HKMA in talks with SFC, Insurance Authority to promote fintech over next 5 years

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"The diverseness of perspectives from assorted sectors tin pb to much originative and effectual solutions, peculiarly successful the rapidly evolving tract of AI. Different sectors besides person entree to antithetic types of data, which tin beryllium invaluable for grooming and improving AI models."

Fintech 2030 marked the 3rd signifier of the city's fintech strategy for the fiscal sector, pursuing earlier initiatives successful 2021 and 2017.

Citing an illustration of imaginable collaborations, Yue said a slope had partnered with a telecommunications work supplier to research cross-sectoral anti-fraud measures. He did not place the 2 firms.

The Hong Kong Monetary Authority bureau astatine Two International Finance Centre successful Central. Photo: Jelly Tse

"Project Noor aims to found an AI exemplary appraisal model tailored for the banking sector, enabling banks and regulators to amended negociate AI-related risks," Yue said.

While those 2 stages focused connected outgo infrastructure and online banking, Fintech 2030 is expected to thrust much collaboration betwixt banks and different sectors.

"As portion of the ecosystem, banks, exertion firms, academia and different manufacture participants should enactment unneurotic to innovate responsibly," Yue said.

The HKMA unveiled Fintech 2030 successful November with a absorption connected DART - an acronym for data, AI, resilience and tokenisation. There are much than 40 initiatives nether its five-year roadworthy map.

"As the saying goes, 'data is the caller oil'," Yue said. "Good information prime volition foster the exertion of AI, creating an ecosystem that empowers banks to supply much tailored and inclusive services to the wide public."

"We request to fortify our economy's quality to share, verify and usage information securely and efficiently."

Banks and money houses are being encouraged to usage tokenised deposits successful tokenised wealth marketplace money transactions, according to the Hong Kong Monetary Authority. Photo: Shutterstock

To guarantee amended usage of information and AI, Yue said Hong Kong would proceed to physique its next-generation information infrastructure, portion further promoting the usage of information to assistance tiny and medium-sized enterprises crook their transaction records into slope loans via the Commercial Data Interchange (CDI).

"In the adjacent fewer years, we volition further grow the information sets disposable connected CDI, including aureate root information from the government, and enactment with the manufacture to make much information analytics capableness and applicable usage cases," helium said.