Hong Kong Set to Release AI Guidelines for Finance, Including Crypto
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The Hong Kong government is reportedly gearing up to release its first policy statement on using artificial intelligence (AI) in finance. This move could drive AI adoption in trading, investment banking and cryptocurrency markets.
Bloomberg reported Tuesday that Hong Kong’s Financial Services and Treasury Bureau (FSTB) is developing the guideline framework. This framework will address the ethical concerns in AI usage. It will also set key principles for integrating AI into the financial sector, the outlet said.
Hong Kong’s AI Finance Policy in the Works Based on Industry Feedback
Officials are currently drafting the document, incorporating industry feedback. The bureau confirmed to Cryptonews that it plans to release a policy statement this year, outlining the government’s stance and strategy on AI in the financial market.
“As artificial intelligence technology is constantly evolving, 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 spokesperson said.
Bloomberg noted that the policy’s specifics remain unclear. However, its main goal is to showcase Hong Kong’s support for AI, aligning with global efforts to harness the technology’s potential.
Hong Kong Officials to Unveil AI Framework at Fintech Week 2024
AI’s capacity to handle large datasets, predict outcomes and automate decisions requires a careful strategy to ensure both efficiency and ethical use. Such a strategy could outline how AI can be leveraged for strategic benefits, like enhancing customer service with predictive analytics or refining investments using machine learning.
Moreover, integrating AI in finance brings significant changes to organizational culture, employee skills and operations. The framework would guide this transition, addressing training programs, ethical decision-making and balancing human oversight with AI’s autonomous functions.
Specifically in Web3, AI improves smart contracts by adding advanced automation and decision-making capabilities. This enables contracts to adapt to changing conditions or new data inputs, reducing the need for human oversight and increasing efficiency.
Officials are expected to release their statement by late October, during Fintech Week. The main conference and related forums will take place between Oct. 28-29, 2024.
