HSBC Holdings PLC CEO Noel Quinn stated that the world is becoming increasingly fragmented, with growing numbers of "national security assets" ranging from data to semiconductors. However, he emphasized that cross-border trade continues to present significant opportunities for the bank.

Despite facing numerous challenges, Quinn remarked at an innovation economy forum in Singapore on Wednesday that a "coordinated financial system" will still exist.

He noted that certain assets are now or will soon be classified as national security assets, including code, generative AI (Gen AI) code, chips, semiconductors—particularly the most advanced types—as well as data and cloud infrastructure. These assets will become fragmented and subject to national boundaries.

Beyond this, Quinn highlighted that cross-border commercial activities still hold substantial opportunities.