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Report on “Financial Services in the Era of Generative AI: Facilitating Responsible Adoption”
11
Apr
Apr
The Hong Kong Institute for Monetary and Financial Research (HKIMR), part of the Hong Kong Academy of Finance (AoF), released a report titled “Financial Services in the Era of Generative AI: Facilitating Responsible Adoption,” which highlights the steady adoption of Generative AI (GenA.I.) in Hong Kong’s financial services sector. Survey findings indicate that 75% of local financial institutions have implemented or are piloting GenA.I. use cases, with expectations for this figure to rise to 87% in the next three to five years. The report discusses challenges such as concerns over model accuracy and data privacy but suggests that advancements in technology and regulatory engagement could facilitate broader GenA.I. adoption. It aims to guide best practices in addressing these challenges and promote responsible innovation in the financial industry. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/04/20250409-3/
