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Has Singapore finally overtaken HK as a finance centre?

11 June 2008

Do we now have conclusive proof that Singapore is trouncing Hong Kong in finance?

The city state has leapfrogged its northern rival to become Asia’s number two financial hub, according to the recently released Mastercard Worldwide Centres of Commerce Index. Only Tokyo now lies between Singapore and Asian domination.

If you once dismissed Singapore as an annoying financial upstart, now’s the time to change your mind and build your banking career in the Lion City.

The fresh findings come as a bitter blow to anxious bankers and policy-makers in Hong Kong who are desperate to make money from the Chinese market, while maintaining HK’s standing in international finance.

And that’s not the end of Hong Kong’s troubles. Mercer’s new Quality of Living survey ranks Singapore at 32 in the global league table of big cities – two places better than last year – while Hong Kong languishes at a lowly 70.

So if Singapore is better for banking and better for living, why work in Hong Kong? Pack your bags for Singapore below.

Comments (15)

  • Don't think I can agree with that. Singapore as a capital market is still very backward compared to HK and the rest...

    e 11 Jun 2008

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  • A quote from MasterCard website:

    "....2008 Worldwide Centre of Commerce Index offers a comprehensive comparative ranking of 75 of the world’s leading global cities and their instrumental role in driving the global economy, including an evaluation of their stregths and challenges across several key measurement dimensions"

    There is nothing (straightly speaking) to deal with the status of financial centre in Asia. If you are working in IBD/Capital Market, you will definitely know the ranking of Tokyo/HK/Singapore/Shanghai.

    This is just another spin from the media.

    @sia 11 Jun 2008

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  • Sia - yes, the main ranking was for commerce.

    but there were also separate specific rankings for individual sectors, including financial services. in the finance ranking in Asia the results were.
    1) Tokyo
    2) SG
    3) HK

    Jo 12 Jun 2008

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  • It all depends really on what part of banking you're working in. in private banking maybe I am better off staying put in SG

    poyko 12 Jun 2008

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  • Doesn't matter so much - teh size of the Japanese dmestic market means neither city is really challenging tokyo for no 1 top spot

    Belinda 12 Jun 2008

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  • Singa-bore - dull jobs, dull place

    Noise 12 Jun 2008

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  • SG still loses out in terms of job opportunities, job mkt in SG for front-line is too tight.

    Oni 13 Jun 2008

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  • ya , I truly agree with the statement as looking to market sentiments world wide south asian countries like India also looking towards Singapore, recent successful listing of India Bull at SGX is the best example.........

    Rajesh Walia 13 Jun 2008

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  • Of course HK is better

    at least bird flu and flood, where SG can be having the same priviledge.

    HongKie 13 Jun 2008

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  • Hong Kong seems to offer better opportunities - but the republic global import of "foreign" talents will be a sore thumb tomorrow ... the so called talents are really foreign ...

    tanpaula 14 Jun 2008

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