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Singapore emerges as the top financial centre in Asia

Singapore beat Hong Kong by one crucial point.

According to the latest edition of the semi-annual Global Financial Centres Index, Singapore has emerged as the top financial centre in Asia. 

The report makes its findings by ranking financial centres using a unique 'factor assessment' model, using two sets of ratings, one from professional survey participants and the other answers generated by a statistical model based on quantitative data - the two findings are then combined to generate the final ranking. When it comes to the survey - the report uses respondents who are experts in the financial sector, who are asked to rate each country as an ideal place to do business on a scale of one to 10. The statistical model uses quantitative data about each financial centre and this is combined to get the answer.

So, moving on to the findings, Singapore was found to be stronger in Hong Kong in all of the five areas used, which were: business environment, human capital, infrastructure, financial sector development, reputation and general. The survey found that when respondents were asked which cities they expect to become more power players in the next two to three years, Asian cities took eight of the 15 spots with Seoul coming up top, closely followed by Singapore. Other cities on the list were Shanghai, Busan, Beijing, Gujarat and Schenzen.

Overall, Singapore ranked third and Hong Kong ranked fourth just behind London and New York - interestingly the top five positions have remained unchanged for the past two years.