Editorial | Welcome AI, but put Hong Kong protections in place
New policy by the Hong Kong government on the ‘responsible’ use of AI is both timely and sensible for an international financial centre
With the recent whirlwind of advances in the development of artificial intelligence (AI), it is natural for businesses and investors to want to leverage its power for future growth. It is also natural to have concerns about misuse and abuse by scammers.
As such, the new government policy for “responsible” use of AI at the start of Fintech Week is both timely and sensible.
Hong Kong is wisely seeking to head off disruption in the financial services industry while supporting AI development so as to continue building its position as an international financial centre. “Hong Kong’s financial market is open and prudent towards the application of AI,” Financial Secretary Paul Chan Mo-po said at the opening of FinTech Week, where AI has been in focus.
Chan said with such a policy they would monitor market developments and leverage the city’s unique advantages to connect mainland and international data, and support the free flow of information between China, the second largest AI market behind the United States, and the world.
As application of AI by the financial services sector is largely “data-driven, double-edged and dynamic”, the government said its approach was dual track – promoting AI development and adoption while trying to meet its challenges to cybersecurity, data privacy and protection of intellectual property. It called on financial institutions to formulate an AI governance strategy to determine how to use and implement systems.
