China in focus – HSBC plans 1,000 tech jobs for a better market share
HSBC Holdings has a plan for adding 1,000 jobs in 2019 in the technology development centers located in China. The aim is to strengthen its presence in China, which is the second major economy in the world.
It will boost headcount in the technology centers of Xi’an Guangzhou, and Shanghai by adding 14 percent additional staff. Presently there is a workforce of 7,000 as per Darryl West, Chief Information Officer of HSBC.
In recent years the bank has spent $ 3 billion annually to boost the group technology operations that give employment to 40,000 people across the world. He also stated that there is a plan to make the annual investments of around $3.5 billion in the future years.
Many international banks operate low-cost hubs in China and India for the past 10-15 years for maintaining their multifaceted Global Information Technology Networks. Today these centers serve as a central part of their operations.
The centers are adept at developing and implementing risk as well as a fraud management technology. These also deal with digital applications making it easy for the banks to attract core customers and also deliver fast and secure services.
Additionally, the expansion plan of HSBC in China, which is a major market, comes in the middle of improving the use of technology in payments and transactions segments.
The Future is Promising
China also promises corporate banking business that is worth billions of dollars. Moreover, there is an increasing customer base.
Mainland China is ripe for technology and also has a better level of technology adoption aided with innovation. Furthermore, it is a wonderful source of talent, for the local market and also for global technology operations. Finally, there is aggressive hiring here.
About done at the Guangzhou center presents the largest tech facility of HSBC in China. It has a 30 percent share of work and 5,000 employees. There is an expectation that this share will grow in the near future.
HSBC plans to use tech centers based in China for developing banking products for its international network. The mobile app UK bank was developed in Xi’an.
HSBC serves as an employer to 10,000 people Outside China at technology centers located in Canada, India, Britain, and also in Hong Kong and the United States. Additionally, it has increased Chinese investment in recent years. There was a focus on the region of southern Pearl River Delta. Mainland China and Hong Kong account for 40 percent of revenue in the bank during 2018.
Also, the bank has a plan to invest $ 15 -17 billion in three years in technology.
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