The HKMA has introduced new principles for using generative AI, emphasizing governance, transparency and data protection in consumer-facing applications.
The Hong Kong Monetary Authority (HKMA) has issued guiding principles for generative artificial intelligence use in consumer-facing applications to safeguard end-users.
The HKMA, Hong Kong’s central banking institution, introduced reforms to its preexisting four pillars of guidance on the use of generative AI (GenAI) in a circular issued to authorized institutions mainly comprised of banks.
The new principles were added to the four central pillars initially introduced for big data analytics and AI in November 2019: governance and accountability, fairness, transparency and disclosure and data privacy and protection.
