Singapore: a well “grown-up” & attractive centre…
Historically ranked 1st, Hong Kong is home to the highest concentration of banking institutions in the world (over 71 of the largest international institutions have operations in the territory). As a bubbling and active city, Hong Kong remains a solid reference for any investor willing to develop to Asia. But things have been changing significantly over the last years. Without undermining Hong Kong’s obvious business oriented environment, Singapore has been very active and quite nimble in its way to impose itself as a safe and stable heaven for business: tax friendly policies, excellent infrastructure, low corruption, strategic location are some of the main factors why Singapore keeps attracting so many businesses.
….complimentary to Hong Kong’s historical supremacy
Are Singapore and Hong Kong battling for the 1st rank? Not at all or let’s say it is not so straightforward as Hong Kong and Singapore have common interests in preserving each other’s influence over the whole Asian region. There is no clear black and white distinction between these two giants. The two are and will definitely remain main international business centers but shall gradually gain regional competencies instead: Hong Kong as a gateway to Chinese markets and Singapore as the perfect hub for accessing South East Asia growing pool of wealth.
Emerging markets, and more particularly Asia, will definitely lead global wealth growth over the next 10 years
In fact, according to most recent data provided by PWC, global current assets under management (AUM) amount to about USD68 trillion and are expected to increase to about USD101 trillion by 2020, with the Asian Pacific region playing a leading role in such growth. Determined to benefit from this huge potential, Asian governments have been at work to provide the region with an effective and sustainable investment platform. The Hong Kong Stock Connect and the Asean Fund passport schemes are clearly the materialization of such ambition. Large Wealth Management institutions are already reorganizing their resources across Asia, strengthening their pool of employees between Hong Kong and Singapore, ready to benefit from Asia’s sophistication trend.
Are you ready?
But what about smaller institutions, be it financial or not? Do you have enough time or resource to explore your potential? Without any local presence, how do you envision your expansion to Asia? If you’re already thinking about it, without any idea of how to manage it, fill out the contact page and we’ll be more than happy to discuss business development options with you!