HKMA To Test Project Noor AI Toolkit Next Quarter

HKMA Chief Executive Eddie Yue said the authority is working with the Bank for International Settlements Innovation Hub, the UK Financial Conduct Authority and the Saudi Central Bank to develop an AI toolkit called Project Noor, according to ETNet. The tool is designed to help the industry assess the reliability and explainability of individual AI use cases. Yue said testing is expected to begin next quarter, with a formal launch planned for early next year. He also said the HKMA has upgraded its GenAI sandbox to GenAI Sandbox++, expanding it to the securities and insurance sectors to build a more comprehensive fintech ecosystem.