Together: 38% of Hong Kong Financial Institutions use GenAI for daily operations, leading the world

Source of the article: Wise Financial

According to the report "Financial Technology Revolution: Artificial Intelligence Applications and Innovations in Financial Service" released by ShineWing (Hong Kong) CPA Limited, the financial industry in Hong Kong is leading in the application of generative artificial intelligence compared to other regions. 38% of Hong Kong Financial Institutions have already applied generative AI to daily operations, higher than 16% in Singapore and the global average of 26%. Generative AI is driving the transformation of Hong Kong's financial industry, not only enhancing service quality and operational efficiency, but also inspiring innovative business models. At the same time, Hong Kong banks are significantly increasing their investment in financial technology, with an expected 40% increase in investment from 2018 to 2021 to 2022 to 2025.

Zhì tóng kuàijì shī wù suǒ zhǐ chū, Xiānggǎng jīnróng hángyè yǐjīng jiāng huánjìng, shèhuì hé gōngsī zhìlǐ (ESG) yǐjí kěchíxù fāzhǎn shì wèi xià yīgè zhòngyào yìtí. Shēngchéngshì AI bèi shì wèi shì fàng zhè yī jùdà qiánlì de guānkè, jù tǒngjì, 35% de Xiānggǎng Financial Institution jìhuà lìyòng shēngchéngshì AI jìnxíng ESG shùjù fēnxī hé juédìng zhìdìng. AI hái néng géxīn huánjìng Risk Management, tōngguò fēnxī qìhóng shùjù jí yùcè zìrán zāihài, bìng lìyòng AI qídòng de zìdòng huà jìshù jiǎnshǎo hángyè de huánjìng zúzú.

In addition, the severe shortage of AI talents is a major pain point for Financial Institutions in Hong Kong, with nearly half (49%) of Hong Kong companies stating difficulty in recruiting AI professionals. Hong Kong banks plan to increase their fintech talent by 40% by 2025, further highlighting the urgent demand for professional talents in this field.

The report also pointed out that Hong Kong is fully leveraging the close connection with the Greater Bay Area to accelerate its goal of becoming a global AI center. In June 2023, Hong Kong and the Greater Bay Area signed a milestone Memorandum of Cooperation to promote cross-border data flow in the Guangdong-Hong Kong-Macao Greater Bay Area. This initiative greatly strengthens regional cooperation, achieves seamless data sharing, and gives rise to a new era of Bay Area collaborative innovation.

Yan Yan Ki, consulting vice president of ShineWing (Hong Kong) CPA Limited, said that the cooperation memorandum signed with the Bay Area and the development plan of the cooperation zone have opened the door to massive data and talent resources for Hong Kong, nurturing a thriving AI ecosystem and promoting the commercialization of cutting-edge technology. This cross-border initiative is implementing new rules for advanced technology, making the cooperation zone a production and transformation center for the Greater Bay Area, accelerating Hong Kong's rise as a global leader in AI.