(6 October 2026 – Hong Kong) Hong Kong’s de facto central bank questioned HSBC in recent months over its decision to establish a global AI centre of excellence in Singapore rather than Hong Kong.
The centre, announced in July, will recruit more than 100 AI specialists focused on wealth management and payments technology.
The HKMA’s inquiry reflects broader pressure on global banks to anchor senior talent and strategic investment in Hong Kong. The authority has also engaged Standard Chartered on relocating more executives to the territory, as both banks have shifted some senior roles from Singapore to Hong Kong over the past two years. HSBC most recently relocated a fourth member of its group operating committee to the city last month.
HSBC’s Singapore AI announcement was partly intended to reassure the city-state of its continued commitment following the $2.1bn sale of its Singaporean insurance business to Allianz. The bank already operates AI teams in the UK and Hong Kong and is developing an AI research institute in Hong Kong. Under chief executive Georges Elhedery, HSBC has been restructuring around its core markets — most notably completing a $14bn move to fully absorb Hang Seng Bank, cementing its position as Hong Kong’s dominant lender.
Hong Kong authorities have grown increasingly attentive to where global institutions direct investment and headcount, particularly as the city has seen a revival in listings, wealth management activity, and trading. The HKMA said it “regularly engages with authorised institutions on a wide range of matters” but declined to comment on specific supervisory dialogues.