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Hong Kong’s banking regulator reportedly asked HSBC why it chose Singapore rather than Hong Kong for a new global artificial intelligence centre, drawing attention to competition for financial technology investment between the two cities.
The report comes days after Hong Kong Claude users reported account bans. The South China Morning Post reported on 2 October that Anthropic appeared to have stepped up enforcement of geographical restrictions, with users reporting abrupt suspensions after accessing Claude through virtual private networks. The number of affected accounts has not been established. SCMP report
HSBC announced its Singapore centre in July, before the recent account suspensions. The available evidence does not establish that the suspensions caused its location decision or the regulator’s reported questions.
The Financial Times published its story on 6 October. In an accessible account citing the FT, technology publication Unwire said unnamed sources described questions from the Hong Kong Monetary Authority about the location decision. The reported discussions have not been independently confirmed for this article. Unwire report · Financial Times report (subscription required)
HSBC announced on 27 July that it planned to establish its Global AI Centre of Excellence in Singapore during the second half of 2026. The centre is expected to employ more than 100 AI specialists.
Its initial work will cover tools for wealth-management conversations, AI-supported treasury services and digital payments, with applications intended for use across HSBC’s international network. The bank also plans to hire 100 wealth relationship managers in Singapore over two years, bringing the combined recruitment plans to more than 200 roles.
HSBC said Singapore’s talent base and technology ecosystem supported its decision. Its announcement set out a planned launch period, rather than confirming that the centre was already operating. HSBC announcement
According to Unwire’s account, the HKMA responded that it regularly communicates with authorised institutions on various matters and does not comment on routine supervisory discussions or speculation. That response does not confirm the specific exchanges described by the unnamed sources. Reported HKMA response
The issue is relevant to the regulator’s wider responsibilities. These include supporting Hong Kong’s position as an international financial centre, alongside maintaining monetary and financial stability. HKMA annual report
HSBC’s AI activity also includes Hong Kong. In September 2025, the bank announced an initial rollout of its generative AI wealth-management platform, Wealth Intelligence, in both Hong Kong and Singapore before expansion to other markets. HSBC platform announcement
The confirmed Singapore investment therefore adds to HSBC’s regional technology footprint. The available evidence does not establish that existing Hong Kong AI jobs are being transferred to the new centre.
