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China is way ahead of other markets on tech adoption - HSBC CIO

HSBC, one of Europe's leading banks, is expanding its mainland China fintech research headcount by 14%. Currently the bank has 7,000 staff across China engaged in its technology centers across Shanghai, Guangzhou and Xi'an. "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," HSBC Chief Information Officer Darryl West said. (Fortune newsletter)

In recent years the London-based bank has spent $3 billion annually on its group technology operations which employ 40,000 people worldwide, and West said annual investments of $3-$3.5 billion are planned over the next few years.

Many global banks set up low-cost hubs in China and India more than a decade ago to maintain their complex worldwide information technology networks, but these centers have now become a core part of their operations.

The centers develop and implement risk and fraud management technologies, as well as digital applications that make it easier for banks to attract customers and deliver faster and more secure services.

Good to see, for sure it's quite easy to establish things in India or China really today cause of really big population, maybe Africa too will be prepaired for something like that in future. Cause continent has a lot more to do with all this than ever before.