Hong Kong back in top 3 global financial powerhouses

Hong Kong is back with a bang, reclaiming its position as the world’s third-leading financial centre, overtaking Singapore for the first time in over two years. According to a report published yesterday, September 24, by the Global Financial Centres Index (GFCI), Hong Kong’s strategic moves have paid off as it storms ahead in the latest rankings.

In the 36th edition of the GFCI, compiled by London-based Z/Yen Group and China Development Institute, Hong Kong surged past Singapore to clinch third place among 121 global financial hubs. Only New York and London remain ahead, grabbing the first and second spots, respectively.

Hong Kong saw its overall rating leap by eight points— the highest jump among the top five contenders. The city snagged the top spot in categories like business environment, human capital, infrastructure, and reputation. It also ranked within the top 10 global fintech hubs. A government spokesperson celebrated the win.

“This validates Hong Kong’s status as a premier financial hub, bringing together top institutions and talent.”

Since losing ground to Singapore in 2022, Hong Kong has pulled out all the stops to reignite its financial prowess. From expanding its virtual asset sector to ramping up its offshore renminbi (Chinese yuan) business, the city has been attracting the global elite and capital.

Laurence Li, chairman of the Financial Services Development Council, praised the city’s resilience.

“Hong Kong is a superconnector between mainland China and global markets. With our strong foundations, we will continue to attract talent and investment from around the world.”

With asset management growth holding steady and net capital inflows surging by 3.4 times last year, Hong Kong is back on top, ready to dominate the financial world once again, reported Asia News Network.

In related news, Hong Kong is gearing up for panda fever as two giant pandas, gifted by China, are set to arrive in the city tomorrow, September 26.