HSBC HOLDINGS (00005) to expand Hong Kong AI team, expected to double in size in the next two to three years.

HSBC HOLDINGS (00005) Co-Chief Executive Officer of Asia and the Middle East, David Liao, said that HSBC currently has a team of 150 AI specialists in Hong Kong and will continue to expand it, with the headcount expected to double to about 300 in the next two to three years. He stressed that HSBC has regarded Hong Kong as its "home market" for more than 160 years and that the city is also a hub for AI investment and application, adding that the bank is full of confidence in Hong Kong's prospects and has never stopped investing in the city. It is understood that the Hong Kong Monetary Authority once questioned why HSBC set up its "Global AI Excellence Centre" in Singapore rather than Hong Kong. Liao said that as a large international financial institution, it is normal for HSBC to expand teams in different markets around the world. He reiterated that Hong Kong is the decision-making hub for HSBC's Asia and Middle East region and one of the group's two home markets, with four group operating committee members currently based in Hong Kong. Citing group Chief Executive Georges Elhedery, he said HSBC will set up a global AI research institute in Hong Kong, expected to begin operating in early 2027. The institute will initially focus on AI use cases, post-quantum cryptography and blockchain technology, and will be equipped with at least 35 experts to enhance banking services and operations so that customers across the group's markets can benefit. In the Hong Kong Monetary Authority's generative AI (GenAI) sandbox programme, HSBC has successfully piloted two use cases: one uses GenAI to convert text into sign language to make it easier for hearing-impaired customers to access information and use banking services; the other tests the ability to identify deepfake selfies and tampered identity documents in the electronic know-your-customer (eKYC) process, in order to address the growing threat of fraud. Liao revealed that HSBC is building round-the-clock, real-time and trusted infrastructure to help customers move funds, conduct transactions and expand their businesses across Asia, with Hong Kong as its hub for digital asset and currency businesses. He described Hong Kong as a "super connector" between the mainland and the world, and said it will become a global highland driving AI development.