Core Insights - The Hong Kong Monetary Authority (HKMA) reported a 13% growth in Hong Kong's asset management scale to approximately $4.5 trillion, with private wealth management growing by 15%, indicating a sustained growth trend due to increasing wealth in Asia and a fragmented geopolitical landscape seeking diversified asset allocation [1][1][1] Group 1 - Hong Kong's unique position as part of China and the global financial system enhances its ability to gain trust from global investors, including those from the mainland [1][1] - The HKMA has been proactive in areas such as central bank digital currencies, tokenization, and artificial intelligence applications, which are beneficial for the development of wealth management in Hong Kong [1][1][1] Group 2 - The HKMA launched a generative AI sandbox last year, emphasizing the importance of accuracy, consistency, and interpretability in AI technology usage within the industry [1][1] - Collaboration with organizations like the BIS Innovation Hub and the UK's Financial Conduct Authority (FCA) on the Noor project aims to develop explainable AI tools for banks, with a prototype expected to be released next year [1][1] - The HKMA plans to further collaborate with Cyberport next year to establish AI infrastructure, providing computing power, data ecosystems, and data analysis tools to benefit smaller institutions across various industries [1][1][1]

Core Insights - The Hong Kong Monetary Authority (HKMA) and Cyberport hosted a seminar on Generative Artificial Intelligence (GenA.I.), highlighting its potential in risk management, fraud prevention, and customer experience [1][2] - The HKMA released the "First Phase GenA.I. Sandbox Report," which summarizes successful experiences and provides practical guidance for the industry [2][3] Group 1: Seminar Overview - The seminar attracted over 500 participants from banking, insurance, and technology sectors, facilitating discussions on GenA.I. development trends and applications in finance [2] - Interactive exhibitions allowed banks participating in the GenA.I. sandbox to share insights and showcase innovative use cases [2] Group 2: GenA.I. Sandbox Report - The report indicates significant potential for GenA.I. in enhancing risk management, fraud prevention, and customer experience [2][3] - It integrates results from technology tests conducted at the Cyberport AI Supercomputing Center, offering practical guidance on key technical aspects like model tuning and safety measures [2] Group 3: Future Directions - HKMA President Eddie Yue expressed optimism for the second phase of the sandbox to further promote responsible GenA.I. applications, laying a solid foundation for future banking services [3] - The exploration of innovative use cases has led to collaborations with the Bank for International Settlements and other regulatory bodies to develop explainable AI tools [3]