Opening Speech by the Acting Commissioner for Digital Policy, Mr Daniel Cheung, JP, at the “Hong Kong Institute of Bankers Cybersecurity Solutions Day 2026” (with photos)

Carrie (Chief Executive Officer of Hong Kong Institute of Bankers (HKIB), Ms Carrie Leung), distinguished guests, ladies and gentlemen,

Good morning. It is truly an honour to join you today at this significant event convened by the Hong Kong Institute of Bankers (HKIB). My sincerest gratitude to HKIB for bringing together such a distinguished community of leaders and experts from across our financial services industry. This platform could not be more timely — as we collectively navigate the cybersecurity imperatives shaped by artificial intelligence (AI) and ready ourselves for the transformative promise and peril of the quantum era.

The banking and financial services sector is more than an economic pillar — it is the lifeblood of Hong Kong’s prosperity and the very foundation of our standing as the world-class international financial centre. As digital transformation accelerates at an unprecedented pace, AI has transcended its origins as a specialised instrument to become a central force reshaping the industry itself. From fraud detection and customer identification to investment optimisation and operational efficiency, AI is fundamentally rewriting the rules of financial services.

Yet, this transformative power is, by its nature, a double-edged sword. The very capabilities that fuel innovation can be turned against us. Cybercriminals are harnessing AI to automate sophisticated attacks, and deploy deepfakes that impersonate the very individuals that we trust most. In our deeply interconnected financial world, a single AI-driven cyberattack has the potential to cascade into widespread disruption and irreparably erode public confidence. Our mission, therefore, is unambiguous: we must also deploy AI in our defence.

The Government fully recognises AI as a defining engine of Hong Kong’s future growth. The country's 2025 Government Work Report and the Recommendations for Formulating the 15th Five-Year Plan both underscore the imperative to "continuously advance the 'Artificial Intelligence Plus' (AI+) Initiative". Last year's Policy Address reinforced this direction, advocating a dual vision of "industries for AI" and "AI for industries". We have been purposefully translating this vision into a secure, comprehensive ecosystem, which is built upon a systematic AI framework spanning research, computing power, data, talent and funding. The 2026-27 Budget, announced just last week, introduced a suite of targeted measures to accelerate AI adoption and cross-industry integration. Central to this effort is the newly established Committee on AI+ and Industry Development Strategy, chaired by the Financial Secretary, which is mandated to formulate forward-looking strategies and cultivate the conditions necessary for AI to empower industrial transformation.

To lead by example, the Government is embedding AI meaningfully across public services. The Digital Policy Office (DPO) will deploy an “AI Assistant” within both “iAM Smart” and the upcoming “Digital Corporate Identity”. To promote responsible AI development, the DPO published the Hong Kong Generative Artificial Intelligence Technical and Application Guideline last year, establishing a robust governance framework and practical guidance for developers, providers, and users across all sectors.

Beyond AI governance, we remain steadfast in strengthening Hong Kong’s broader cyber resilience. Internally, we enforce vigorous cybersecurity protocols, invest continuously in staff training, and conduct regular joint-departmental and attack-and-defence drills to stress-test and fortify the defences of our systems. Externally, we work in close partnership with industry stakeholders to provide timely and targeted support to both public and private organisations. One flagship initiative is our cross-sector “Partnership Programme for Cyber Security Information Sharing”, operated in collaboration with the Hong Kong Internet Registration Corporation Limited. This programme fosters the exchange of cyber threat intelligence across organisations in both the public and private spheres. As of January 2026, about 3 200 organisations have joined as our partners, including banking and finance, insurance, public utilities, transport and healthcare. We also continue to organise flagship industry events such as the annual Cybersecurity Symposium and regular seminars, nurturing a culture of vigilance and preparedness across our city. I would like to emphasize that cybersecurity is not merely a technical discipline, it is a cornerstone of economic stability and bedrock of public trust.

A strong regulatory framework is indispensable to establishing a credible and consistent baseline. The Protection of Critical Infrastructures (Computer Systems) Ordinance, which came into effect on 1 January this year, places clear and enforceable cybersecurity obligations on operators of essential services — including the banking and financial sector. The Ordinance mandates robust internal IT governance, proactive measures against cyberattacks, and swift incidents response protocols, thereby safeguarding the systems that underpin Hong Kong’s socio-economic stability.

While we confront the present challenges of AI with clear eyes, we must simultaneously look to the horizon. The emergent field of quantum computing presents extraordinary opportunities alongside profound challenges to the cryptographic assumptions and cybersecurity standards upon which we currently rely. Proactive research, foresight, and deliberate planning for migration to quantum resistant algorithms are essential to securing long-term data security, and ensuring our financial infrastructure remains resilient in a post-quantum world. This is precisely why today’s theme — “When AI Meets Quantum” — resonates with such urgency. AI is transforming our present; quantum computing may well redefine our future. Together, they demand that we fundamentally strengthen and reimagine cybersecurity, governance, and trust at a systemic level.

In this dual era of AI advancement and quantum possibility, cybersecurity stands as the indispensable foundation upon which digital innovation, public trust and economic stability must be built. This responsibility cannot rest with the Government alone, nor with any single institution. It demands our unified, unwavering commitment. I, therefore, urge each of you to continue investing in secure and ethical AI adoption, to deepen collaboration through shared intelligence platforms, and to foster a culture of constant vigilance within your organisations.

By uniting the expertise of our financial sector with proactive policy leadership and a shared sense of purpose, we can build an ecosystem that is not only innovative and efficient, but resilient, trustworthy, and globally admired. Together, let us honour and uphold Hong Kong’s reputation as a secure, dynamic and enduring international financial centre.

Thank you.

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