HSBC Establishes Global AI Centre of Excellence in Singapore
HSBC is set to open a global AI centre of excellence in Singapore during the second half of 2026, aiming to enhance its artificial intelligence capabilities across operations. The center will focus on improving customer wealth journey conversations, deploying agentic tools for treasury activities, and developing digital payments powered by AI. HSBC plans to hire over 100 specialists who will collaborate with teams in areas like wealth management and global payments. The initiative is part of a broader strategy led by the bank's Chief AI Officer David Rice and includes partnerships with educational institutions and government bodies in Singapore. Recently, HSBC also signed a multi-year agreement with Google Cloud to build and deploy AI tools using technologies such as Gemini models. This collaboration aims to accelerate AI adoption across its operations. Despite these advancements, reports indicate that the bank is considering job cuts of up to 10% due to an AI-driven overhaul targeting non-client facing roles in service centers.
Topics: Artificial Intelligence Banking Innovation Global Operations