Hong Kong overtakes Singapore as Asia’s top financial centre, influential ranking shows

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Hong Kong regains top billing in Asia from Singapore for the first time since September 2022, when the city remained closed due to the pandemic

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Hong Kong’s standing as a leading financial centre has improved according to an influential report. Photo: Shutterstock

Enoch Yiu

Published: 8:47pm, 24 Sep 2024Updated: 10:06pm, 24 Sep 2024

Hong Kong has dethroned Singapore to become Asia’s top financial centre for the first time in two years, according to the latest edition of the semi-annual Global Financial Centres Index released on Tuesday.

Globally, Hong Kong ranked third behind New York and London, with Singapore and San Francisco rounding off the top five, according to the study of 121 cities compiled by the China Development Institute in Shenzhen and London think tank Z/Yen Partners.

Hong Kong lost the top spot in Asia to Singapore in the September 2022 ranking, after the Southeast Asian city relaxed travel restrictions in April that year. Hong Kong continued to maintain curbs until January 2023.

A strong stock market and new listings have lifted the city’s status as the top financial centre in the region.

“The Global Financial Centres Index ranked Hong Kong high in many areas, ranging from business environment to fintech and banking to wealth management,” Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said on the sidelines of the 5th Belt and Road Initiative Tax Administration Cooperation Forum.

The index shows Hong Kong has made big improvements in many areas as an international financial centre, he added.