NewsCN · China
Hong Kong Questions HSBC Over Decision to Establish AI Hub in Singapore
www.ft.com/content/1a4458ce-6317-4dce-a43e-95e724d7c33f
The Hong Kong Monetary Authority has questioned HSBC about its decision to establish a global AI center of excellence in Singapore rather than Hong Kong. The center, announced in July, aims to recruit over 100 AI specialists to enhance wealth management and payments technology. HSBC, under CEO Georges Elhedery, has been focusing on core markets, including Hong Kong, while also selling its Singaporean insurance business. Hong Kong authorities are keen to maintain the city's status as a financial hub, urging banks to locate more senior roles there. The move reflects ongoing competition between Hong Kong and Singapore as leading financial centers in Asia.