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The Hong Kong Monetary Authority (HKMA) is evaluating the impact of artificial intelligence (AI) on the banking sector in Hong Kong. Deputy CEO Arthur Yuen discussed the regulator's efforts to improve the city's banking sector and address operational risks and scams. The HKMA issued virtual bank licenses to companies like ZA Bank, WeLab Bank, and Mox Bank to inject innovation and competition into the industry.
Yuen mentioned that the virtual banks, soon to be renamed as digital banks, have successfully cut down fees and increased competition. The HKMA is conducting surveys to assess talent shortage and how AI adoption will affect staffing in the banking sector. Yuen emphasized the importance of managing risks effectively rather than just reducing risks to ensure economic activities continue even during market downturns.
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Sam Altman today revealed that OpenAI will release an open weight artificial intelligence model in the coming months. "We are excited to release a powerful new open-weight language model with reasoning in the coming months," Altman wrote on X.
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