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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)

  • There is certainly no doubt in the near future singapore will be the finance centre, though it is small in comparsion but its culture and in addition the support provided by its government

    Hub 29 Jun 2008

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  • As a headhunter, I don't see Sg as even close to HK in terms of the people we talk to, and the growth curve.

    DominiConnor 26 Jun 2008

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  • Hong Kong is part of the PRC already. From a perspective as a country, it has the strongest backings from the PRC.  The sheer magnitude of size has already outshines Singapore.  By pointing out Singapore has already surpassed HK as a financial center is really ridiculous; so, Singapore has the ability, resources and size to surpass the PRC?  Don't joke yourself, dudes.  Lot's of Singaporean corporations are operating in the PRC now; 'cause they know it will not be profitable to stay put in Singapore. It is Singapore that always attempts to compare with HK (for years!!).  For HK people, they really don't give a damn; cause they know they 've got the right stuffs.  Singapore can try to mimic HK (which they have been doing for years). In the end, A tiny "country' like Singapore can only be a major financial center in their dreams.  China (which HK will be a part of) will be the ultimate financial center in Asia.

    jharteam 25 Jun 2008

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  • Though both nations are running close, I'm more inclined to say that Hong Kong still have that slight edge over Singapore. While HK have certain frontline positions because their business volume is able to support additional headcount, the same can't be said for Singapore though.

    hunter 18 Jun 2008

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  • With attractions being pulled together by the Singapore administration to appeal to the expatriate professional, and work processes finely tuned; it is not surprising that Singapore may have overtaken Hong Kong as a finance centre. The accent is on the word, "may", though.

    Culturally, the average local investment banker in Hong Kong is more entrepreneurial, and receptive to innovation. His / her orientation to risk may be one leaning more towards navigation than avoidance. Accordingly, to displace Hong Kong as a finance centre would require more than administrative efficiency of the Singapore State. It would require a local cultural reorientation towards risk navigation.

    All said, the Asia ex Japan finance market is large, and can be shared between HK and Singapore; with HK being an East Asian centre and Singapore being a Southeast Asian centre.

    A further complementary Southeast Asian market subdivision could develop amid improved diplomacy between Singapore and Malaysia.
    For instance, consider Singapore as the centre of competency for derivatives, and Malaysia as the centre of competency for Islamic finance.

    A sidestepping positioning strategy is sometimes best.

    Pioneering Expatriate 16 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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  • 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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  • 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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  • 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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  • Singa-bore - dull jobs, dull place

    Noise 12 Jun 2008

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