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Hong Kong questions HSBC over its planned AI hub in Singapore
The bank's plan for a Global AI Centre of Excellence in Singapore has drawn questions from the city where it was founded in 1865
HSBC was born in Hong Kong in 1865. More than 160 years later, the city wants to know why the bank’s newest big tech bet is going to Singapore.
Hong Kong has questioned HSBC about its decision to open an artificial intelligence hub in Singapore. The bank’s answer, in short: this is about where to put resources, not about leaving home.
What HSBC is actually building
On July 27, 2026, HSBC announced plans for a Global AI Centre of Excellence, or CoE, in Singapore. The centre is slated to open in the second half of 2026.
The initiative is expected to create more than 100 new roles for AI specialists.
HSBC aims to roll out the innovations developed in Singapore across its operations worldwide.
The centre’s work will focus on three areas. The first is improving how the bank interacts with wealth management clients.
The second is treasury solutions for corporate customers. The third is AI-enabled digital payments.
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The wealth hiring spree riding alongside
The AI centre is not arriving alone. HSBC also plans to hire approximately 100 wealth relationship managers in Singapore over the next two years.
Put the two plans together and the bank is lining up more than 200 new positions tied to AI and wealth expansion in the region.
Singapore is described as the bank’s fifth-largest market outside Hong Kong.
Why Hong Kong is asking questions
HSBC has pushed back on the idea that this signals a retreat. The bank emphasised that the move is a strategic allocation of resources rather than a withdrawal from Hong Kong.
Part of a broader AI push
The Singapore centre fits into a wider strategy at HSBC, including the appointment of David Rice as Chief AI Officer and earlier investments in a Quantum CoE.
The bank is also participating in the Hong Kong Monetary Authority’s GenAI Sandbox, highlighting ongoing collaborative efforts to enhance AI capabilities across both regions.
Singapore’s appeal, according to the bank’s positioning, comes down to an established talent ecosystem.