HONG KONG: HSBC is setting up an artificial intelligence and emerging technology institute in Hong Kong, as the city's largest bank steps up its AI push following a similar launch in Singapore earlier this year.
The bank aims to launch the institute in the first quarter of 2027, Chief Executive Georges Elhedery said at Hong Kong's Fintech Week event today.
The AI unit will work with Hong Kong University of Science and Technology as its anchor academic partner, Elhedery said, though he did not disclose headcount details.
He added the bank would move the centre to Hong Kong's Northern Metropolis — a mega project bordering mainland China — as soon as its site there was ready.
The Hong Kong plan follows the Asia-focused lender's announcement in July that it would hire more than 100 AI specialists at an AI centre in rival financial hub Singapore.
The investment in AI transformation comes as banks globally cut staff due to AI-driven overhauls, with lenders such as Citi, Standard Chartered, and Barclays unveiling plans this year to cut thousands of jobs.
Around 80% of all banks in Hong Kong are already adopting AI or generative AI, Eddie Yue, chief executive of Hong Kong's de facto central bank, told the conference.
HSBC's Elhedery added that HSBC — one of Hong Kong's largest private-sector employers with 28,000 local staff — was rolling out AI training for its entire global workforce of roughly 200,000 people.
"AI is going to be disruptive. It's going to transform jobs," Elhedery said. — Reuters