Following political unrest in 2019 and draconian covid lockdown measures, Hong Kong is struggling to revive its fortunes as a global finance centre. Meanwhile, Singapore is stepping up its efforts to become Asia’s premier international business centre.

In a tight race, the flourishing Lion City recently overtook its local rival to become the world’s third leading financial centre, behind London and New York, according to the Global Financial Centres Index. It is a position Singapore will not want to relinquish.