Hong Kong Monetary Authority: Announcing the “ART” Framework to Promote Responsible Application of Artificial Intelligence in the Banking Industry

The Zhitong Finance App learned that on October 15, the Hong Kong Monetary Authority announced the “ART” framework to support the responsible application of artificial intelligence in the banking industry, with the aim of establishing an AI ecosystem that is accountable (accountable), resilient (resilient) and trustworthy (Trust).

According to the Hong Kong Monetary Authority, artificial intelligence systems are becoming more autonomous and capable of mobilizing more data, tools and operating processes. To help banks seize artificial intelligence opportunities while maintaining sound governance and operational resilience, specific measures under the “ART” framework include issuing the latest “Regulatory Guidelines for Responsible Application of Artificial Intelligence (GenAI)”, which includes insights from the second phase of the Generative Artificial Intelligence (GenAI) sandbox; cooperating with Hong Kong Cyberport and the University of Hong Kong to build an AI training data sharing platform with data quality assurance as the core design principle; and further testing proxy AI applications through “GenA.i. Sandbox++” and a proposed regulatory framework for proxy AI governance Publish discussion papers discussing “intent-based” accountability arrangements, key AI agent registers, and effective intervention mechanisms.

The HKMA also co-hosted the “Finance+A.I.” forum with Cyberport for two consecutive days on October 15 and 16, marking the successful completion and positive results of the technical testing of the second phase of the GenAI sandbox. Among them, more than 60% of use cases involve exploring proxy artificial intelligence, reflecting the industry's active promotion of the application of advanced artificial intelligence systems, such as automated planning, and execution of multi-step tasks within authorized and controlled boundaries.

HKMA Vice President Ruan Guoheng said that the shift of AI from generative to proxy is an important new stage in innovation in the banking industry. Under “Fintech 2030,” the HKMA launched an “ART” framework representing accountability, resilience and trustworthiness, which aims to provide a clear foundation for banks to responsibly develop and deploy AI. By combining innovation, clear responsibility arrangements, resilient operating models and effective human supervision, banks can fully utilize the benefits brought by AI while maintaining trust and the stability of Hong Kong's financial system.