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Hong Kong Monetary Authority
Last week, the Hong Kong Monetary Authority announced the introduction of the “ART” Framework to support responsible adoption of AI in the banking sector. 

Initiatives under the “ART” Framework include:

-- An AI training data sharing platform in collaboration with Hong Kong Cyberport Management Company Limited (Cyberport) and the University of Hong Kong, with data quality assurance as a core design principle; and

-- Further testing of agentic AI applications through the GenAI Sandbox++2 and an upcoming discussion paper on a proposed supervisory framework for agentic AI governance, exploring intent-anchored accountability, a registry of material AI agents, and effective intervention mechanisms.

“The progression from generative to agentic AI represents an important new stage of innovation for the banking sector,” Arthur Yuen, deputy chief executive of the HKMA, said. 

Asia’s financial centres are competing in areas of AI innovation as much as on other lines. A sign of the sensitivities came in a report entitled The Standard (of Hong Kong), on 6 October, saying that the HKMA has questioned HSBC’s decision to set up a Global AI Centre of Excellence in Singapore instead of Hong Kong. The HKMA has also discussed with HSBC and Standard Chartered about reallocating more managerial and senior positions to mainland China, the publication said. The report said HKMA has declined to comment on such speculation.