SG snatches crown as top financial centre in APAC

It took over Hong Kong by one point.

Singapore has overtaken Hong Kong to become the top financial centre in the Asia Pacific.

The city rose three places in the Global Financial Centres Index, placing third globally and first in Asia-Pacific.

The city got an overall rating of 726, winning over Hong Kong by one point.

Markets in the index are rated based on five areas of competitiveness: business environment, human capital, infrastructure, financial sector development, and reputation.

Singapore ranked 3rd, 7th, 3rd, 6th, and 6th, respectively, in the five areas. 

The index also revealed that Singapore is amongst the top financial centres likely to become more significant in the region, with 138 mentions over the last 24 months. It ranked second behind Seoul.

Finance experts also ranked Singapore as the fourth most attractive alternative place to live and work.