HKMA Welcomes Launch of HKUST's InvestLM Generative A.I. Platform
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. ” Hong
Kong Monetary Authority 28 November 2024