Element AI signs HSBC, its third partnership announcement in four months

Jun 11 17:06 2019 Print This Article

Element AI is partnering with HSBC to help the bank develop the capability to analyze data that comes from clients of its Global Banking and Markets (GBM) division.

“Our partnership collaboration with Element AI represents the next step in our AI transformation at HSBC.”-Andre Cronje

The partnership comes as the third of Element AI’s customer deals that have been announced this year. Notably, all three have been in the financial services sector. In February, the Montreal-based company announced a partnership with the National Bank of Canada to improve cybersecurity for the bank. The startup also announced a collaboration with Gore Mutual Insurance in April, to integrate Element AI’s Underwriting Partner software with insurance company’s underwriting practice.

HSBC said the partnership will provide a base for joint development of AI-powered software and systems, which will be tested on HSBC’s global data pool. The Element AI team working on this partnership will be based in HSBC’s new Toronto-based innovation lab.

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