strong cross-border partnerships, positions it perfectly to become a leading global AI hub.    Please download our latest report to discover how AI is reshaping the future of Hong Kong financial services: https://shorturl.at/BSvRy #grantthorntonhk #AI #financialservices #FinTech

How is AI really changing #finance? The #HKFTW24 #AI & Advanced #Tech Forum provides practical insights from those on the front lines. Learn from leaders at top financial institutions like #HSBC, investors with experience in funding and advising AI companies like SenseTime 商汤科技 and Pony.ai, and researchers whose work has influenced global tech giants like IBM, Yahoo, Alibaba Group, and ByteDance. We'll explore the practical applications of #LLMs, specialised AI, and open-source in areas like #fraud detection, #algorithmic #trading, personalised financial services and much more! Learn from the top leaders driving AI innovation in finance: - Bojan Obradović, Chief Digital Officer, HSBC - Elwin Yuan, Partner, 5Y Capital - Esther Wong, Founder, 3Cap Investment - Mike Xu, CEO, Fosun Capital - #ProfessorYangHongxia, The Hong Kong Polytechnic University #HKFTW24 is more than just a conference—it's a chance to shape the future of finance. 🎟️ Get your Conference Pass access now: https://lnkd.in/g-V_J7A6 🗓️ Hong Kong FinTech Week Main Conference, 28-29 October, AsiaWorld-Expo. Financial Services and the Treasury Bureau (FSTB) | Invest Hong Kong | FintechHK | Finoverse #FintechHK #fintech #HK #hongkong #FSTB #HKFTW #HKFTW24 #HKFinTechWeek #AI #Networking  #GenAI #innovation #technology

From New York to London and Singapore, the ambition to become today’s leading global artificial intelligence in finance hub mandates that cities must outcompete each other in two key fronts - in-demand AI talent and a vibrant environment of ready global investments. For my contacts interested in AI, finance, and regulations, Oliver Wyman’s latest research report with the Monetary Authority of Singapore and Elevandi definitely deserves a read. #ArtificialIntelligence #Finance #SFF2023

From New York to London and Singapore, the ambition to become today’s leading global artificial intelligence in finance hub mandates that cities must outcompete each other in two key fronts - in-demand AI talent and a vibrant environment of ready global investments. For my contacts interested in AI, finance, and regulations, Oliver Wyman’s latest research report with the Monetary Authority of Singapore and Elevandi definitely deserves a read. #ArtificialIntelligence #Finance #SFF2023

通过储蓄者的眼睛......我的眼睛 Hong Kong’s government has outlined its first guidelines on the “responsible” use of artificial intelligence (AI) during FinTech Week, as regulators strive to get ahead of the curve of a technological revolution that will almost certainly disrupt banking and financial services. Banks, brokers, asset managers and any other financial institution that want to use AI “must formulate an AI governance strategy to provide direction on how [the] systems should be implemented and used, and offer advisory and training services for on-premise deployment”, according to a government press release. “Hong Kong’s financial market is open and prudent towards the application of AI, [so] we will closely monitor the developments and draw on the experiences of the mainland and overseas” because the technology is “constantly evolving”, Financial Secretary Paul Chan Mo-po said during the opening of the FinTech Week event. AI has become the focus of FinTech Week, the ninth year that the annual conference has been hosted by InvestHK and Finoverse. This year’s event, which runs from October 28 to November 1 , will emphasise Hong Kong’s role as the “connector” between international business and China, the world’s second-largest AI market behind the US. About 700 companies are exhibiting at the weeklong event, including SenseTime, Tencent Holdings and ByteDance. #分析#利润#我们将改变#市场

📊 Just dove into HKMA's comprehensive paper on "Generative AI in the Financial Services Space" (Sept 2024). It's a game-changer! 🚀 Key insights: 1. 💹 GenAI market in finance is booming! Projections show a staggering 42% CAGR over the next decade, reaching $1.3 trillion by 2032. 2. 🏦 Financial institutions are primarily focusing on internal GenAI applications: - Automating routine tasks - Improving workflow efficiencies - Enhancing knowledge sharing Customer-facing apps are still in early stages due to regulatory and operational challenges. 3. 🌐 Global regulators, including EU, Hong Kong SAR, Mainland China, Singapore, UK, and US, are updating frameworks. Key principles: - Governance & Accountability - Fairness - Data Privacy & Protection - Transparency & Disclosure 4. ⚠️ Major risks to watch: - AI hallucinations and inaccuracies - Data privacy concerns - Algorithmic bias - Cybersecurity vulnerabilities - Operational challenges in system integration 5. 🛠️ HKMA initiatives: - Launched GenAI Sandbox for risk-controlled innovation - FiNETech series promoting cross-sectoral Fintech collaboration - Focus on enhancing risk management, anti-fraud measures, and customer experience 6. 🎓 Hong Kong is investing in capacity building: - Access to high-performance computing resources - Financial subsidies - Talent development programs - Promotional events to foster innovation 7. 🤝 HKMA emphasizes collaboration between financial institutions and Fintech firms to unlock GenAI's full potential. The paper offers a roadmap for integrating GenAI into financial operations, balancing innovation with robust governance. It's an essential read for anyone navigating the AI revolution in finance! 📚💡 #GenAI #FinTech #HKMA #FinancialServices #AIInnovation #RegTech #FutureOfFinance

