HKMA, Cyberport launches second cohort of GenA.I. Sandbox

This comes amidst positive feedback from the inaugural launch.

The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Cyberport Management Company Limited (Cyberport), announced on 28 April the launch of the second cohort of the Generative Artificial Intelligence (GenA.I.) Sandbox initiative.

The GenA.I. Sandbox aims to provide a risk-controlled environment for banks to develop and test innovative solutions using artificial intelligence (AI), further advancing the adoption of AI technology in the financial sector.

The launch follows positive responses received in the inaugural cohort started in January this year, the second cohort will continue to focus on use cases that further enhance risk management, anti-fraud measures and customer experience.

A key addition to the second cohort is the introduction of the GenA.I. Sandbox Collaboratory (Collaboratory), a platform comprising a series of practical workshops that facilitate early engagements between banks and technology providers.

These workshops are designed to drive the conversion of problem statements into practical use cases, which can then be trialled in the GenA.I. Sandbox. Specifically, in response to the growing threat of deepfake scams, a dedicated Collaboratory workshop on combating deepfake attacks with AI will be held in the coming weeks, convening subject matter experts from tech firms, digital banks, as well as small and medium-sized banks, to share actionable solutions and innovative detection tools.

The launch was announced during the fifth edition of the FiNETech series (FiNETech5), which convened over 150 AI practitioners from the banking and technology sectors.