The Hong Kong Monetary Authority (HKMA) and Hong Kong Cyberport Management Company Limited (Cyberport) have launched the second cohort of the Generative Artificial Intelligence (GenAI) Sandbox initiative to provide a risk-controlled environment for banks to develop and test AI-powered solutions. In its press release of 28 April 2025, the HKMA encourages banks to participate in the second cohort of the GenAI Sandbox to stay ahead in AI-driven risk management and, in particular, to proactively defend themselves and their customers against increasingly prolific deepfake scams.