Banks unveil AI outcomes under HKMA sandbox scheme
Local banks on Thursday presented their outcomes from participating in the Hong Kong Monetary Authority’s GenAI sandbox, featuring innovations such as anti-deepfake detection and streamlined data platforms. Launched in 2024, the sandbox allows financial institutions to test new operational and customer service scenarios in a controlled environment. The sandbox's second cohort, comprising 27 use cases from 20 banks and 14 technology firms, was selected in October last year and began trial tests early this year. Standard Chartered said it tested a new platform in the sandbox that allows staff to pull client information from complex data sources and generate a comprehensive summary of client issues and investment performance, enabling them to provide better advice. The process takes just one minute – down from four to five hours previously – giving relationship managers far more time to engage directly with clients. HSBC, meanwhile, tested a deepfake detection tool in the sandbox, revealing that none of around 20 deepfake attempts managed to penetrate its security system. The bank also collaborated with the Hong Kong University of Science and Technology to test an AI model that translates text into sign language, aiming to assist hearing-impaired customers on its website and at branch locations. HSBC's Co-Chief Executive for Asia and the...
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