(July 3): Singapore is now among the top five finance hubs in the world after steadily attracting foreign bank assets and direct investment, according to London-based think tank New Financial.
The city-state has jumped from ninth place in 2015, overtaking the likes of China and investment fund centre Luxembourg, the think tank’s researchers found. The US, UK and Hong Kong cemented their positions in the top three, based on signs of international activity such as assets under management, foreign bank holdings, and private and public fundraising.
Other fast-growing international hubs in the past 10 years included India, Ireland and Canada, according to the New Financial rankings, which focused on cross-border activity rather than domestic finance.
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