HSBC is doubling down on Singapore, announcing plans to add 200 new roles in the city-state as it ramps up both artificial intelligence and wealth-management capabilities.
The UK lender stated it will hire more than 100 AI specialists for a new global Centre of Excellence set to launch in Singapore in H2 2026. At the same time, it will bring on 100 additional relationship managers for its premier and private banking units to tap rising demand from affluent clients in Asia.
The AI hub will report to David Rice, HSBC’s first chief AI officer, and work closely with wealth and global payments teams. Initial priorities include AI-driven wealth journeys, portfolio builders, agentic solutions for corporate treasurers, and smarter e-commerce payment systems. The bank said innovations built in Singapore will eventually be scaled across its worldwide operations.
To staff the centre, HSBC will look for talent in natural language processing, data science, AI governance and human-centred design. It also plans collaborations with Singapore’s universities and government bodies to train graduates and build a local pipeline.
The expansion comes as HSBC streamlines other businesses. Last week it agreed to sell its Singapore life and health insurance arm to Allianz for S$2.7 billion, freeing up capital to focus on wealth and wholesale banking.
Georges Elhedery, group CEO, noted that while AI will reshape jobs across finance, HSBC is choosing to retrain rather than cut. The bank currently employs over 3,600 people in Singapore and more than 5,000 wealth RMs globally.
The move sets HSBC apart from peers such as Standard Chartered, which expects AI to eliminate around 8,000 internal roles. For HSBC, Singapore remains central to its Asia strategy and leadership ambitions.
