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...