The Hong Kong FinTech Association formulates an AI blueprint to promote a 90% application rate in the financial industry, attracting HKD 12 billion in investment funds to Hong Kong

The Financial Technology Association of Hong Kong (FTAHK) has established a Financial Services Artificial Intelligence Strategy Advisory Committee to formulate a development blueprint for Hong Kong to achieve global leadership in artificial intelligence (AI) by 2030. The goal is for all financial institutions to reach an AI application rate of 90% and for Hong Kong to rank among the top three in AI innovation in the global financial industry. Hong Kong's AI Application Rate Far Exceeds Global Average The Financial Technology Association of Hong Kong released a white paper titled "Artificial Intelligence in Financial Services: The Path Forward for Hong Kong," which points out that while Hong Kong's AI application rate far exceeds the global average of 26%, it still faces several challenges, including a talent shortage, fragmented data infrastructure, regulatory uncertainty, and unresolved ethical concerns. Pursuing Top Three in Global Financial Industry AI Innovation by 2030 The association stated that it has set several goals for 2030 in line with the blueprint, including achieving a 90% AI application rate across all financial institutions in Hong Kong; attracting HKD 8 billion to 12 billion in AI-related angel investments, venture capital, private equity, and family office funds; launching over 75 new AI-native financial products and services; and ranking among the top three in AI innovation in the global financial industry. Encouraging the Monetary Authority and Securities and Futures Commission to Expand Sandbox Scope The association indicated that the blueprint also proposes specific recommendations for stakeholders, including suggesting that the Monetary Authority and the Securities and Futures Commission develop clearer, principle-based guidelines for AI model validation and expand the scope of the regulatory sandbox, particularly to facilitate greater participation from small and medium-sized enterprises. The white paper also calls on the government to streamline AI funding programs and engage in formal dialogue with relevant authorities in the Greater Bay Area to promote cross-border data flow for AI model training. Greater Bay Area to Help Consolidate International Financial Center Status FTAHK stated that to consolidate Hong Kong's leading position as an international financial center, the white paper highlights that the Greater Bay Area will play a key role, encompassing AI-driven highly personalized wealth management services and AI-optimized cross-border payment infrastructure, which will help Hong Kong maintain its lead in AI applications. Plans to Train Over 200 AI Professionals Annually In response to the talent challenge, the blueprint proposed in the white paper aims to facilitate partnerships between universities and top financial institutions to launch an AI talent development pilot program. This program aims to train over 200 professionals annually, covering key areas such as AI risk management, ethics, and data governance, with the first cohort expected to enroll in the first half of 2027. Wang Yue, Chairperson of the Financial Technology Association of Hong Kong, stated that Hong Kong is at a critical moment, currently leading in embracing AI, but this advantage is relatively fragile. She noted that the decisions made in Hong Kong regarding AI governance and ecosystem development will determine whether it can solidify its status as a premier international financial center or be left behind, and this document provides a roadmap for choosing leadership