Artificial intelligence (AI) is reshaping financial services, but its success hinges on collaboration between regulators, financial institutions, and technology providers. This was the focus of the FinTech Association of Hong Kong (FTAHK)’s recent event, which marked the launch of the FTAHK AI Strategic Advisory Council and featured a high-impact panel discussion that underscored the importance of cross-sector cooperation in managing AI risks while unlocking its full potential.
Finding the Right Balance: Innovation and Regulation
Hong Kong's top regulators Raymond Chan, JP (Hong Kong Monetary Authority) and Henry Tsang (Securities and Futures Commission), event guest speakers, reinforced the importance of collaboration between regulators, financial institutions, and technology providers in ensuring AI’s responsible adoption. Mr. Chan, Executive Director (Enforcement & AML) of HKMA, highlighted AI’s impact on financial system integrity, stressing the need for global regulatory alignment. In addition, Mr. Tsang, Director (Intermediaries) of SFC, outlined AI governance measures to address risks like bias, cybersecurity threats, and transparency concerns, while also ensuring innovation can thrive.
“The challenge is finding the right balance between risk control and innovation,” noted Lareina Wang, emphasizing that AI must be adopted responsibly while allowing room for industry growth and development. Ms. Wang, who chairs the board at FinTech Association of Hong Kong, officially launched the FTAHK AI Strategic Advisory Council, a dedicated industry body designed to explore AI adoption challenges and opportunities.
The Council comprises 10 industry experts from banking, asset management, academia, and technology firms, with a one-year mandate to collaborate with regulators and industry stakeholders. The inaugural members include: Chris Barford (EY), Guillaume Huet (Accenture / FTAHK), Sarah O (Citi), Miles Wen (Fano Lab), Julien Bernard (Amundi), Kazimierz Kelles-Krauz (HSBC), Garry Sien (Alibaba Cloud), Vivienne Fung (Bank of East Asia), Ashley Ma (DBS), and Brian Tang (LITE Lab@HKU / FTAHK).
Sarah O capped the launch by stressing the necessity of industry-wide cooperation in ensuring AI adoption is both effective and ethical.
Panel Discussion: AI’s Evolving Role in Finance
*See the video guide below
The panel discussion underscored the growing role of AI in financial services and the need for industry-wide collaboration to address both its opportunities and risks. Speakers from banking, asset management, consulting, and technology sectors shared insights on regulatory adaptation, risk mitigation, and AI-driven innovation:
Brian Tang (LITE Lab@HKU, Moderator) emphasized the importance of cross-sector collaboration to ensure AI remains both a driver of innovation and a tool for financial system integrity.
Rocky Mui (Clifford Chance) explored legal considerations around AI governance, regulatory compliance, and how financial institutions can align with evolving global AI frameworks.
Guillaume Huet (Accenture) discussed AI’s growing role in insurance, particularly in claims automation and fraud detection, stressing the importance of governance frameworks.
Jiahao Teo (HSBC) highlighted HSBC’s AI sandbox participation, emphasizing structured testing as a way to ensure safe and responsible AI implementation.
Garry Sien (Alibaba Cloud) focused on cybersecurity risks and AI-driven fraud, urging financial institutions to scale their AI infrastructure to combat emerging threats.
Sally Wong (HKIFA) addressed compliance challenges, particularly for global firms aligning with Hong Kong’s evolving AI regulations.
The discussion made it clear that while AI presents game-changing opportunities, it also demands strong governance, regulatory alignment, and investment in secure AI infrastructure. The consensus was that financial institutions cannot navigate AI adoption alone—partnerships between regulators, industry players, and technology providers will be key to shaping AI’s future in finance.
*VIDEO / PROGRAMME GUIDE
Welcome and Opening Remarks
00:13 - Kazimierz Kelles-Krauz (HSBC Hong Kong) opened the event, emphasizing AI’s growing role in financial services.
01:08 - Lareina Wang (FTAHK) thanked HSBC for hosting and highlighted AI's significance in fintech and the International Financial Week.
Regulatory Insights by HKMA and SFC
03:10 - Raymond Chan, JP (HKMA): Discussed AI’s transformative potential in financial stability and risk management, and that HKMA has mandated banks to report AI adoption plans and emphasized international collaboration.
09:38 - Henry Tsang (SFC): Acknowledged AI’s benefits but warned of risks like bias and cybersecurity threats. He outlined regulatory expectations in governance, model risk management, cybersecurity, and third-party oversight.
Launch of the FTAHK AI Strategic Advisory Council
13:55 - FTAHK launched the AI Strategic Advisory Council with 10 industry experts from banking, asset management, academia, and technology firms.
18:21 - Sarah O (Citi Hong Kong) spoke on the potential of AI in enhancing financial services, stressing the need for collaboration across industries to maximize AI’s benefits while mitigating risks.
16:12 - Presentation of the inaugural council members
Panel Discussion
21:15 - A.I. Regulation & Opportunities for Financial Services in Hong Kong
Follow the speakers on LinkedIn: Brian Tang (Moderator / Founding Executive Director, LITE Lab@HKU, Board Member, FTAHK), Rocky Mui (Partner, Clifford Chance), Guillaume Huet (Director at Accenture / Board at FTAHK), Jiahao Teo (Global Head of Data, Analytics & CRM, Global Private Banking & wealth and WPB HK & China at HSBC), Garry Sien (Chief Solutions Architect – Global Financial Services Solutions at Alibaba Cloud), and Sally Wong (CEO of Hong Kong Investment Funds Association) .
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