Hong Kong’s Insurance Authority (IA) said on Thursday that four financial regulators have joined with the Hong Kong Cyberport Management Company to launch the first cohort of the GenAI Sandbox++, a programme testing generative AI in financial services.
The cohort, comprising 36 selected use cases, will focus on agentic AI applications, exploring how AI can responsibly take on greater autonomy beyond content generation.
The participating regulators are the Hong Kong Monetary Authority, the Securities and Futures Commission, the IA and the Mandatory Provident Fund Schemes Authority.
Financial institutions taking part include Axa China Region Insurance Company (Hong Kong), BOC Group Life Assurance Company and FWD Life Insurance Company (Bermuda), among others. Technology partners include Google, PwC and Visa Hong Kong.
“The testing will cover end-to-end processes such as customer onboarding, payments, insurance claims and customer interactions,” the IA said. “Moreover, building on the ‘AI vs AI’ theme in previous GenAI Sandbox cohort, the latest pilots will further examine how AI can provide dynamic oversight of the actions taken by other AI applications.”
Participants will be onboarded to a platform managed by Cyberport’s Artificial Intelligence Supercomputing Centre, with technical trials starting later in the year.
The GenAI Sandbox++ initiative was first announced on March 5, following the 2024 GenAI Sandbox programme, which covered multiple financial sectors including banking, securities and capital markets, asset and wealth management, insurance, mandatory provident fund and stored value facilities.
