Meanwhile, Hong Kong-based businesses are beginning to hedge themselves too. “About two weeks ago, we noticed that we were getting business queries — Hong Kong-based firms [are] starting to make enquiries about setting up operations in Singapore on an urgent basis, including those from finance,” says Bryan Tan, partner at Pinsent Masons MPillay.
SINGAPORE (Aug 19): Hong Kong International Airport was paralysed this past week as swarms of protesters in black shirts blocked the departure and arrival gates, causing numerous flights to be cancelled. “It was so packed, I had trouble getting out of the train,” says one entrepreneur, who tried and failed to board a flight out of Hong Kong on Aug 12.
While travellers might have been finding it hard to leave Hong Kong, financial capital is having no difficulty fleeing amid the unrest. According to sources, private bankers in Hong Kong have been discreetly testing the waters for some time by transferring small amounts of funds to Singapore on behalf of their clients. Now, the floodgates are said to have opened, with some wealth management industry watchers saying that as much as $10 billion could be flowing into Singapore from Hong Kong every week.
