HKMA questions HSBC over Singapore AI centre amid Hong Kong rivalry
Hong Kong Monetary Authority has questioned HSBC's plan to set up a Global AI Centre of Excellence in Singapore, amid efforts to bolster Hong Kong's financial hub status. HKMA also discussed with HSBC and Standard Chartered reallocating senior roles to mainland China.
The Hong Kong Monetary Authority (HKMA) has questioned HSBC's decision to establish a Global AI Centre of Excellence in Singapore rather than Hong Kong, as the regulator seeks to consolidate the city's status as an international financial centre, foreign media reported.
The HKMA has also held discussions with HSBC and Standard Chartered about reallocating more managerial and senior positions to mainland China, according to the reports.
The HKMA told the media that it regularly communicates with authorised institutions on various matters but does not comment on day-to-day conversations or speculative remarks.
HSBC announced in July that it had agreed to sell its Singapore life insurance business to Allianz for US$2.1 billion (HK$16.4 billion). Its decision to set up the AI centre in Singapore was partly intended to reassure the Singaporean government that HSBC remains committed to developing its operations in the city-state after the sale.
HSBC declined to comment on discussions with the HKMA regarding the Singapore AI centre. On the question of where its management is based, HSBC said it has senior management in both of its home markets, London and Hong Kong.
HSBC has said the AI centre planned for Singapore aims to recruit more than 100 AI specialists, who will work with HSBC's chief artificial intelligence officer David Rice and departments responsible for areas including wealth management and global payment solutions.