HSBC to Establish AI Institute in Hong Kong

HSBC, the city's largest lender, is setting up an artificial intelligence and emerging technology institute in Hong Kong. The institute, expected to become operational in the first quarter of 2027, will have the Hong Kong University of Science and Technology as its first anchor academic partner. The institute aims to enhance the efficiency of HSBC's roughly 200,000 employees, including about 28,000 in Hong Kong, by leveraging AI and other emerging technologies such as blockchain and quantum. HSBC's chief executive, Georges Elhedery, emphasized the importance of upskilling employees to navigate the transformative impact of AI, which will create new jobs while eliminating some. The bank is already testing AI-powered client-agent interactions and is working to identify vulnerabilities and build more resilient systems. Once a suitable location is identified, the institute will be relocated to the Northern Metropolis.