The Hong Kong Monetary Authority (HKMA) has unveiled the first participants in its generative artificial intelligence (genAI) sandbox, featuring 10 banks and four tech firms. Participants include HSBC, Standard Chartered, Citibank (Hong Kong), Alibaba Cloud, and Baidu. From 40 proposals, 15 use cases were selected to enhance risk management, anti-fraud measures, and customer experience. Applications range from automated credit assessment to advanced customer service solutions using genAI to process unstructured data and handle cross-media inputs like text and graphics. Technical trials will begin next year, in collaboration with Cyberport, running through mid-2025. The HKMA plans to share insights and best practices with the industry. A second cohort will be announced in early 2025 as the initiative aims to foster innovation in banking and financial services.