Hong Kong's AI Guidelines for Financial Institutions: A Call for Fairness and Accountability
Monday, 19 August 2024, 12:00
Hong Kong's Increased Focus on AI in Banking
As the financial sector embraces generative artificial intelligence (GenAI), the Hong Kong Monetary Authority (HKMA) stresses that financial institutions must adhere to new guidelines aimed at preventing bias against customers.
Key Principles for GenAI Adoption
- Customers must have the option to opt out of AI technologies.
- AI models should be designed to avoid unfair biases affecting consumer groups.
- Company boards must be accountable for decisions driven by GenAI.
Expanding Applications in Banking
With 39% of surveyed institutions either using or planning to adopt GenAI, the HKMA notes that while many are using generic solutions for tasks like summarization and translation, future potential lies in customer-facing chatbots and robo-advisers.
Regulatory Landscape and Support
- The recent launch of the GenAI sandbox at Cyberport supports testing of AI applications within a controlled environment.
- Consumer protection guidelines by the Privacy Commissioner have also emerged, establishing a framework for responsible GenAI utilization.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.