Hong Kong, Tokyo, Singapore top three Asian finance hubs
Hong Kong placed first with a score of 61 percent as the best place for finance with Tokyo and Singapore scored 55 percent and placed third, according to a Colliers International study.
About 16 cities across Asia spanning the developed and emerging markets were rated parameters such as property values, employment rate, ease of doing business and other socio-economic factors.
Singapore still remains an attractive destination for financial institutions because of the city-state’s government policies and stable political scenario. It plays host to more than 1,200 financial institutions with more than 200 banks. It did rank higher on personal tax, air quality, climate and quality of living.
Hong Kong and Tokyo ranked higher for property factors as compared to Singapore which scored only 10.7 percent for property availability and value. Shanghai placed fourth while Seoul ranked fifth as prime locations for financial companies. Hong Kong is ranked higher for a good quality of living and low tax rate.
The report suggests that Singapore continues to be “the most livable place in Asia for expatriates.” The findings of Collier International were in line with that of the APAC in the Global Quality of Living survey 2018 by Mercer.
High-quality infrastructure and governmental stability is a prime reason for this particular island city to score higher.
The APAC region is increasingly becoming a hub for financial activity because of governmental policies and a better framework for businesses to operate. Thus, the emerging and developed cities in this region are considered to be a more welcome destination for banks to set up their home and expand their foothold in the region.