Given the competition it faces from Singapore, Hong Kong cannot afford to rest on its laurels. Over the past few years, Singapore has become a bigger fintech hub than Hong Kong, an increasingly important location for the regional headquarters of both multinational and Chinese companies, and is also quietly attracting high-net worth individuals to set up family offices.
Singapore’s ascendancy was reflected in its selection by the Global Financial Centers index last year as No. 3 globally after New York and London – and top in Asia. Hong Kong was No. 4 globally and second in Asia.
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