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The Hong Kong Monetary Authority (HKMA) is evaluating the effects of artificial intelligence (AI) on banking jobs. The central bank has urged financial institutions to develop workforce strategies as AI begins to impact the industry. 
Arthur Yuen, HKMA Deputy Chief Executive, highlighted that some banks have already reskilled 2% of their staff for new roles. Employees previously in frontline positions have transitioned to areas like wealth management, risk management, and compliance. This approach is seen as a proactive measure to cope with technological advancements. 
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 The HKMA’s updated module of the Supervisory Policy Manual on Competence and Ethical Behaviour provides further guidance: <a href="https://t.co/7SqZzQ6WVo" target="_blank">https://t.co/7SqZzQ6WVo</a>, with key points highlighted in the latest <a href="https://twitter.com/hashtag/inSight?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#inSight</a> article: <a href="https://t.co/D9lJpnZrGd" target="_blank">https://t.co/D9lJpnZrGd</a>— HKMA 香港金融管理局 (@hkmagovhk) <a href="https://twitter.com/hkmagovhk/status/1793598004982841825?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 23, 2024</a>
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Study on AI’s Impact and Future Plans 
The HKMA has updated its Supervisory Policy Manual to guide banks in workforce development. Banks are encouraged to allocate resources for staff training and create strategies to address their talent needs.&nbsp; 
The HKMA will also conduct a study to understand AI’s impact on job roles, providing a reference for the industry to support affected employees in transitioning to new roles. 
Arthur Yuen emphasized the importance of enhancing employees’ skills to coexist with technology. The HKMA aims to help the banking sector maximise technology benefits while minimising labour market impacts. 
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 Also Read: <a href="https://www.cryptotimes.io/2024/05/22/hong-kong-halts-worldcoin-operations-over-privacy-concerns/" target="_blank" rel="noreferrer noopener">Hong Kong Halts Worldcoin Operations Over Privacy Concerns</a> 
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Hong Kong Banks Urged to Develop Workforce Strategies for AI Era

The Crypto Times

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