The Hong Kong Monetary Authority and other institutions announced the list of participants for the first phase of the GenA.I. sandbox++.

On August 27, the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), the Insurance Authority (IA), and the Mandatory Provident Fund Schemes Authority (MPFA) announced the list of participants for the first phase of the Generative Artificial Intelligence (GenA.I.) Sandbox++. It is reported that nearly 100 proposals were received, with 36 use cases ultimately selected, covering 30 financial institutions and 27 technology partners. The evaluation criteria considered the innovation, technical complexity, and potential value to the financial industry, while also referring to the professional opinions of a selection committee composed of experts from academia. The first phase of the GenA.I. Sandbox++ will focus on exploring applications of agent-based artificial intelligence. The selected use cases are not limited to content generation but will also delve into how to enhance the autonomy of AI systems responsibly. The testing scenarios encompass the entire process, including customer onboarding, payments, insurance claims, and customer interactions. Furthermore, based on the previous sandbox theme of "AI against AI," the latest pilot project will further examine how to use AI to dynamically monitor the autonomous operations of other AI applications. HKMA Chief Executive Eddie Yue stated, "We are pleased to facilitate the establishment of more innovative partnerships between banks, various financial institutions, and technology companies. These collaborations will unleash the potential of agent-based AI and create new opportunities. Through the GenA.I. Sandbox++, the HKMA will continue to promote cross-sector and ecosystem collaboration. We will work together to shape the future of financial services and reinforce Hong Kong's position as an international financial center and a hub of innovation." SFC Chief Executive Ashley Alder remarked, "The exploration of agent-based artificial intelligence by the financial industry marks an important step for Hong Kong in building a market oriented towards the future, where systems with higher autonomy must be underpinned by robust governance and clear accountability. The GenA.I. Sandbox++ offers participating institutions a valuable opportunity to test their use cases in a controlled environment, while enabling direct communication with regulators from an early stage. We look forward to leveraging the deep insights gained from these tests to drive broader market transformation." IA Chief Executive John Tan expressed, "I am impressed by the high quality and diverse ideas submitted by the insurance industry, which fully reflect the industry's commitment to using advanced technology to enhance the welfare of policyholders. The GenA.I. Sandbox++ inspires new ideas, provides practical insights, and deepens cross-sector collaboration. The IA will work towards strengthening Hong Kong's position as an international innovation and technology center under the country's '14th Five-Year Plan' by gradually expanding the 'Artificial Intelligence Promotion Program.'" MPFA Chief Executive Cheng Yan Chi stated, "We are pleased to see the GenA.I. Sandbox++ promoting cross-sector collaboration, bringing together participants from the financial and technology sectors to explore the practical applications of GenA.I. We are delighted to see Trillions of MPF trustees and intermediaries participating in this project, testing the use of GenA.I. to enhance operational efficiency and strengthen communication with plan members, while also promoting the responsible application of GenA.I. to safeguard the interests of Trillions of MPF plan members." According to the arrangement, the selected participants will move into a dedicated platform at the Hong Kong Cyberport AI Supercomputing Center, with technical testing expected to commence later this year.