HSBC to open Hong Kong AI and emerging technology institute
HSBC is building a global AI and emerging technology institute in Hong Kong that will see the bank work with academic and tech partners on developing new tools and products.
Set to open in early 2027 in Hong Kong’s Northern Metropolis, the institute will initially focus on AI upskilling, AI safety and fraud detection, post-quantum cryptography, and blockchain.
Hong Kong University of Science and Technology has been selected as an anchor academic partner, contributing scientific expertise, specialist research, and access to talent and connections to leading academic institutions. Additional technology partners may also join.
The Hong Kong institute comes months after HSBC said it will set up a global artificial intelligence centre of excellence in Singapore, hiring around 100 specialists to work under new chief AI officer David Rice.
David Liao, co-chief executive, Asia Pacific and Middle East, HSBC, says: “HSBC will explore the opportunities it creates thoughtfully and strategically, turning the most valuable innovations into better outcomes for our customers.
“Hong Kong offers an exceptional base to lead this work, combining deep financial services expertise, world-class research capability and strong connections across the Chinese mainland and international markets.”
HSBC has been working to deploy AI at scale across its operations: it has inked major deal to deploy the technology with Mistral AI and Google Cloud, while in March Rice became the bank’s first chief AI officer.
In October it emerged that the lender was axing 70% of its UK financial advisors as part of swingeing cuts to its wealth management business driven by rising use of AI.
