HSBC to open Hong Kong AI Institute following Singapore launch

HSBC is set to establish an artificial intelligence and emerging technologies institute in Hong Kong, following the launch of a similar center in Singapore earlier this year, according to Reuters. The bank intends to open the institute in early 2027, as revealed by Chief Executive Georges Elhedery during Hong Kong's Fintech Week event on Monday.

The AI unit will collaborate with Hong Kong University of Science and Technology, which will serve as the anchor academic partner, though the headcount details have not been disclosed. HSBC plans to relocate the center to Hong Kong's Northern Metropolis, a mega project near mainland China, once the site is ready.

The Hong Kong initiative follows HSBC's announcement in July that it would hire over 100 artificial intelligence specialists at its AI center in Singapore. This investment in AI transformation comes as banks worldwide are reducing their workforce due to AI-driven overhauls, with companies like Citi, Standard Chartered, and Barclays announcing plans to cut thousands of jobs this year.

Approximately 80% of all banks in Hong Kong are already utilizing AI or generative AI, according to Eddie Yue, chief executive of Hong Kong's de facto central bank.

Elhedery emphasized that HSBC, one of Hong Kong's largest private-sector employers with 28,000 local staff, is implementing AI training for its entire global workforce of roughly 200,000 people. He highlighted that AI is set to disrupt jobs and transform the industry.