Singapore Surpasses Hong Kong As Asia’s Top Financial Hub

SINGAPORE – The city-state has been named as the top financial centre in Asia, surpassing rival Hong Kong, reported Bloomberg on Friday noon (22 September, SGT).

According to the top 10 rankings of the Global Financial Centres Index (GFCI), Singapore was ranked as the 3rd global financial hub, while Hong Kong fell to the 4th spot.

Hong Kong’s rank slipped due to its draconian COVID-19 measures and an exodus of talent. The Chinese territory is facing difficulties reviving its status as a global financial centre as it continues to adopt mainland China’s zero COVID strategy, while the rest of the world opens up.

A November conference of global bankers, which is being held to restore confidence in Hong Kong as a place do business, has secured commitment from about 20 leading multinational banks to send their executives. However, uncertainty over the relaxation of quarantine rules, not only has kept guest numbers low, but also threatens to impact guest turnout.

Conversely, Singapore is seeing a resurgence of foreign guests, with visitors for the whole year expected to hit 4 million. A series of high-profile events including the Forbes Global CEO Conference, the Singapore Grand Prix, and the Milken Institute Asia Summit will help to elevate the Southeast Asian nation’s status as a leading travel destination.

Here’s the top 10 cities in the Global Financial Centres Index (GFCI):

1. New York
2. London
3. Singapore
4. Hong Kong
5. San Francisco
6. Shanghai
7. Los Angeles
8. Beijing
9. Shenzhen
10. Paris