Hong Kong GenAI Sandbox++ admits 57 firms across finance and tech

Hong Kong's financial regulators admitted 57 institutions — 30 banks and insurers plus 27 technology firms — to the first cohort of the GenA.I. Sandbox++, a controlled environment for testing generative AI across banking, insurance, and retirement services. Participants include Ant Bank (Hong Kong), Bank of China (Hong Kong), Huaxia Bank (Hong Kong), Ant Digital Technologies, Tencent Cloud, and Tonghuashun International.

"Advancing responsible AI innovation requires strong governance, trust and human oversight as AI continues to evolve," David Ng, deputy chief executive officer of AXA Hong Kong and Macau, said. "Through this sandbox initiative, we are testing system resilience and monitoring emerging digital risks to help shape Hong Kong-specific approaches to AI governance and cyber resilience for the insurance industry."

Manulife Hong Kong, one of only five insurers selected, submitted two use cases spanning insurance and Mandatory Provident Fund sectors. Its BetterClaims AI gives advisors structured access to approved policy content for answering medical and critical illness claims enquiries, while a GenAI-assisted red-flag tool helps investigators identify potential fraud patterns in MPF-related transactions. AXA will test AI governance, cyber resilience, and risk mitigation capabilities using Cyberport's AI Supercomputing Centre.

The sandbox gives participants access to advanced computing resources through Cyberport's AI Supercomputing Centre, supporting experimentation while promoting responsible AI deployment across the financial sector. Manulife serves 2.6 million customers in Hong Kong and Macau, and AXA operates across 52 markets serving 92 million customers worldwide — both firms are also core participants in the Insurance Authority's separate AI Cohort Programme.

Regulators Push for Responsible AI Adoption

The initiative, led by the HKMA, SFC, IA, and MPFA in collaboration with Cyberport, marks Hong Kong's latest effort to position itself as a regional hub for AI innovation in finance. The sandbox provides a risk-managed environment where institutions can test and pilot AI use cases alongside regulators, with human oversight built into every deployment.

Manulife's BetterClaims AI is designed as an AI-powered claims knowledge assistant built on approved policy content. Claims assessments and decisions remain with qualified claims professionals, reflecting the company's commitment to responsible AI adoption. The tool helps customers receive clearer guidance and faster responses, even before a claim is filed.

On the retirement side, Manulife's GenAI-assisted red-flag tool uses AI, document intelligence, and analytics to support identification and monitoring of intermediary-related fraud risks. It serves as a decision-support tool only and does not automate investigations or enforcement actions.

"As life expectancies increase and retirement needs evolve, we see it as our responsibility to help our customers plan and manage their financial future with greater confidence," Jeanie Ho, head of Hong Kong and Macau Retirement at Manulife, said.

Hong Kong's AI Ambition Takes Shape

The sandbox builds on Hong Kong's broader push to become a leading AI hub in Asia. The inclusion of major Chinese technology firms — Ant Digital Technologies, Tencent Cloud, and Tonghuashun International — alongside established banks shows strong institutional adoption of generative AI in finance.

For investors, the initiative could accelerate AI-driven efficiency gains across Hong Kong's financial sector. Manulife, which trades on the Hong Kong Stock Exchange under ticker 945, has made becoming an AI-powered organization a strategic priority. AXA, operating as one of the most diversified insurers in Hong Kong, continues to scale high-value AI use cases from concept to production.

This article is for informational purposes only and does not constitute investment advice.