Hong Kong, Shenzhen push secure data corridor to unlock AI and fintech opportunities Hong Kong and Shenzhen are establishing a white list for data transfer as part of an overarching effort to forge closer cross-border ties, which policymakers and business leaders see as essential to unlocking opportunities in artificial intelligence and fintech in the region. “If you have a white list to facilitate the movement of sensitive data, biological data and samples between Hong Kong and [mainland] China, it would ensure trust between [parties sending and receiving information] because authorities on both sides would have already approved it,” said Ada Chung Lai-ling, Hong Kong’s privacy commissioner for personal data. Transparency would be “very important” for the establishment of the data corridor between Hong Kong and the mainland, Chung said at the China Conference: Greater Bay Area, an event hosted by the South China Morning Post on Thursday. Hong Kong’s Secretary for Innovation, Technology and Industry Sun Dong announced in December that officials were looking to draw up a white list of companies at the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone to ensure secure cross-border data transfer. Hong Kong has already enabled the transfer of health data amid a rising number of residents seeking medical services across the border and sharing electronic health records with designated Shenzhen hospitals. More than 300,000 Hong Kong residents were expected to seek medical care in Shenzhen this year, according to Qu Hongbin, chief economic adviser to the Shenzhen Qianhai Authority. “The medical data transfer has not only answered an urgent market demand, but also marks a breakthrough for the collaboration between Hong Kong and Shenzhen,” Qu said at a press event on the sidelines of the conference. The Qianhai authority was working to expand into more sectors like finance and business, with results expected in the coming year or two, Qu added. Closer collaboration with Shenzhen on data, technology and talent transfer would be essential for Hong Kong’s ambition to replace Switzerland as the world’s largest cross-border wealth management hub, said Tammy Tam, publisher of the Post. “Hong Kong won’t be a global financial hub without the empowerment of AI and technology,” Tam said. In finance, a traditional pillar of Hong Kong’s economy, AI is already being used in customer-facing services such as investment advice, as well as internally to streamline processes. As trading moved towards a 24/7 model, AI and technology would play a bigger role in facilitating the investment experience, said Daniel Tse, managing director at Futu Securities. AI was also being deployed to fight fraud in the financial industry, enabling faster data analysis and the discovery of new patterns in cases, according to Tony Mak, executive committee member, managing executive officer and head of the financial crime compliance department at ICBC (Asia). Industry leaders, however, called for caution in the use of new technology while building trust among clients. “AI, risk and compliance have to come together,” Tse said. “We can’t just have AI without the others.” https://www.scmp.com/business/banking-finance/article/3340022/hong-kong-shenzhen-push-secure-data-corridor-unlock-ai-and-fintech-opportunities (ICE HONG KONG)

Fonte notizia: South China Morning Post