HKMA questions HSBC AI center plan in HK's rival Singapore

The Hong Kong Monetary Authority questioned HSBC’s (0005) decision to set up a Global AI Centre of Excellence in Singapore instead of Hong Kong, as it hopes to consolidate Hong Kong's status as an international financial center, foreign media reported.

The HKMA has also discussed with HSBC and Standard Chartered (2888) about reallocating more managerial and senior positions to mainland China.

The HKMA told the media that it regularly communicates with authorized institutions on various matters and does not comment on day-to-day conversations or speculative remarks.

HSBC announced in July that it agreed to sell its Singapore life insurance business to Allianz for US$2.1 billion (HK$16.4 billion). Its decision to set up the AI center in Singapore was partly to assure the Singaporean government, after the sale of the local insurance business, that HSBC remains committed to developing its operations in Singapore.

HSBC declined to comment on discussions with the HKMA regarding the Singapore AI center. As for where its management is based, HSBC said it has senior management in both of its home markets, London and Hong Kong.

HSBC has said the AI center planned for Singapore aims to recruit more than 100 AI specialists, who will work with HSBC's chief artificial intelligence officer David Rice and departments responsible for areas including wealth management and global payment solutions.

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