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HSBC Holdings Signs Multi-Year Pact with Google Cloud to Boost AI Capabilities

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Financial giant HSBC (HKG:0005) has entered into a multi-year partnership with Alphabet Inc-owned Google Cloud to build on its artificial intelligence capabilities, according to a statement from the lender.

The partnership will enable 200 new AI use cases at the bank over the next two years. It will ⁠focus on areas such as advice for wealth management clients and ⁠financial crime risk management.

According to HSBC, Google ⁠Cloud and Google DeepMind engineering teams will help it identify priority projects that could each deliver more than $100 million in revenue gains or efficiency improvements.

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