Hong Kong’s Financial Cybersecurity Solutions at a Crossroads

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Issue #139 (Nov - Dec 2024)
	Cover Story Hong Kong's Financial Cybersecurity Solutions at a Crossroads The recent incident involving US tech firm CrowdStrike sent shockwaves through the global financial community. While many parts of the world floundered with their airports, hospitals, and banks suddenly unable to operate, computers across Mainland China and the organisations relying on them worked perfectly. This CrowdStrike incident brought to the forefront a crucial question: Why doesn’t Hong Kong, a global financial powerhouse, utilise more Mainland Chinese and homegrown cybersecurity systems?
	Thought Leaders Innovating for Growth, Connecting with Purpose Inspired by experiences in the music and songwriting industry that would eventually lead to a successful career in banking, Ms Aveline SAN, Hon. Certified Banker, Chief Executive Officer and Head of Banking, Citi Hong Kong and Macau, and Vice President, Council, HKIB explains how Hong Kong is a pivotal hub for Citi’s banking and financial services, and for those willing to accept the challenge, why a career in banking can be dynamic, inspiring and ever-evolving.
	Conference Highlights HKIB Annual Banking Conference 2024 Focused on Contemporary Topics Relevant to the Banking Industry Addressing the overarching theme “The Next Wave: Unlocking Potential, Fostering Success”, this summary of the HKIB Annual Banking Conference highlights the key points, trends and topical issues relevant to the banking and finance industry discussed at the event.
	China World Navigating Change: China's Monetary Policy Reshuffle and Its Ripple Effects on Hong Kong's Financial Sector As Mainland China’s central bank embarks on a monetary policy reshuffle, Hong Kong’s financial sector is poised to reap significant benefits. The People’s Bank of China’s (PBOC) recent measures aim to stimulate economic growth, bolster investor confidence, and deepen financial integration with Hong Kong. This article explores the key aspects of the POBC’s policies and their potential implications for Hong Kong’s financial landscape in 2025.
	Fintech Hong Kong FinTech Week 2024 Shines a Spotlight on Strengths and Opportunities Offering insights into emerging local, regional, and global trends and the opportunity to forge international partnerships, the Hong Kong FinTech Week (HKFW) which took place from 28 October to 1 November 2024, provided a comprehensive showcase of the city’s vibrant Fintech ecosystem. Reaffirming Hong Kong’s role as a pioneering global Fintech hub, the HKFW explored the latest in Fintech innovation, including Web3, frontier technologies, and artificial intelligence (AI) in finance and regulatory technology as well as Hong Kong’s role as a “super-connector” between the international Fintech and business community and Mainland China.
	GRC Corner Enhanced Consumer Protection in Use of AI As the rapid evolution of AI technologies continues to redefine the landscape of banking and finance, the Hong Kong Monetary Authority (HKMA) recently issued a set of enhanced AI guiding principles detailing the protective measures authorized institutions need to consider regarding the use of big data analytics and artificial intelligence (BDAI), specifically related to the use of generative artificial intelligence (GenAI).