🚨 [𝗔𝗜 𝗣𝗢𝗟𝗜𝗖𝗬 𝗨𝗣𝗗𝗔𝗧𝗘] 𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴'𝘀 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘁𝗼𝗿 𝗘𝗺𝗯𝗿𝗮𝗰𝗲𝘀 𝗔𝗜! 𝗧𝗵𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗧𝗿𝗲𝗮𝘀𝘂𝗿𝘆 𝗕𝘂𝗿𝗲𝗮𝘂 (𝗙𝗦𝗧𝗕) 𝗵𝗮𝘀 𝗶𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗲𝗱 𝗮 𝗻𝗲𝘄 𝗔𝗜 𝗽𝗼𝗹𝗶𝗰𝘆: 📅 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗱: October 27, 2024 🇭🇰 𝗥𝗲𝗴𝗶𝗼𝗻: Hong Kong 🔒 𝗚𝗼𝘃𝗲𝗿𝗻𝗶𝗻𝗴 𝗕𝗼𝗱𝘆: Financial Services and the Treasury Bureau (FSTB) 🎯𝗣𝗼𝗹𝗶𝗰𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗛𝘂𝗯: Position Hong Kong as a global leader in AI within financial services. 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆: Use AI to optimize operations across research, customer service, and risk management. 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆: Leverage AI for enhancing transaction security and fraud detection. 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗙𝗼𝗰𝘂𝘀: Improve customer interactions and experiences through AI. 𝗚𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲: Establish a framework for ethical AI implementation in finance. 𝗥𝗶𝘀𝗸 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁: Address AI-related risks, including job automation and intellectual property. Hong Kong is paving the way for integrating AI responsibly into its financial ecosystem. Could this policy model influence AI adoption in financial sectors worldwide? 🏛️ 𝗦𝗧𝗔𝗬 𝗨𝗣 𝗧𝗢 𝗗𝗔𝗧𝗘. AI governance is moving fast: to keep up with the latest developments . https://lnkd.in/dXK86TVB #ArtificialIntelligence #AIpolicy #TechForGood #Innovation #AI #Fintech #HongKongAI #FinancialInnovation #AIGovernance

📊 Just went through Hong Kong Monetary Authority (HKMA) HKMA's comprehensive paper on "Generative AI in the Financial Services Space" (Sept 2024). It's a game-changer! 🚀 Key insights: 1️⃣. 💹 GenAI market in finance is booming! Projections show a staggering 42% CAGR over the next decade, reaching $1.3 trillion by 2032. 2️⃣. 🏦 Financial institutions are primarily focusing on internal GenAI applications: - Automating routine tasks - Improving workflow efficiencies - Enhancing knowledge sharing Customer-facing apps are still in early stages due to regulatory and operational challenges. 3️⃣. 🌐 Global regulators, including EU, Hong Kong SAR, Mainland China, Singapore, UK, and US, are updating frameworks. Key principles: - Governance & Accountability - Fairness - Data Privacy & Protection - Transparency & Disclosure 4️⃣. ⚠️ Major risks to watch: - AI hallucinations and inaccuracies - Data privacy concerns - Algorithmic bias - Cybersecurity vulnerabilities - Operational challenges in system integration 5️⃣. 🛠️ HKMA initiatives: - Launched GenAI Sandbox for risk-controlled innovation - FiNETech series promoting cross-sectoral Fintech collaboration - Focus on enhancing risk management, anti-fraud measures, and customer experience 6️⃣. 🎓 Hong Kong is investing in capacity building: - Access to high-performance computing resources - Financial subsidies - Talent development programs - Promotional events to foster innovation 7️⃣. 🤝 HKMA emphasizes collaboration between financial institutions and Fintech firms to unlock GenAI's full potential. The paper offers a roadmap for integrating GenAI into financial operations, balancing innovation with robust governance. It's an essential read for anyone navigating the AI revolution in finance! 📚💡 Arjun Vir Singh Neeraj Malhotra Grant Niven Amit Malhotra Suhail Bin Tarraf Fernando Plaza Jayesh Patel Ramana Kumar A Adeeb Ahamed Nandan Mer Godfrey Sullivan Majid A. Malaika - Dr.Eng Nezar Alhaidar Mazen Pharaon Rushdi Duqah Mansour Alsaleh #GenAI #FinTech #HKMA #FinancialServices #AIInnovation #RegTech #FutureOfFinance

Discover how the 2024 Policy Address will shape IP and AI in Hong Kong with our latest article. 🚀

AI’s potential in financial services is undeniable, especially with the push from Hong Kong’s regulatory landscape to balance innovation with robust risk management. The GenAI Sandbox initiative exemplifies a proactive, secure framework for experimentation—a model other financial hubs could learn from. It’s an exciting era for AI-enabled financial ecosystems