HKMA says banks should set up AI hub

AI analytics

The Hong Kong Monetary Authority has urged local banks to develop a “centre of excellence” to develop artificial intelligence.

In a new report, the HKMA says banks can no longer rely upon the resources of their own technology departments to find ways of enhancing their business with AI. Banks need to adopt AI solutions more rapidly and with “higher quality results”, it argues.

A centre of excellence, the HKMA says, would act as central hub that collects resources for AI development, including

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