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HKMA questioned HSBC over plan to build an AI center in Singapore
HSBC said it would open the Singapore AI center by year end and hire 100 AI specialists, and the move followed its deal to sell its Singapore life and health insurance business to Allianz for S$2.7 billion.
Hong Kong and Singapore are competing for investment from major firms, and the contest has extended into artificial intelligence, according to industry players cited by the South China Morning Post.
The Hong Kong Monetary Authority questioned HSBC about the bank’s decision to set up an AI center in Singapore despite Hong Kong being its single largest market, a source familiar with the matter told the outlet.
HSBC announced in late July that it will establish an AI centre in Singapore by the end of the year and hire 100 AI specialists there.
The SCMP said the AI move came shortly after HSBC agreed to sell its Singapore life and health insurance business to Allianz for S$2.7 billion, about US$2.1 billion.