HSBC Holdings plans to hire more than 100 artificial intelligence specialists in Singapore and launch a global AI center in the city-state later this year, deepening its investment in technology as banks increasingly automate operations and reshape their workforces.
The center will initially focus on developing agentic treasury solutions and AI-enabled digital payment systems, the bank said on Monday.
The new hires will work alongside HSBC Chief AI Officer David Rice and teams responsible for businesses including wealth management and global payment solutions.
HSBC said the center would build a “pipeline of talent” in areas including natural language processing, data science and AI governance, and would collaborate with universities and government agencies in Singapore.
The expansion comes as the British lender pursues a broader strategy to integrate AI across its operations while cutting costs.
Bloomberg News reported in March that HSBC was considering job reductions that could eventually affect about 20,000 positions, or roughly 10% of its global workforce, as Chief Executive Georges Elhedery looks to use AI to streamline middle and back-office functions.
In May, Elhedery warned that AI would “destroy” certain roles while creating new ones, urging employees to adapt to the technology. He has also said human workers would remain essential because of their judgement, decision-making and accountability.
HSBC’s latest investment reflects a broader shift across the financial industry as banks deploy generative AI to improve customer service, automate routine tasks, strengthen fraud detection and increase productivity.
The move also comes as companies across sectors increasingly cite AI as a driver of workforce restructuring.
Financial technology firm Block and cloud computing company Oracle have both linked recent job cuts to AI-related efficiency gains, while ride-hailing company Uber said last week it had cut 10% of jobs in its customer service operations as part of a broader effort to simplify its organization and embrace AI.
Singapore has become a major hub for AI investment in Asia, attracting technology firms and financial institutions with government support, advanced digital infrastructure and a deep pool of technology talent. HSBC’s new AI center adds to a growing concentration of financial technology research and development in the city-state as global banks compete to embed AI across their businesses.
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Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
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