The Hong Kong Monetary Authority and the Hong Kong University of Science and Technology sign a Memorandum of Cooperation to promote cybersecurity innovation in Hong Kong's financial industry

The Zhitong Finance App learned that on May 29, the Hong Kong Monetary Authority (HKMA) and the Hong Kong University of Science and Technology School of Business Administration (HKUST Business School) announced the signing of a memorandum of cooperation to strengthen cooperation in cybersecurity application research to meet the needs of the Hong Kong financial industry.

The Memorandum of Cooperation establishes a strategic cooperation framework for the two sides in the key field of cybersecurity, and strives to promote relevant research and knowledge growth. The goals include developing practical application solutions, raising the industry's understanding of emerging threats, and cultivating cybersecurity specialists to support the continuous development of the financial industry.

Through this collaboration, the Hong Kong Monetary Authority and the HKUST Business School will use cutting-edge technology such as the latest large-scale language models to jointly explore innovative regulatory technology (Suptech) and compliance technology (Regtech) solutions to help further enhance the HKMA's supervisory capabilities and strengthen the financial industry's cyber defense resilience. To enable the research to address current and emerging cybersecurity challenges in the industry, the HKMA and HKUST Business School will actively communicate with financial institutions to verify the findings and gain a deeper understanding of the industry's evolving needs and challenges in cybersecurity.

Assistant Chief Executive of the Hong Kong Monetary Authority (Bank Supervisor) Zhu Liqiao said that cybersecurity is an important part of the digitalization process of banking services. The partnership will combine the regulatory experience of the HKUST Business School with the academic expertise of the HKUST Business School to help address increasingly complex cyber threats to the banking system, thereby safeguarding Hong Kong's financial stability and integrity.

Prof Xu Jialong, Acting Dean of the HKUST Business School, added: “We are very pleased to launch this forward-looking collaboration with the HKMA. By combining our research capabilities with the HKMA's regulatory insight, we look forward to jointly developing impactful technology solutions to address real-world cybersecurity challenges and contribute to the resilience of Hong Kong's financial ecosystem.”