The Insurance Authority (IA) of Hong Kong believes steps need to be taken to boost insurance sector resilience.
In a new whitepaper, released during Hong Kong FinTech Week, it outlined the need to support innovation and data collaboration within the insurance industry.
Clement Cheung (pictured), chief executive officer of the IA, addressed the evolving landscape facing insurers and regulators.
“Given the rapidly evolving market landscape, financial regulators must navigate in a balanced and enlightened manner to promote inclusive and responsible innovation. Seen in this context, Federated Learning plays a useful role in enabling cross-sector data collaboration without compromising personal privacy,” he said.
The whitepaper details how federated learning can enable insurers to work together on data-driven projects while maintaining privacy and compliance standards.
The IA also highlighted other initiatives such as the Open API Framework, Cyber Resilience Assessment Framework, and the AI Cohort Programme, each designed to build operational resilience and encourage the responsible use of technology.
This year, Hong Kong FinTech Week was held alongside the StartmeupHK Festival, marking the 10th anniversary of both events. Financial Secretary Paul Chan joined a panel with representatives from InvestHK, HSBC, and Standard Chartered, focusing on Hong Kong’s approach to financial innovation and the enabling role of regulators.
Secretary for Commerce and Economic Development Algernon Yau discussed the growth of Hong Kong’s start-up ecosystem, which has expanded to 4,700 companies as of last year.
Yau outlined government initiatives to support start-ups, including intellectual property financing pilots, SME funding schemes, and new tax measures.
Activities will continue through Nov. 7.
