Global Trustee and Fiduciary Services Bite-Sized Issue 9 2024
2 QUICK LINKS AI DORA FUND LIQUIDITY MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG TOKENISATION AUSTRALIA ASIA EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 9 | 2024 HKMA and Cyberport Launch GenA.I. Sandbox to Bolster A.I. Adoption in Financial Sector On 13 August 2024, the Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Cyberport Management Company Limited (Cyberport), announced the launch of the new Generative Artificial Intelligence (GenA.I.) Sandbox at FiNETech2, the second edition of the FiNETech series. Building on the momentum of the first successful inaugural event in April 2024, the HKMA, the Cyberport and the FinTech Association of Hong Kong co-hosted “FiNETech2 – Into the A.I. verse”, highlighting the transformative potential of artificial intelligence (A.I.) in the financial industry. The HKMA states that supported by financial regulators, industry associations as well as technology communities, and powered by market experts, FiNETech2 brought together over 300 professionals from the banking, securities, insurance, and technology sectors. During the event, the HKMA announced the launch of the new GenA.I. Sandbox. Through interactive engagement with the industry, the HKMA will draw insights from the GenA.I. Sandbox and share good practices, while keeping its guidance relevant and fit-for-purpose in the light of the latest development. To adapt to the forthcoming changes, the HKMA says it is committed to capacity building and promoting responsible innovation in GenA.I., including a recent training session which was attended by over 120 financial professionals, focusing on practical A.I. adoption strategies in the financial industry. The HKMA is also conducting case studies on the latest international development of A.I., including GenA.I., and will share good practices to encourage adoption. The HKMA will organise additional editions of FiNETech in the coming months, focusing on the areas of Greentech and Distributed Ledger Technology and continue to drive tangible progress in Fintech adoption by banks and other financial institutions. Link to Press Release here Link to Opening Remarks at FiNETech2 on “Building Secure A.I. Ecosystem: A Blueprint for Strategic Adoption in Financial Industry” by Carmen Chu, Executive Director (Banking Supervision), HKMA here DORA CSSF Launch DORA Readiness Survey On 19 August 2024, the Commission de Surveillance du Secteur Financier (CSSF) launched a DORA Readiness Survey to have a better view of the readiness of the market towards the end of the implementation timeline for DORA, which becomes applicable on 17 January 2025. The CSSF says that the aimof this initiative is, primarily, to assess the readiness level of financial entities regarding DORA, and to capture the main challenges encountered by these financial entities. The CSSF adds that the second goal is to raise once more the awareness of those financial entities that are late in getting ready. The survey consists of a limited number of 10 closed questions. The CSSF says that entities subject to the DORA regulation and licensed as financial entities in Luxembourg, even if falling under direct European Central Bank supervision, will be invited via email to participate in the survey. The CSSF states that whilst the participation in the survey is not mandatory, it is strongly recommended. The survey is launched with the request to provide the readiness status as at 1 September 2024. Answers will be accepted by the CSSF through the dedicated eDesk procedure available on eDesk (cssf.lu) until 15 September 2024. Link to CSSF Communiqué here
Made with FlippingBook
RkJQdWJsaXNoZXIy MTM5MzQ2Mw==