The Straits Times
Published on Oct 31, 2012

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


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.