Singapore is in fourth place in the latest ranking of the top financial centres in the world, based on the Global Financial Centres Index survey by London-based think tank Z/Yen and the China Development Institute.
New York captured the top spot, followed by London in second, and Hong Kong in third, according to a Business Times report. Singapore, in fourth place with 762 points, finished nine points behind Hong Kong. Meanwhile, fifth-placed Shanghai was just one point behind Singapore.
All the cities in the top five saw their ratings drop in the semi-annual study, the report said. Singapore’s score in the September rating was 10 points lower than the one released in March.
However, Singapore’s insurance industry performed well in the latest rating, finishing third globally. Singapore also took fourth place in professional services, fifth in both government & regulatory and investment management, and sixth in banking.
For fintech friendliness, Singapore was in eighth place, with Hong Kong and Chinese cities Beijing, Shanghai, Guangzhou, and Shenzhen finishing higher. The survey’s respondents also identified Singapore, Hong Kong, and New York as the cities that would benefit the most from Brexit in the long term.