CUHK Faculty of Engineering hosts Financial Technology Conference 2023 on the governance and risk management implications of generative AI and digital assets
The Chinese University of Hong Kong (CUHK)’s Faculty of Engineering, with sponsorship from Hang Seng Bank and Deloitte China, hosted the 2023 CUHK Conference on Financial Technology (fintech) in hybrid mode yesterday(1 November). The conference, with the theme “Generative AI and Digital Assets – Governance and Risk Management Perspectives”, attracted more than 600 attendees, including industry practitioners, government officials, regulators, academics, researchers and students, who delved into the governance and risk management issues in connection with generative AI and digital assets. The event was supported by CUHK Business School, CUHK Engineering FinTech Applied Research Academy (CEFAR Academy), the Department of Systems Engineering and Engineering Management, and the Centre for Financial Engineering.
The officiating guests at the conference were Professor Alan K.L. Chan, Provost of CUHK; Mr Joseph H.L. Chan, JP, Under Secretary for Financial Services and the Treasury in the government of the Hong Kong SAR; Professor Tsang Hon-ki, Interim Dean of CUHK’s Faculty of Engineering; Mr Ivan K.B. Lee, JP, Commissioner for Innovation and Technology in the government of the Hong Kong SAR; Ms Vivien W.M. Chiu, Chief Operating Officer of Hang Seng Bank; and Mr Ted Ho, Partner of Deloitte China.
Experts from the banking, technology and legal sectors together with CUHK scholars delivered three panel discussions, a series of talks and a fireside chat session, sharing their insights on the opportunities, risks, challenges and governance associated with generative AI and digital assets, and how the capabilities of these advanced AI technologies can be enhanced through academia-industry partnership.
In his opening address, Professor Alan K.L. Chan, Provost of CUHK, said, “CUHK is delighted to organise this remarkable conference on our campus, which provides a platform for finance and technology professionals, regulators and government leaders, academics, researchers and students to engage in insightful discussions and to exchange knowledge.” He stressed that “Hong Kong needs to nurture fintech talents who can address challenges related to emerging technologies and new transaction models. By offering the city’s first Fintech bachelor’s and master’s degrees, CUHK is the pioneer in fintech education in Hong Kong.”
“With tremendous access to potential clients, business partners and investors here, as many financial institutions have their regional headquarters or biggest regional presence in the city, Hong Kong is the ideal place for fintech companies to start up and scale up,” said Mr Joseph H.L. Chan, JP, Under Secretary for Financial Services and the Treasury of the Hong Kong SAR government. “But this mission is not solitary; it is a collaborative effort with vital partners like CUHK, whose contributions to talent development and innovative research empower Hong Kong to continually push the boundaries of fintech possibilities.” He further emphasised the city’s commitment to financial inclusion, highlighting that from the launch in October 2022 of the Commercial Data Interchange, a Hong Kong Monetary Authority initiative to encourage data sharing, to the end of June 2023, it had processed over 4,900 loan applications, totalling about HK$4.4 billion.
Professor Tsang Hon-ki, Interim Dean of CUHK’s Faculty of Engineering, added, “CUHK’s Faculty of Engineering recognises the importance of collaboration with industry and regulatory bodies to enhance talent development and to address potential problems and solutions associated with the latest technologies. We have been keen on fostering a close relationship with regulators and the fintech industry. Under the CEFAR Academy established in 2020, applied research projects in various domains of financial technologies address real-life problems identified by sponsoring organisations. This year, we received enthusiastic responses from those organisations, and collected a record number of over 70 problem statements.”
Ms Vivien Chiu, Chief Operating Officer at Hang Seng Bank, said, “Innovation is a cornerstone of Hang Seng Bank’s brand values. We operate a bank-wide innovation programme, Fintecubator, dedicated to embracing creative new methods of work and integrating fintech solutions. Our aim is to equip staff with future-ready skills and employ emerging technologies to enhance our customer services. Our collaboration extends to partners such as regulators and academics, fostering new ideas and talent development in Hong Kong. Hang Seng is committed to further supporting fintech development locally and in the Greater Bay Area by spearheading industry projects and making meaningful contributions to the community.”
For more details of the conference, please visit: https://conference.cefar.cuhk.edu.hk/