Hong Kong Unveils AI Policy Statement for Financial Market; Treasury Report Highlights Risks Amid Calls from Better Markets

Hong Kong has released a new Policy Statement on the Responsible Application of Artificial Intelligence (AI) in the financial market, outlining best practices and regulatory frameworks aimed at ensuring ethical AI use in finance. This initiative is part of a broader discussion on the implications of AI in the financial services sector, which includes insights from the Financial Stability Institute on regulating AI. Additionally, a report from the Treasury highlights the uses, opportunities, and risks associated with AI in financial services. Advocacy groups such as Better Markets are calling for increased resources to regulate AI, emphasizing the need for stronger oversight to protect consumers from potential risks like fraud, discrimination, and market instability.