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3.4 Policy instrument for AI principles (adopted by the city)

Despite the Ethical AI Framework and the Guidance on Ethical Development and Use of AI, the
Hong Kong Monetary Authority issued the High-level Principles on Artificial Intelligence in 2019.
It provided principles on the governance, application design and development, and ongoing
monitoring and maintenance of AI applications for banks.

The Authority also launched Consumer Protection in respect of Use of Big Data Analytics and Artificial
Intelligence by Authorized Institutions in 2019. It indicated four guiding principles: governance
and accountability; fairness; transparency and disclosure; and data privacy and protection. These
principles are provided to the banking industry to benefit the banks, customers and to foster the
healthy development of big data and artificial intelligence.

4 Conclusion

Hong Kong has underscored several AI principles recently. Most of them include an AI assessment
helping organizations to identify the gaps in the adoption of AI and to provide guidance to harness
the deployment of AI applications in a responsible and ethical way. Hong Kong has also issued the
AI principles for specific industries such as the banking industry.

To ensure the successful adoption of AI principles, it is important to set out guidance from high-level
values to ground-level practices. Additionally, it is necessary to be developed after considering
relevant international agreements, instruments, and other practices.

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