The Hong Kong Monetary Authority (HKMA) has recently issued new guidelines to authorized entities mainly composed of banks, aiming to provide consumer safeguards for the use of generative artificial intelligence applications within their platforms. This update complements the four core pillars introduced in November 2019 concerning big data analytics and AI – governance and accountability, fairness, transparency and disclosure, as well as data privacy and protection. By adding these guidelines, the HKMA seeks to ensure that consumers are adequately safeguarded when using technologies involving generative AI.