Hong Kong Set to Unveil AI Policy for Finance

The Hong Kong government is preparing to deliver its first policy declaration on the use of artificial intelligence in the financial sector, which could stimulate use of the technology in a variety of fields including trading, investment banking, and cryptocurrency.

According to unidentified sources, the city's Financial Services and Treasury Bureau plans to establish a set of guidelines governing the ethical use of AI as well as basic principles for applying the technology in banking. Officials are still working on the document and getting feedback from the business, according to sources. They mentioned that specifics could yet alter in the following weeks.

Although certain details are unclear, the document's major goal is to demonstrate Hong Kong's support for AI, as governments around the world attempt to comprehend the technology's potential.

Local authorities in Hong Kong are likewise striving to handle AI challenges in the context of the United States and China's fierce technological competition. According to analysts, many individuals and businesses are unable to readily use popular services such as OpenAI's ChatGPT and Google's Gemini due to fears among US tech executives about violating Chinese regulations.

"The government and the financial regulators are closely monitoring market developments and global experiences in order to promote the responsible use of AI in the financial industry,” a spokesman for the Financial Services and Treasury Bureau said in a statement. "The government will issue a policy statement later this year, setting out its policy stance and approach on the application of AI in the financial market.”