HSBC Holdings Plc Chief Executive Georges Elhedery has warned that the world is becoming increasingly fragmented, with certain high-value assets such as semiconductors, next-generation AI code, and data being treated as national security concerns, while emphasizing that global trade continues to present massive opportunities for the bank. Elhedery made the remarks on Wednesday at the Bloomberg New Economy Forum in Singapore.
“There are certain assets, which have now become or be deemed national security assets such as code, gen-AI type code, such as chips, semiconductors, the most advanced types of them, such as data and cloud,” Elhedery said. “And those assets are going to fragment. Those assets are going to have national boundaries.” Despite these challenges, he noted, “there’s a huge ocean of opportunities where business is still conducted on a cross border basis.”
HSBC, headquartered in London and the world’s largest trade bank, acts as a major conduit for commerce between the Asia Pacific region and global markets. The bank has previously said that ongoing global tariff disputes are not expected to significantly affect its business. In addition, HSBC has bought back shares and made substantial investments in Hong Kong, one of its most important markets.
Elhedery added that while certain strategic assets may be restricted by national policies, the broader financial system will remain cohesive, providing avenues for cross-border banking, trade financing, and investment opportunities.
