Hong Kong government will issue financial marekt AI policy stance and guidelines later this year

Speaking at the Fintech Parallel Forum of the Beijing 2024 Zhongguancun Forum, the Secretary for Financial Services and the Treasury, Mr. Hui Cheng-yu, pointed out that with the continuous evolution of artificial intelligence technology, the Hong Kong government will maintain an open attitude, closely monitor market development, and refer to the experience at home and abroad to promote the responsible use of artificial intelligence in the financial industry. Later this year, the Hong Kong government will issue a policy statement outlining the Hong Kong government's policy stance and guidelines on the application of artificial intelligence in financial marekts.
Xu Zhengyu also said that in terms of promoting the artificial intelligence technology ecosystem, Hong Kong Cyberport is setting up an artificial intelligence supercomputing center at full speed to assist research institutions and the industry to meet the demand for computing power. The first phase of the facility will be put into service as soon as this year. In addition, the Hong Kong government will allocate 3 billion Hong Kong dollars to implement a three-year artificial intelligence funding scheme to subsidize universities, R & D institutions and enterprises to use computing power to promote scientific research breakthroughs; strengthen the cyber security and data protection of the computing power center; and conduct promotional and educational activities, so as to attract artificial intelligence experts, enterprises and R & D projects at home and abroad to settle in Hong Kong.