ME News reports that on December 20 (UTC+8), Liang Dingbang, the former chairman of the Hong Kong Securities and Futures Commission, expressed his views on the development of smart finance and artificial intelligence at the Shenzhen Xiangmi Lake Financial Annual Conference. He pointed out that the smart finance in Hong Kong and Macau has covered five areas: banking, securities, insurance, cross-border finance, and electronic payments. When promoting the application of artificial intelligence in traditional finance, Hong Kong does not solely rely on large language models (LLMs), but adopts a multi-level and multi-architecture technology integration strategy, including blockchain.
From the perspective of financial regulation, Liang Dingbang stated that currently 'big data' is still the foundation of Hong Kong's financial technology applications, and 'large models' are just one part of it. Since 2019, Hong Kong has introduced various technological means such as 'big data' analysis, expert systems, and machine learning into regulation. Regulatory agencies prioritize the use of verifiable and traceable underlying real data in core business operations, while large models are mostly used for supportive and back-office tasks.
Liang Dingbang reminded that due to the current 'hallucination' risk of large models, a prudent attitude towards AI must be maintained in financial regulation and institutional business scenarios. He stated that the application of generative artificial intelligence in front-office operations involving direct customer interaction is still relatively cautious, mainly focused on supportive aspects such as risk management and data analysis in the back office. Even so, final decisions must be made by the risk management committee and risk officers based on personal experience and multi-dimensional data, without fully relying on model outputs.
Liang Dingbang stated that Hong Kong maintains a highly open attitude towards the development of smart finance, but it is necessary to strictly ensure the authenticity of data and controllable risks in client-side and core business operations to ensure the safety and stability of the financial system.
Liang Dingbang is the first Chinese chairman of the Hong Kong Securities and Futures Commission, and in the 1990s served as a director of the Hong Kong Stock Exchange, leading the design of the legal framework for Chinese companies to list in Hong Kong. (Source: ME)
