HSBC plans to open an artificial intelligence and emerging technology institute in Hong Kong during the first quarter of 2027, Chief Executive Georges Elhedery said at Hong Kong’s Fintech Week. The initiative follows the launch of a similar centre in Singapore earlier this year.
Hong Kong University of Science and Technology will serve as the institute’s main academic partner. HSBC has not disclosed how many employees will work at the facility. The bank also plans to relocate it to Hong Kong’s Northern Metropolis, a major development project bordering mainland China, once its site there is ready.
The announcement follows HSBC’s decision in July to hire more than 100 AI specialists for its Singapore centre. The bank is expanding its investment in AI as financial institutions worldwide restructure their operations and reduce staffing amid technology-driven changes.
Eddie Yue, chief executive of Hong Kong’s de facto central bank, said about 80% of banks in the city are already adopting AI or Generative AI. HSBC is also introducing AI training across its global workforce of about 200,000 employees.
HSBC employs approximately 28,000 people in Hong Kong. Elhedery said AI would significantly disrupt and transform jobs.
Sources: Investing.com News.