As Hong Kong and Singapore compete for leadership in businesses ranging from foreign exchange trading to wealth management, the battleground has extended to artificial intelligence, with both cities vying to attract investment from HSBC Holdings and other major corporations, according to industry players.
The issue came into focus after the Hong Kong Monetary Authority (HKMA) questioned HSBC about its decision to set up an AI centre in Singapore, despite Hong Kong being its single largest market, a source familiar with the matter told the South China Morning Post.
HSBC announced in late July that it would establish an AI centre in Singapore by the end of the year and hire 100 AI specialists there. The announcement came just a few days after the bank agreed to sell its Singapore life and health insurance business to Germany’s Allianz for S$2.7 billion (US$2.1 billion).