SINGAPORE: Hong Kong remains a “formidable” financial centre even though inquiries from businesses looking to come to Singapore are picking up amid the uncertainties in the Chinese territory, said the chief of Singapore’s financial regulator.
Hong Kong, which competes with Singapore as a regional financial hub, has suffered setbacks as China tightens its grip on the former British colony through a new security law. “Security law-related issues are one set of considerations” for businesses in Hong Kong but that is “just one of a whole set of factors in the territory,” Menon said at a briefing on the MAS’s annual report.
Among the signs that Singapore could benefit from Hong Kong’s troubles, there have been cases of wealthy people and expats preparing to move to the republic and elsewhere.
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