Singapore trumps Hong Kong as Asia’s top financial centre

It’s the first time since 2007.

Singapore has left Hong Kong in the dust, as the Lion City has been declared the leading financial centre in Asia.

Worldwide, London and New York respectively ranked first and second. Singapore, Hong Kong and Tokyo round out the rest of the top five.

According to the report released by research firm Z/Yen, this is the first time since 2007 that Singapore has dominated Hong Kong. In 2016, it moved up place from its ranking last year.

The rankings are based on Z/Yen’s nineteenth Global Financial Centres Index. It rates 86 financial centres across the globe on key areas of competitiveness such as business environment factors, financial sector development, and infrastructure factors. It uses 24,495 financial centre assessments completed by 2,520 financial service professionals.

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