30s Summary

The Hong Kong Financial Services and Treasury Bureau (FSTB) is implementing rules for financial firms to increase efficiency, security, and customer experience with a focus on the responsible use of artificial intelligence (AI). The FSTB recommends a two-part approach promoting AI growth and addressing potential issues. Opportunities from AI include research, data analysis, improved customer service, automated risk assessment, crime prevention, and workflow automation. Hong Kong plans to devise a framework to manage risks associated with AI use. The Hong Kong Securities and Futures Commission (SFC) will also reveal AI usage regulations in November.

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The Hong Kong Financial Services and Treasury Bureau (FSTB) has set some rules for financial firms. They’re all about making things more efficient, secure and improving the way customers are treated. They want to use artificial intelligence (AI) in a responsible way.

On October 28, the FSTB, which is the part of the Hong Kong government responsible for financial and treasury policies, shared their thoughts on using AI in financial services.

Hong Kong’s financial industry is open to using AI in their businesses and the FSTB suggests a two-step approach. This will help to grow AI use while dealing with any issues that might come up.

There’s going to be teamwork between the government, financial regulators and service providers to help bring AI into use. After all, it’s about finding a balance between opportunities and risks, they said.

The FSTB highlighted six opportunities that you can get from AI. These include research and data analysis, creating investment strategies, better customer service, automatic risk assessment, crime detection and prevention, and workflow automation.

AI is used in a bunch of businesses in Hong Kong right now. You’ll see it in banking, stocks, insurance, accounting, managing pension funds and green initiatives.

Hong Kong plans to make a framework to deal with any risks that come with using AI. This includes job losses, protecting intellectual property rights and safeguarding all stakeholders.

In other news, the Hong Kong Securities and Futures Commission (SFC) will bring out a document in November. It will detail the rules, regulations and risks associated with using AI.

Back in September, the Hong Kong SFC asked for opinions on a new license for cryptocurrency over-the-counter services.

According to a report by The South China Morning Post, the SFC and the Customs and Excise Department will monitor companies that offer crypto trading in private.

They had plans to regulate and license crypto over-the-counter services in Hong Kong earlier this year. Initially, they were going to let the Customs and Excise Department handle this all by themselves.

Source: Cointelegraph