At a key forum in the Chinese capital Beijing, experts engaged in discussions on how AI is reshaping the financial sector and advancing high-quality development, while also underscoring the importance of risk management in this regard.

"AI is accelerating its integration into all facets of the financial system and driving profound transformations," said Xiao Yuanqi, deputy head of the National Financial Regulatory Administration, during the Annual Conference of Financial Street Forum 2025 that concluded on Thursday.

Themed "Global Financial Development in an Era of Innovation, Transformation and Restructuring," this year's event has fostered international financial exchange and cooperation.

"Financial product development costs have dropped considerably, and services have become more accessible. This allows customers to fulfill their financial needs more conveniently," Xiao noted. "At the same time, AI is generating greater growth potential and business opportunities across the financial system."

In the insurance industry, Chinese underwriters apply this technology for risk alerts, remote sensing and damage assessment in cases of natural disasters affecting the country's vast but scattered farmlands and offshore wind power facilities.

"Traditional risk assessment methods could induce high operational costs and safety risks. AI has brought profound changes to China's insurance sector, by enabling more efficient claims processing," said Zhao Peng, president of the People's Insurance Company (Group) of China Limited (PICC).

He added that PICC's AI-driven insurance solutions have served over 80 million farmers and some 260 offshore wind power projects across the country.

Commercial banks are also adopting AI, with many already deploying large-scale models to extract core information from extensive regulations and datasets. This enhances due diligence, optimizes financial services and shortens disbursement times.

Notably, international banking group Standard Chartered PLC has partnered with Alibaba Cloud since July this year -- utilizing Chinese AI technology to deliver localized customer services in the world's second-largest economy.

"China has emerged as a global leader in innovation. The partnership enhances service efficiency and user experience, optimizes personal sales recommendations and automated compliance, and strengthens fraud detection," said Maria Ramos, group chair of Standard Chartered PLC.

While Hong Kong's IPO market remains robust—raising HKD 180 billion in the first three quarters of 2025, up 200% year-on-year—the real story may lie in secondary markets. Follow-on offerings and placements surged 270%, reaching HKD 260 billion, reflecting the market's depth and ability to support companies throughout their growth cycles. Average daily turnover also rose over 90%, with total market capitalization approaching HKD 50 trillion.