The Hong Kong Monetary Authority (HKMA) welcomes the launch of the InvestLM Generative A.I. Platform announced today (28 November) by the School of Business and Management of The Hong Kong University of Science and Technology (HKUST Business School)¹.  This innovative platform aims to support the local financial services industry, particularly small-to-medium financial institutions, in harnessing the potential of Generative Artificial Intelligence (GenA.I.) technologies.

In line with the government's Policy Statement on Responsible Application of Artificial Intelligence in the Financial Market², the HKMA adopts an interactive and iterative approach to promote Artificial Intelligence (A.I.) adoption by banks while understanding the potential challenges.  The HKMA also encourages banks to explore the potential of GenA.I. with the new InvestLM Generative A.I. Platform, to help enhance operational efficiency and provide more tailored customer services.  Furthermore, banks may consider exploring the possibility of further fine-tuning or adapting the underlying InvestLM model to suit the needs of specific banking operations, while establishing a robust set of guardrails to address the challenges arising from such fine-tuning processes.

The HKUST's InvestLM model will also be made available to banks through the GenA.I. Sandbox, a joint initiative of the HKMA and the Cyberport³.  In addition to providing a risk-managed framework for banks to pilot novel GenA.I. use cases, the GenA.I. Sandbox offers the necessary technical resources and targeted supervisory feedback for banks to explore additional avenues to test or even further fine-tune the InvestLM model.  During the fine-tuning process, banks can also benefit from the vast experience of the research team at the HKUST Business School in addressing common challenges related to similar GenA.I. models, such as bias and hallucination risks.

Mr Arthur Yuen, Deputy Chief Executive of the HKMA, said, “Our GenA.I. Sandbox serves as a crucial testing ground where banks can safely explore and validate novel A.I. applications.  By integrating the HKUST’s InvestLM model, a home-grown innovation, into this controlled environment, we are offering banks a wider range of avenues in developing their GenA.I. use cases while identifying appropriate safeguards.  The latest collaboration with the HKUST Business School reflects another milestone of our continuing efforts to drive responsible A.I. adoption in Hong Kong’s financial sector.”