China: Increase in AI Presence in the Banking Sector
HSBC announced its intention to establish an institute for artificial intelligence and emerging technologies in Hong Kong, set to begin operations in the first quarter of 2027. CEO Georges Elhedery stated that the Hong Kong University of Science and Technology will be the main academic partner, without disclosing the expected number of employees.
HSBC announced its intention to establish an institute for artificial intelligence and emerging technologies in Hong Kong, set to begin operations in the first quarter of 2027. The announcement was made by the bank's CEO, Georges Elhedery, during his participation in Hong Kong Fintech Week on Monday. Elhedery explained that the Hong Kong University of Science and Technology will be the main academic partner for the institute, without disclosing the expected number of employees to join it. He added that the bank intends to move the institute to the 'Northern Metropolis' area, located near the mainland China border, once the designated site is prepared. The new project follows the bank's announcement in July of plans to hire over 100 AI specialists at its Singapore center, as part of its investments aimed at expanding the use of these technologies in its banking activities. Elhedery noted that the group is training its employees worldwide on using AI, amid the transformations in jobs and banking services with the spread of new technologies. The anticipated academic partnership builds on previous collaboration between the bank and HKUST; in October 2022, HSBC and the university's business school announced a strategic agreement for which the bank allocated funding of 10 million Hong Kong dollars, aimed at developing fintech solutions.