Hong Kong has requested explanations from HSBC regarding its plan to open a Global AI Centre of Excellence in Singapore, the city where the bank was founded in 1865. The banking group plans to create over 100 AI specialist positions, as well as hiring approximately 100 wealth relationship managers in Singapore over the next two years. HSBC has emphasized that this decision is about strategic resource allocation and not a withdrawal from Hong Kong. The centre, expected to open in the second half of 2026, will focus on wealth management, treasury solutions for corporate customers, and AI-enabled digital payments.
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