Hong Kong, which competes with Singapore as a regional financial hub, has suffered setbacks as China tightens its grip on the former British colony through a new security law. And while tensions between the U.S. and China are fueling concerns that the city may lose its appeal for international finance and trade, Menon said it still has its attractions.
(July 16): Hong Kong remains a “formidable” financial centre even though inquiries from businesses looking to come to Singapore are picking up amid the uncertainties in the Chinese territory, said the chief of Singapore’s financial regulator.
“There are more inquiries as you would expect when there’s greater uncertainty in Hong Kong,” Ravi Menon, managing director of the Monetary Authority of Singapore, told reporters Thursday, without saying where the queries are coming from. “But actual fund flows are not very large. Flows of activities and businesses are also not significant.”
