HSBC Announces Opening of Global Data & Innovation Lab in Toronto

HSBC announced on Wednesday it has opened its Global Data & Innovation Lab in Toronto, citing the city’s interest, investment and development of artificial intelligence (AI) and advanced machine learning. According to HSBC, the 3,376 square foot energy efficient lab will soon employ over 50 skilled AI professionals, technologists, co-op students, and interns, adding to the over 1,500 employees located in Toronto. It was revealed:

“The state-of-the art research, innovation and development lab will create an AI ecosystem that will use advanced machine learning techniques to analyse up to 10 petabytes of data from 1.6 million corporate and institutional clients from HSBC’s Global Banking and Markets business. This ecosystem will also leverage external capabilities as the team plan to partner with a number of startups, FinTech and AI development houses from across Canada and the globe.”

While sharing more details about the lab, James Bickerton, Global Head of Operational Strategy, HSBC Global Banking and Markets, stated:

“We plan to create a new marketplace, where external parties can work alongside our own teams to help solve business problems and drive new client products and services. Centred around co-development, our appetite to share intellectual property and commercial benefits will foster a collaborative, rather than competitive atmosphere across the numerous vendors we are talking to.”

Sandra Stuart, President and Chief Executive Officer, HSBC Bank Canada, went on to add:

 “AI has enormous potential to improve banking for all of our customers. HSBC’s Global Data & Innovation Lab will be an industry leading data lab, where we will be able to harness the power of machine learning and AI towards creating personalised experiences and tailored products for our customers.”

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