Singapore Becomes Asia's Financial Hub, Will It Impact Indonesia?

By Editorial Team 30/09/2022
Singapore's skyscrapers
Summary

Singapore dethrones Hong Kong as Asia's top financial hub and the third in the world after rising three ranks on the Global Financial Centers Index (GFCI) report, which assesses 119 cities worldwide. The GFCI annual report places Hong Kong in the fourth spot due to the strict COVID-19 restrictions and talent exodus. Meanwhile, Singapore implemented an endemic status earlier this year and has opened its borders freely without quarantine rules.

The loose restriction matches Singapore's target of attracting more than four million visitors by 2022. A series of high-profile events, such as the Milken Institute Asia Summit, Forbes Global CEO Conference, and the Singapore Grand Prix, will help elevate the country's status as a financial hub in Asia. Meanwhile, the GFCI report still places New York and London in the first and second positions in the world's financial hubs.

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