HSBC to double Hong Kong AI team to 300, outpacing Singapore plan
HSBC, Hong Kong’s biggest lender, said on Thursday it would double its artificial intelligence specialist team in the city to 300, a figure much larger than the workforce planned for its recently announced AI centre in Singapore. The announcement comes after Hong Kong’s regulators were reported to have raised concerns about the Singapore hub. The bank would double its AI specialist headcount in…
HSBC, Hong Kong’s largest financial institution, announced plans on Thursday to double its artificial intelligence (AI) specialist team in the city to 300 over the next two to three years. This move significantly outpaces the bank's recently announced AI centre in Singapore, which aims to hire 100 specialists. HSBC's co-CEO for Asia and the Middle East, David Liao Yi-chien, revealed the expansion during a discussion at an industry event hosted by the Hong Kong Monetary Authority (HKMA).
The lender also plans to establish the Hong Kong AI Institute next year. The decision comes in the wake of concerns raised by HKMA regulators about the planned AI hub in Singapore. The HKMA had privately questioned HSBC regarding its choice, as the regulator hosted an AI summit and showcased potential applications of the technology in Hong Kong's financial sector.
Hong Kong recently unveiled a five-year development plan, placing AI investment and development at the forefront, which analysts suggest may fuel competition with Singapore.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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