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made it challenging, particularly for small and medium-sized enterprises. As a result, some companies are looking to South Korea and Vietnam as more low- cost alternatives. In South Korea, Seoul is


becoming a new challenger, attracting foreign investors and financial institutions to the country. Although Seoul has yet to attain the global stature of established financial hubs like Singapore or Hong Kong, it has significantly bolstered its domestic financial system, capital markets, and fintech sector. In Vietnam, Ho Chi Minh City


now aims to emerge as Southeast Asia’s next major financial centre, hoping to capitalise on the demand for green finance. In Australia, Sydney and


through specialised work permits, and it has a policy of attracting foreign investors and entrepreneurs who want to set up businesses within Singapore. In a move to retain highly skilled workers, from July, Singapore will abolish the maximum employment period, which previously ranged from 14 to 26 years, and allow foreign workers to stay indefinitely. Yet while Singapore has undoubtedly led the charge in Asia’s financial rise, it is far from alone. Hong Kong, despite some political uncertainty, remains a powerful force in global capital markets, especially for Chinese IPOs and wealth management. Its sophisticated infrastructure, and time zone advantages continue to attract major investment banks, although some have diversified their risk by establishing parallel operations in Singapore and Tokyo. To date, HSBC has made a


decision to reduce its investment banking business and corporate advisory activities in the UK, US and Europe in order to refocus on more profitable operations in Asia, saying it would retain more focused M&A and equity capital markets capabilities in Asia and the Middle East. Hong Kong remains a preferred venue for Chinese companies


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seeking to raise capital outside of the mainland. In 2025, the country could benefit from listings of $20 billion, including battery giant CATL, pharmaceuticals producer Jiangsu Hengrui, and soy sauce maker Foshan Haitian, which are among the major companies that are planning or proposing new stock market listings. In Japan, Tokyo is pushing to


regain its role as a global finance hub, driven by government-backed reforms. It is aiming to attract fintech startups, green finance investors, and global banks. However, Tokyo’s work culture, regulatory system and language barriers remain hurdles to it becoming a major financial centre like New York. Currently, it ranks 20th on the Global Financial Centres Index, which evaluates the relative competitiveness of major financial centres around the world. “Singapore, Hong Kong and


Shanghai, which are among the leading international financial centres in Asia, have been focusing on fintech as a key area for several years,” KPMG notes in its International Financial Review 2024/25. While Singapore is politically


secure, it is becoming increasingly expensive to do business there, as prices of real estate, office rentals and the overall cost of living have


Melbourne offer stability and strong regulatory frameworks which mean they are popular with organisations looking for long-term investment. Australia’s pension sector—the fourth largest in the world—is also a magnet for asset management and infrastructure investment. It could become the second largest in the world after the US by 2030 if it continues its spectacular growth. India has a booming economy


and growing middle class and in May, it saw the announcement of a free trade deal between the UK and India, an agreement which will benefit both countries. India is currently in the process


of building GIFT City – a new business district in Gujarat state. This flagship initiative is aimed at creating a new financial centre that could rival Dubai or Singapore, and is becoming a ‘smart city’ for India’s growing finance and technology sectors. As a special economic zone,


the city will have tax incentives, regulatory independence, and advanced infrastructure, and will be India’s first International Financial Services Centre (IFSC), focusing on governance and sustainability in financial operations. It has already attracted inward investment, with the IFSC Banking Unit (IBU) of Deutsche Bank setting up in GIFT City in July 2022. JP Morgan Chase Bank is also now operating there, offering clients both inside


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