HSBC Holdings is one of the largest banking giants in the world and over the course of its history; the bank has always had a strong presence in Asia. However, the lender is not going to rest on its laurels and is looking to further consolidate its presence in the continent by adding as many as 1000 new jobs in its development centers in China. This is a significant push from HSBC as it looks for greater market share in the continent, and perhaps it is not a surprise that it has decided to create those jobs in China.
China is the continent’s biggest economy, and it could help the bank significantly in its efforts to corner a significant portion of the market in the continent. The company has three data centers in Shanghai, Xi’an, and Guangzhou; the three establishments employ as many as 7000 at this point. The bank has stated that it wants to raise that figure by 14% and that would result in the addition of 1000 new jobs. In this day and age, better tech is a significant competitive advantage for any bank, and the British bank has recognized that. On average, HSBC spends $3 billion every year on its tech operations, and more investment has been earmarked over the next few years as the bank tries to gain an advantage over its rivals. The rise of Fintech and instant payments has made it necessary for banks to expand their tech capabilities significantly.
The Chief Information Officer of HSBC, Daryll West, stated that China is a key part of their tech operations since the country has been quick to adapt to tech over the past decades. He said,
There is a lot more we can do with technology in mainland China. The level of technology adoption and innovation in China is way ahead of other markets.
In addition to that, West on to state that the level of tech talent in China is a thing that is a big factor behind HSBC’s decision to expand its workforce in the country.