The Hong Kong Monetary Authority: Collaborating with the Bank for International Settlements and others to develop an AI toolkit, expected to undergo testing next quarter and officially launch early next year.
The Hong Kong Monetary Authority is collaborating with the Bank for International Settlements (BIS), the Financial Conduct Authority (FCA) of the UK, and the Saudi Central Bank (SAMA) to develop a set of AI tools (Project Noor).
On September 4, during an event hosted by the Hong Kong Association of Banks, Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, stated that the HKMA is collaborating with the Bank for International Settlements (BIS), the UK Financial Conduct Authority (FCA), and the Saudi Central Bank (SAMA) to develop an AI toolkit (Project Noor) to help the industry assess the reliability and interpretability of individual AI applications. Testing is expected to take place in the next quarter, with a formal launch scheduled for early next year.
Eddie Yue pointed out that the HKMA has upgraded its original Generative AI (GenA.I.) sandbox to GenA.I. Sandbox++, expanding it to the securities and insurance sectors to build a more comprehensive fintech ecosystem.
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