HSBC expands data use in Hong Kong and announces Singapore AI hub

HSBC is expanding its use of commercial data through the Hong Kong Monetary Authority’s Commercial Data Interchange (CDI) to improve banking services for small and medium-sized enterprises (SMEs). Through initiatives like Project CargoX, the bank accesses cargo and shipment data from the Port Community System and Hong Kong International Airport. It has also connected to the Shanghai Data Bureau and the Chinese enterprise information provider Qichacha to support KYC and KYB checks for China-linked businesses.

Separately, HSBC has announced plans to open a Global AI Centre of Excellence in Singapore, scheduled for the second half of 2026. The center aims to create over 100 specialist roles and will focus on wealth management interactions, treasury solutions, and digital payments. While the decision to establish the hub in Singapore has prompted questions from Hong Kong authorities, HSBC stated the move is a strategic allocation of resources to leverage an established talent ecosystem rather than a withdrawal from its Hong Kong operations.