HSBC spends $2.3bn on AI and digital innovation

HSBC is making plenty of noise about having spent $2.3 billion on improving its artificial intelligence (AI) and digital capabilities around the globe. WeChat is an "important part of our digital strategy" In an interview with South China Morning Post (SCMP), Vivek Ramachandran, head of growth and innovation for HSBC global commercial banking, said that between 2015 and 2017 the bank created new platforms and partnered with technology companies such as Tencent's WeChat. "We have found that an increasing number of clients like to use new technology to conduct bank transactions in a secure and transparent way," says Ramachandran, aka Captain Obvious. In the interview, Ramachandran says HSBC has allocated $200 million globally for investment in fintech and enterprise start-ups. He called WeChat an "important part of our digital strategy".