HSBC to double Hong Kong AI team to 300 in two to three years
HSBC's Asia and Middle East co-CEO says the bank will double its 150-strong Hong Kong artificial intelligence team within two to three years, and will set up a global AI research institute in the city in early 2027. The bank has tested two generative AI use cases under Hong Kong's regulatory sandbox
HSBC will double the size of its artificial intelligence (AI) team in Hong Kong from 150 specialists to about 300 within the next two to three years, a senior executive said on Thursday.
Liao Yi-kin, co-chief executive of HSBC for Asia and the Middle East, said the bank's technology and AI specialists are based in Hong Kong, Britain and other major markets. The team has developed tools to help relationship managers interact with clients and to improve the quality of case handling at customer service centres.
Liao also cited group chief executive Georges Elhedery as saying that HSBC will establish a global AI research institute in Hong Kong, expected to begin operations in early 2027. The institute will initially focus on AI application cases, post-quantum cryptography and blockchain technology.
Speaking to reporters, Liao said Hong Kong is the group's home market and naturally serves as the base for senior executives. Four members of the group's operating committee, members of the regional operating committee and executives at various levels are based in the city, which he described as the group's central decision-making engine and a future global hub for AI development.
He added that Hong Kong has a vibrant capital and wealth management market, and the group has a large client base and business growth, giving it confidence to deploy more technology and frontline staff in the city.
Responding to media reports that the Hong Kong Monetary Authority had questioned why HSBC placed its AI centre in Singapore rather than Hong Kong, Liao reiterated that Hong Kong is the group's decision-making hub for Asia Pacific and the Middle East and a stronghold for technology and AI personnel. He said the bank continues to invest in Hong Kong, and while it has AI teams in mainland China and London, the overall leadership of applications is based in Hong Kong. He noted the group has positive and frequent communication with regulators.
Liao said HSBC successfully tested two use cases under the Hong Kong Monetary Authority's second phase generative AI sandbox: one using generative AI to convert text into sign language, and another on fraud prevention that detects deepfake-related financial scams in the eKYC process.
He also said he believed the Asia-Pacific Economic Cooperation finance ministers' meeting and leaders' informal meeting, to be held in Hong Kong and Shenzhen respectively, would encourage more dialogue and transparency, and that the group would participate actively.