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The following is issued on behalf of the Hong Kong Monetary Authority
The Hong Kong Monetary Authority HKMA and the School of Business and Management of the Hong Kong University of Science and Technology HKUST Business School today May 29 announced the signing of a Memorandum of Understanding MoU to strengthen collaboration in applied cybersecurity research tailored to the needs of Hong Kongs financial sector
The MoU establishes a strategic framework for joint efforts to advance research and knowledge in the critical area of cybersecurity It aims to develop practical applications raise awareness of emerging threats and foster specialised talent to support the financial industrys continuous development
Through this partnership the HKMA and the HKUST Business School will jointly explore innovative supervisory technology Suptech and regulatory technology Regtech solutions leveraging cuttingedge technologies such as the latest large language models These solutions are expected to help further enhance the HKMAs supervisory capabilities and improve the cybersecurity resilience of the financial sector To ensure the research remains relevant to the current and emerging cybersecurity challenges facing the industry the HKMA and the HKUST Business School will actively engage with financial institutions to validate research outcomes and gain deeper insights into the sectors evolving cybersecurity needs and challenges
The Executive Director Banking Supervision of the HKMA Ms Carmen Chu said Cybersecurity is a key aspect for the digitalisation of banking services This partnership will leverage the HKMAs supervisory experience and the HKUST Business Schools academic expertise to address evolving cyber threats to our banking system thereby safeguarding Hong Kongs financial stability and integrity
The Acting Dean of the HKUST Business School Professor Hui KaiLung added We are delighted to join forces with the HKMA on this forwardlooking initiative By combining our research capabilities with the HKMAs regulatory insights we aim to codevelop impactful solutions that address realworld cybersecurity challenges and contribute to the resilience of Hong Kongs financial ecosystem
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