Wednesday, Apr 22, 2015Wednesday, Apr 22, 2015
News
 

HK named top financial centre; Singapore keeps No. 4 slot

Published on Oct 31, 2012 4:25 PM
 
A barge sails past container terminals at Hong Kong's Kwai Chung district on Sept 7, 2012. Seen in the background is the territory's highest building International Commerce Centre. Hong Kong was named the world's top financial centre for the second year running by the World Economic Forum, thanks to the strength of its business environment, infrastructure and a favourable tax regime. Singapore retained its spot at No. 4, helped by the strength of its financial system, currency and healthy investment climate. -- PHOTO: REUTERS

LONDON (REUTERS) - Hong Kong was named the world's top financial centre for the second year running by the World Economic Forum (WEF), thanks to the strength of its business environment, infrastructure and a favourable tax regime.

Singapore retained its spot at No. 4, helped by the strength of its financial system, currency and healthy investment climate.

The WEF's annual Financial Development Report considered a wide range of factors and underscored the rise of Asian trading centres and the influence of China as the world's second-largest economy.

Rival surveys based purely on the total value of transactions typically put New York or London in top place.

 
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!