HSBC to set up AI institute in race to train staff
Banking giant HSBC says an artificial intelligence and emerging technology institute it is setting up in Hong Kong is due to become operational in the first quarter of 2027. Announcing the update at Hong Kong Fintech Week on Monday, chief executive Georges Elhedery said the city's biggest lender aims to move the institute to the Northern Metropolis once a suitable location has been identified.…
HSBC is establishing an artificial intelligence and emerging technology institute in Hong Kong, with plans to commence operations in Q1 2027. The bank's chief executive, Georges Elhedery, announced the project at Hong Kong Fintech Week, revealing the institution's goal to be based in the Northern Metropolis upon securing a suitable location.
For now, the Hong Kong University of Science and Technology will serve as the institute's inaugural academic partner. Elhedery emphasized that the collaboration between HSBC's domain expertise and the university's capabilities will focus on addressing client challenges in the age of AI, as well as other emerging technologies like blockchain and quantum computing.
The bank's AI strategy aims to enhance efficiency for its approximately 200,000 employees, including around 28,000 staff in Hong Kong. Elhedery highlighted that AI will both disrupt and create new job opportunities, and the institute's primary objective is to onboard all employees, rather than generating uncertainty. HSBC is already piloting the technology by exploring how client agents can interact with the bank to manage basic tasks, while also prioritizing AI security by continuously identifying vulnerabilities and strengthening systems.
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